NeverQuit's Weekly Trading Journal
I have not entered into any trades based off the weekly charts. My view right now is that EUR/USD is in a bearish trend but may be coming to an end soon.
My view of the USD/CHF is that it is in a bullish trend right now but may be coming to an end soon.
Since this is a weekly trading method I will only view the charts at the open each Sunday. If I have a new signal I will act on it. If not, I will sit on the sidelines.
By the look of things in the market right now, the trend direction is still the same for both pairs that I trade. I thought I was going to have a change of direction on the U/C pair but it is still rising.
The last signal on E/U was on 11-20-11 at 1.3524. Right now that trade is up +141 pips. The most it has been in profit is +313 pips.
The last signal on U/C was on 11-20-11 at 0.9176. Right now that trade is up +36 pips. The most it has been in profit was +153 pips.
I did not enter on either of those trades as they were already valid before I started demo trading off the weekly charts.
My view for next week is that the trend direction will have changed by the end of the week and then I will enter at the end of next week.
There is still not a new weekly trading signal so I'm just sitting on the sidelines waiting to get in the game.
This is a downside for many traders as they can't wait for a signal. I'm like that sometimes so that is why I also intraday trade. I'm new to weekly trading but just trying to broaden my trading abilities and how I view the market.
I will keep waiting and once I get a signal I will pounce all over it like Tigger!
A trade was triggered at the close of last weeks weekly candle. I opened a on USD/CHF at 0.9363. My stop loss is 1000 pips away at 1.0363. As of right now I'm in profit about +80 pips.
As of right now I don't have a predetermined target. I will post again at the end of the week as the trade continues to progress.
My short USD/CHF trade is still running. It's up about +20 pips right now. By the looks of things, I may be getting a bullish trade on EUR/USD.
A trade was triggered at the close of last weeks weekly candle. I opened a on USD/CHF at 0.9363. My stop loss is 1000 pips away at 1.0363. As of right now I'm in profit about +80 pips. As of right now I don't have a predetermined target. I will post again at the end of the week as the trade continues to progress.
One thing that is immediately clear is that you are patient. (Probably anything I say will be useless to you, since I noted in my introduction that I don't trade, and just have a fascination/interest with this in general.) But being able to sit on your hands for as long as you did is something that I know has to be an element of successful trading... patience.
Hello my friend. Thanks for stopping by. I must admit that having patience is something I was forced to learn after losing thousands of dollars in this business.
I'm starting fresh so that's why I'm forcing myself to do the right things this time around.
I have decided to put the weekly trading to the back for now to focus on my intraday trading (my other journal). I don't want to take on to much so I'm just going to focus on my intraday trading for now and get back into the weekly trading later.
Thanks for stopping by and please stop by my other thread also. One piece of advice I will give you is, ask questions. Never hesitate as it can make things so much easier for you. If you want to ask me anything, I will give you an honest answer. I love sharing my experiences.
One thing that is immediately clear is that you are patient. (Probably anything I say will be useless to you, since I noted in my introduction that I don't trade, and just have a fascination/interest with this in general.) But being able to sit on your hands for as long as you did is something that I know has to be an element of successful trading... patience.
I'm going to resuming my weekly trading demo challenge that I was doing. I guess it's not really a challenge since I don't have any goals for this except to just see how it goes.
I have made a few changes though. I have opened a new $10,000 demo account to trade in this account.
I will still be using a maximum stop loss of 1000 pips. For testing purposes I will be trading all pairs at $1.00 per pip. The pairs that I will be trading are listed below.
Now I know that is risking 10% per trade but this is just a demo account I'm testing so I'm not worried about the risk on a demo account right now.
If I decide to trade the weekly chart live in the future, my risk will be much more in tune with my liking.
The pairs that I will be trading are:
EUR/USD
GPB/USD
USD/CHF
EUR/JPY
GBP/JPY
AUD/USD
Had I been up and running on Sunday (I did not get my laptop fixed until Monday) I would have entered long on E/U at 1.2885. As of right now E/U is at 1.3110.
Of course in hindsight everything is lovely but this would have been a great trade to take.
As of right now I'm on the sidelines waiting for the next signal.
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This journal is dedicated to trading off the weekly charts. I currently have a journal that is strictly for my intraday trading, which is my primary method of trading.
I'm going to begin demo trading off the weekly charts and I wanted to have a place to be able to seperate my weekly resutls from my intraday results.
My weekly trades will have a 1000 pip stop loss. I know that is a very large stop loss but this is a new area of trading for me so I'm testing everything out and will fine tune later. I will not have a preset take profit level. I also will trail my stop as price moves in my favor but have not decided exactly how I will do that as of yet.
As of right now the pairs that I will be demo traded are listed below:
EUR/USD
USD/CHF
As you can see, I will be keeping my eyes on just two pairs. As time goes on, I may slowly add or remove a pair. I will also keep detailed information of all trades I take in this demo testing phase. This will aide me in deciding on whether to stay with 2 pairs, add more or remove a pair.
I also believe that by starting to look at the weekly charts, it will also aide me in successfully trading correctly in my intraday trading. I may have some intraday trades that might be counter trend trades based off the direction of the weekly charts but at least I will know that and can adjust my risk in those situations.
I will conduct this experiment on an Oanda MT4 demo account. I trade live with Oanda and love their customer service and platform. I trade live with their fxTrade platform. This experiment will allow for me to get used to their MT4 platform just incase I use it on a live account in the future.