Breakeven: Short CADJPY

On 29/02/16 morning, I took a short trade on CADJPY after seeing a potential pin bar developing. I got in a good entry, at the lowest point of the pin bar. But if I see the chart now, I wouldnt want to short it. I would want to buy it. When I preparing to write this post. I started drawing the trend line and see that it has reversed its trend. In the daily chart overall its a down trend but the trend line shows that it has broken out of its trend line and has become a uptrend. Lucky this time it break even :) because I got a good entry and sitting on +100 pips before it suddenly reversed and breakeven :(

Next time I better draw my trend line before acting!

Trading Plan:
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle or 150 pips max (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)

Successful: Short EURJPY

On Tue 08/03/16 morning, I took a short trade on EURJPY after the confirmation of the 3 pin bar. It was a good trade but I think my entry can be improved. Waiting for the formation of the 3 pin bar was good but it took away most of my profit. I feel it wasnt a good entry as I missed out most of the move. The trade even went against me for a while before becoming profitable. I feel that this trade can develop better but I wasnt so comfortable about my entry so just took a small profit.

Then I read somewhere is that we can put our order at the high/low of the pin bar (centre candle) so that we can get a better entry. Less stressful and more profitable. Let's see how.

Trading Plan:
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle or 150 pips max (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)

Failed: Long USDZAR, Long USDPLN

On Monday 29/02/16 morning, I took 3 trades and all failed. The first one was stop out very fast within a day and I shared it here. On the weekly chart it was obviously a weekly bullish reversal but something happened to USD, some news or what which I didnt know caused the 2 pairs i long to reverse back down again. As mentioned in my failed long EURZAR trade, I placed my stop loss quite big as I dont want to get stop out unnecessary and doesnt think it will get hit as the weekly TF should have a more reliable price action.

These 3 trades really caused me to lose back all my profits earned from the previous trades and shaken my confidence. (-580 pips) and (-130 pips i manual cut loss early) :( . Consolation is that lucky i cut loss early. if i didnt cut loss, the 3 trades went against me even more and will lose even more!

i am going to risk 100 pips for each trade from now on!

Trading Plan:
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle or 100 pips max (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)

Failed: Long EURZAR

On Monday 29/02/16 morning, whats look like a bullish reversal on EURZAR turns out to be a big bear coming too fast and furious. It came down so fast and hit my stop loss within 1 day. Everything is ok for this pair, its on a up trend and got a bullish reversal but it could be at the end stage of its up trend as there's a lower high. This could be the thing why this trade didnt work out.

I spaced out my stop loss widely as I dont want to get stop out unnecessary but its a double edge sword. If it hits, the loss is huge. My biggest loss so far and I am licking my wounds -S$484.12 *ouch!*

Trading Plan:
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)

Sideline: Short EURZAR

On Monday 22/02/16 morning, I saw that there's a bearish reversal on EURZAR. There's also a nice mini Head and shoulder chart pattern formation which looks like a good shorting opportunity. The only thing that kept me away from trading this is that it is a counter trend trade ie it is against the trend. I wanted to monitor this forex and see how it develop. Yes, it went down for 1 day and looks promising. However, on the second day, there's a bullish reversal which cause it to move up. So it doesnt pay to trade against the trend as you are exposed to higher risk and smaller reward.

Well, I am glad I didnt trade this and give it a miss.

Trading Plan:
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)