Eklavyas Journal
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Thread: Eklavyas Journal

  1. #1
    Hi People,

    I'm a FOREX newbee and have only started trading in Forex. I have been reading up a lot in the past one year but have not done extensive demo practicing. I began live on Oanda one month back and have had a rocky ride so much with a drawdown of 50% to positive territory of 15% and now to drawdown of 31%.
    I'm mostly trading price action and Fib Levels. As I continue to exchange, I will begin posting my trades in this thread along with my justifiion for the transaction, my SL and TP levels.
    Most of my losing trades happen to be spontaneous and by posting my trades here, I will be able to cut back on my impulse trades. Also, I'd love any comments on my trading rationale so I could improve in my rationale and also others might benefit with some new perspective.

  2. #2
    I have a trend breakout fitting lows on the NZDUSD pair. I went to the 15 min chart and entered the trade with a tight stop loss of their previous top on the 15mins chart. Needless to say, my SL was struck. Things I did wrong :-
    1. I must have waited for the price to close under the 38.2 Fib level on the 15min chart before entering that would have confirmed the price pattern.

    Missing 22 Pips in the process

  3. #3
    Entered Short in Cable now as it broke during long term support. There was not any particular price formation in the region but looking at a very strong bearish behaviour over the previous two days, took a position. Stop loss was that the regional high on the 15 min chart. Take profit is open as I see this going a very long way down. Curently up 34 Pips.

    The next target appears to be at 1.9320 that is so far off I think that it is going to have a very long time to attain. I really don't know if this is a psycological problem with my trading which I want to address.

  4. #4
    Well, Only I entered a more trade on the short side in Guppy. Technically I again made a mistake of penetrating too soon without waiting for my system to provide me a signal. I have an extremely strong bearish feeling for the Guppy and entered the pair 25 pips earlier. On the flip side, I might have followed my machine and could have waitied for it to close under the A-Down line. (Of the ACD system). Time will tell if I made the right decision. Probably I shouldn't have entered but waited for a signal even though it would cost me 25 pips.

  5. #5
    I am short on both Cable and Guppy each having a risk of around 6% every day. As both are firmly connected to GBP, I think that the net risk capital I've for a commerce on GBP is in the area of about 10 percent, after accounting for a certain decrease of the risk due to diversifiction. I think that is fine as this could be a normal outcome of investing in multiple currencies.

    Maybe this is a case of further decreasing the risk per trade as when we maintain numerous currencies, we are anyway increasing the entire risk capital per transaction.

  6. #6
    The 1 thing that is also making me certain about these trades I took is the upcoming BoE interest rate announcement. Given the fact the Cable didn't actually rally meaningfully awarded the powerful Halifax report, I believe the interest rate will be cut and this could increase the downward pressure. The market is already pay an interest rate cut in my view and so if the interest rate isn't cut, then my discontinue might get taken out.

    Lets see..Fingers crossed for another 10 hrs.

  7. #7
    Now I have used up all of my margin and cannot enter any more transactions till I close one of these or my SL gets taken out. This is the drawback of trading with Oanda as the leverage . I will only post my ideas on my two transactions and how they're developing. If I see an opportunity in a different pair, I might shut one of these transactions to take up the alternate place.

  8. #8
    Quote Originally Posted by ;
    Well, Just I entered a more trade on the short side in Guppy. Technically I again made a mistake of entering too soon without waiting for my system to give me a signal. I have a very strong bearish feeling for the Guppy and entered the pair 25 pips before. On one hand, I might have followed my system and could have waitied for this to shut under the A-Down line. (Of the ACD system). Time will tell if I made the right decision. Probably I should not have entered but waited to get a signal despite the fact that it would cost me 25 pips.
    Well..Time has told me yet again to follow with my system. My SL got taken out and I am further 6% down in my own account. This is the next of the of the 3 transactions I have taken where I did not follow my system and I needed to take the loss.

  9. #9
    Quote Originally Posted by ;
    Entered Brief in Cable now as it broke during long term support. There was not any specific price formation in the area but appearing at a very strong bearish behavior throughout the previous two days, took a position. Stop loss was that the regional high over the 15 min chart. Take profit is open as I view this going a very long way down. Curently up 34 Pips.

    The following target seems to be in 1.9320 that is so far away that I think it will take a very long time to attain. When this really is a psycological issue with my trading which I want to address, I don't know.
    My SL got taken out during the BoE Interest rate statement. In fact there was so much volatility during the time that the SL was executed with a 20 point slippage. So now my accoount is farther in the red by 8%.

    I guess I simply need to persist and further reduce my risk per trade until I get back some assurance as it is in a very low right now.

  10. #10
    On the 4 hr chart bearish trap pub is forming only around the 78.6 Fib level along with also the weekly R2 Pivot line. This is also the resistance area in the daily charts. The four hr candle is poised to close beneath the top resistance level. On the 15 min chart, the price has had two consecutive closes beneath the conolidation area as shown in the rectangle. The price is also below the 15 interval and also the 28 period EMA. So entered brief with SL the top level of this consolidation level and TP at 61.8 Fib. Lets see how this trade goes. Risk/Reward is 1:2.


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