Forex Trading Journal: Buying and Selling

Several people have asked how I find my signals. I am going to give a basic introduction here in this post as well as review the last trade and also find a new trade. There is a great deal of information to follow here please be ready to ask questions if you have any or if I forgot something. Don’t forget to follow me on Twitter, I will have more info about twitter usage in the next post.

First I will start with the review of yesterdays trade:

The first trade I made on the Gbp/Jpy went well, with a large profit. However yesterday it was a bit tougher. Can I first share with you that to execute well in trading is difficult and takes a great deal of patience and skill. Yesterday I entered short at 133.22 the price shot down quickly to 13275 I move my stop to 133.00 and I got stopped out with a total of +22 pips. The trade went well because it was a profit but I missed so many pips because of the whip saw action. I must not get upset too much because I made positive pips on the trade. That is where trading pschology comes into play. I have to look at What I did make, not at what I could have made.

Please give some feedback from those of you that was following this trade if you were able to make any profits on the trade.

Here is screen shot of the trade yesterday that closed at +22 pips.

Got whipped out !!

The result was + 22 pips. I have setup my trading log in Trade on Track Forex Charting Software, which is included with the premium membership.

Here is the trade log I of all of my trades since I started the trading journal early this month.

trading log june 8

Now that I have updated you on yesterday lets move on to the trade I just made at 9 am est time June 8th 2010. I entered short because the price rebounded during the London Session and it has now started to head back down and my entry was on a 1hr candle that closed down.

Trade:
Short Gbp/Jpy 131.77
SL 132.11
TP1 130.86
TP2 130.15

Here is the entry chart:

Lastly I want to go over a piece of our strategy that will help you be able to follow along in this trading journal. I use a price action strategy that was taught to me by Michael Storm begin_of_the_skype_highlighting end_of_the_skype_highlighting the lead trading coach here at Winners Edge Trading and this is the same strategy we use in our premium trading service. The idea is to identify the trend then buy or sell when a pull back occurs and the price is getting ready to continue in the previous dir

ection. Here is an example of an entry based on price action.

Sell Setups in a down trend

The actual setup occurs when the previous candle closes below the low of the previous candle. I hope this helps. Casey

http://www.winnersedgetrading.com caseystubbs

Ok That is good
http://www.winnersedgetrading.com caseystubbs

Thank you
Divine

all im getting here is a wealth of insights.
i'll kip following tru!
divine
Divine

im still learning sir!
all of the insights im getting here are priceless.
its a winning edge and im following thruogh.
thanx 2 u sir!
Roberto Osorio

Casey I got in at 133.43 and I am still enjoying the pip wave down thank you I'm starting to see the MATRIX.
http://www.winnersedgetrading.com caseystubbs

I will be watching 132.00 area with great interest for sure. The best entry would have been around 132.30 area. So now it is a little late I will watch for another bounce.
http://www.winnersedgetrading.com caseystubbs

I try to do two updates daily but it is very hard to stay on a consistant schedule. I usually post in the morning around 9 am est time and also many posts in the evening as well.

The best way is to check in the mornings or to sign up to the newsletter. However the absolute fastest way is to sign up to follow me on twitter and that is where I put the updates first because it is much faster.
http://www.winnersedgetrading.com caseystubbs

Thanks for the comment Brian, I am glad that you made out good. Those are my favorites waking up to the positive pips.
edmor

hi Casey, rigth now gbpjpy is aproaching again to this kind of point (sell set up's) at 132,21—(similar to 136,23 133,36 and 132,46,,..what do you think about??…do you think it will hold this level and push down again??
bindley Blackman

Casey
Have been reading your email regarding your daily trades. Would like to be able to follow your trades and present some feedback on a daily basis. How dies it work. Do you start every day at a specific time?
How does other people follow you in real time.
Please give me some information.
thanks
Bonzo5
nisar

cassey, prices are making higher low. are you still bearish in this pair. it did break the support but then snap back. isn't it fading break out. enlighten me please?
http://twitter.com/infotransmisssi Brian Sales

Great trade on the gbp/jpy in the last 10 hours while i was asleep in NZ i picked up 200 pips and still in the trade,have moved my stop up
Brian. Thanks
http://www.winnersedgetrading.com caseystubbs

Thanks for the update I am following you now. I hope that you are able to pull out of this. Please keep us posted.

Thanks

Casey
Helen

Sorry – firstly I entered later than you at 131.556, took profit of about 30 pips, put it back on at 131.126, again took profit, put it on for the last time at 130.626 not realising that was approx your TP1 level. So this was the third trade.
http://www.winnersedgetrading.com caseystubbs

I just want to point out to every one that Next post about the trading journal will be very educational.
http://www.winnersedgetrading.com caseystubbs

I am not following you? how can you have 63 points of profit and enter your trade. Was this your second trade?

Just trying to clarify.
http://twitter.com/esolutiongn Wendy S

thanks
http://www.winnersedgetrading.com caseystubbs

Wendy, write now it is going up because there was a large price drop and the market never moves in a straight line it is aways going back and forth in a jagged pattern. So even though it is going up now, It will go down again.
http://twitter.com/esolutiongn Wendy S

casey – do you still think gbpjpy is going down?
http://twitter.com/esolutiongn Wendy S

casey – do you still thinks is going down?
http://www.winnersedgetrading.com caseystubbs

Thanks for the update Edmor you are welcome. Timing is very important especially with the Gbp/Jpy

If you need any guidance with your plan I am always available to help.

Casey
edmor

I entered in your first call at wrong time…it was stopped out -120 pips….ouuuugch!! but the second i did better…and I add one lot yesterday nigth …I booked most of profit at around 9am et…trailing stop and add one more at the break at 131…was a great trade idea… thank you very very much!
helen

Entry was 130.626 – at that point I was about 63 pips in profit.
http://www.winnersedgetrading.com caseystubbs

We use the moving averages 20 period, 40 period, and 200 Simple Moving Average
http://www.winnersedgetrading.com caseystubbs

Where was your entry price Helen?
Helen

Thanks Casey – 132.05 is a 142 pips loss, but I have put it on at that, and feel better to have a concrete plan. I don't have the confidence to let your trade run its course, I take bits of profit, put it back on, usually put a 50 pips stop, then panic when it goes against me – but I am learning! Thanks very much for the support and all the info!
nisar

Hi cassey,
the strategy is so simple yet powerful.to determine the trend do you look at the lower low and lower high or vice verca, or do you use some moving averages for that purpose? and do you use only 1 hour chart for entry purposes.
http://www.winnersedgetrading.com caseystubbs

Helen you need to choose a place to put your stop right now. I would recommend 132.05 if it takes it out then it takes it out. At least your account will survive. Helen, please remember in the future not to move your stoploss but don't feel bad i have done that several times in the past and it has hurt me. But the pain was good because I was taught a valuable lesson.
ojo-shallom

thank you sir
i made 200 pips 1 was monitoring it all thru and left my stop-loss at initial stage though that was risky
but few hours ago i got tp @131.250
helen

Stop loss originally 50 pips – cancelled it while I thought about it!!! In that time it went against me big time! I am now 108 pips down as it continues going up. Still don't know whether to pull out and take this large loss, or hang on and hope it comes down???????
http://www.winnersedgetrading.com caseystubbs

Helen,

Thanks for the message. Where did you put your stop loss? That is the most important question because even if you make a mistake or a bad trade the stop loss will save you from making a monumental error?

Casey
helen

Casey, new to twitter, so having trouble sending you a tweet. Made a mistake here, took profit on gbp/jy, put it back on, and am now 74 pips down. Do I take the loss, or is it likely to go down again? Have joined the premium membership service today, so hopefully will not keep on making same mistakes!!!!