Jasmien's Journals.

[Jasmien]

Usdjpy short 2 contracts. CBO

A total of 1 R loss, each position was actually 0.5%.

In hindsight I've realised that the AO was not close enough to zero line even though I traded with HTF trend.

[immy]

Question: Do you consider the pattern/data/information available on the part of the chart that you have shown in the pictures above or is it just for the pictures? It would certainly be better idea to take a picture of the chart with more information on it. this just does not show anything does it? the candles are squashed into dots because of hte previous high range price action. That long spike down is the VERY important part of this picture.

Hope it makes sense.

[immy]

GbpUsd short classic breakout, 2 contracts. 1:1 1:2

2 R LOSS.

I replied to your post and a while later It was ringing in my head as to why did you take 2R loss on that trade? So I went back to your journal and found that you had entered 2 trades. Thats fine, but the idea behind 2 trades is a delicate one.

Its to do with creating a mental state where one is more objective. The RISK FREE state of mind.
When we perceive threat we cannot think objectively. We are narrow minded and the fight or flight instinct takes over. So to remedy that we want to bring the risk of our trade to NO RISK by closing half the position. But its easier to actually take two trades. We take two trades for us, using ATM, we don't have the option of selling half at 1:1 yet still keeping SL at the original position. We put SL at -1R but we take Half profit when the trades hits 1R profit. That leaves are with a -0.5R SL and 0.5R already banked. This means that if it now goes to hit the SL it will be Break Even trade. So we Quickly turn the trade into a FREE TRADE yet allowing the trade enough wiggle room because we want to let the trade run. The objective being the ability to hit 5 to 10 or even 15R winners.

The reason we use this technique is because we know that letting a trade could be "psychologically hardest thing to do". Hence ot make it slightly easier this money and trade management allows us to enjoy the FREE TRADE i.e. RISK Free State of mind. It is for this reason, I state again and again, NOT to change the original concepts because you might end up bringing about apparently minor changes but in reality

[Jasmien]

Hi Immy thanks for feedback ;-)

Yep, will do! I'll also post clearer images with more info in my journal.
I have more than one option with SL as I trade of IG Markets but happy to adapt to your method.

The reason I'm taking two contracts is to get as soon as the market allows me to a BE state. In the G/U however I got hit before having a change to move anything but that's the game.

Cheers.

[Jasmien]

GbpUsd short H1 CBO.

2 contracts each 78 pips SL.

Close to zero line. I could have waited for a better set up however based on H4, D1 clear downtrend.

[Jasmien]

GbpJPY Short H1 CBO.

2 Contracts each 106 pips SL. A little high but I am used using higher stops on G/J however I am not sure if its too high for a H1 chart. I posted the question on Skype for feedback.

[Jasmien]

GbpJpy short CBO .

2 contracts. 1:1 which hit TP, second contract is now a free trade. Second TP 1:2 was hit as well.
3R PROFIT


Added a sell limit on a new setup 1. Time 3:00

[immy]

GbpJpy short CBO .

2 contracts. 1:1 which hit TP, second contract is now a free trade. Second TP 1:2 was hit as well.
3R PROFIT


Added a sell limit on a new setup 1. Time 3:00

Correction:
This is to be considered as 1 TRADE. Total 1R.

so its NOT 3 R profit.
Its actually 1.5R. You're riskign 2R's SL and Taking only 1.5R as profit. That would require you having a VERY high win rate. This is NOT what we intended to do with any of our setups. We want at 1:5 winners. For that we allow the trade the wiggle room so we take 1:1 R to Create the Free Trade so we enter the Risk Free State of Mind and then Allow the trade to give us 5R - 10 R 15R winners. Trailing the box.

hope I don't have to repeat myself another 34 times.

[Jasmien]

EurJpy

CBO short

2x contracts

1:1
1:2

Result: 1 R loss both position went against me.

[Jasmien]

UsdJpy

CBO short 2x contracts

TP 1:1
TP 1:2

Result: B/E