GBP/USD take profit triggered @ +68.1 pips

The reason why I placed my two last trades is basically the same reason why I take all my trades. I made sure that my last two mistakes where not repeated and that's my goal to continue to learn from my mistakes.

I wanted to post some Vahid Wisdom I read in another thread. This is my forex Motto:

"Yes, nobody can guaranteed anything in forex market. Even the best and most experienced traders make mistakes sometimes and their stop loss becomes triggered.

Something which is so important is that you learn to become profitable at the end of the month. Making 25% profit every month constantly and consistently is a great success. However, sometimes you can make 200% profit or sometimes 10%. It depends on several different factors.

Another important thing is money management. You should never risk more than 2% of your money. If so, when a trade goes against you, you will not get scared and if it hits your stop loss, you will not become disappointed. You can recover easily.

The last and most important thing is a reasonable stop loss. You will not stay in this business if you don't use proper and reasonable stop loss".

After a nice three day weekend, it's time to have some fun again. Today I only see three trades that I will take .

GBP/JPY (TRADE TRIGGERED)
USD/CHF (TRADE TRIGGERED)
GBP/CAD (PENDING BUY)

Screen shot posted below with trade details. As I posted in Keith's journal I will play with the forexoma RSI indicator just to see
how it moves and if it justify any use when determining a sell or buy for me. So let the fun begin. I'm ready to learn from my past mistakes by not making them this week. I'm ready to let greed go, which last week I think I did a good job of that. Day by day, I'm on my way to becoming a decent trader. Also I added another $50 bucks to my Oanda acct. I will try to add $50 to my acct per month if I can. That way once I'm ready to really go at it, I will have a decent account balance.

WOW! +42.6 pips after 3 hours.

I placed the usd/chf trade because of the following: the 1/19/2010, candle closed above the murrey 5/8 level. Broke s&r lines on daily and weekly charts. The macd and rsi confirmed buy signal. I felt that this signal was a strong buy. I chose the murrey 6/8 level minus 10 pips for my take profit.

Take profit chart posted below.

GBP/JPY trade hit stop loss @ -118.1 pips.

Since i'm home with the flu, later I will go over the GBP/JPY chart and see if I had a sign to take this trade. When I placed this
trade I knew the MACD indicator showed a ranging sign. However, I use the rsi indicator as confirmation. Maybe I went wrong when I show the MACD confusion. Even way, I will add this to my learning experience and I'm very satsfied with that.

Screeen-shot posted below

GBP/CAD take profit hit +114.4 pips

Okay well this pair gave a very strong buy signal. I have learned out of all my trades, that if I have a signal that's not strong like I prefer, I will not give them any attention. Okay so this trade made up for my GBP/JPY lost today. I love the MACD indicator on the sceen-shot. Okay I have to go rest up now.

Screen-shot posted below

I have currently have 2 pending trades.

CAD/JPY (pending sell limit)
USD/CHF(pending buy limit)

USD/CHF take profit hit @ +49.1 pips

After the 1/20/10, candle closed 1 pip above the 7/8 Murrey Level I decided to analyze this pair. The MACD indicator clearly confirmed a buy signal. Price closed above the middle bollinger band on both daily and weekly charts. The Murrey 8/8 level showed some previous resistance from Dec 17 - Dec 23, 2009. I chose that level minus 10 pips for my take profit.

CAD/JPY take profit hit @ +109.1 pips

The 1/20/10, candle closed below the Murrey 8/8 level. The Macd agreed with a sell signal. Price closed below the recent weekly s&r line.
I then decided to place a sell limit order. I chose the Murrey 7/8 level plus 10 pips for my take profit, because that level came before a s&r line @ 85.92.

Correction on the CAD/JPY and USD/CHF trades are 1/21/2010 candles, not 1/20/10. I have been off sick the last two days and my days are messed up.

Hello Angie,
You are certainly a busy trader
If you keep getting these winner, I think that I will have to learn about your strategies
Keep slappin' them

Keith

Hello Keith,

I hope these winner trades continue as I grow to become a professional trader.

I'm sure they will Angie
We are all adding to our knowledge on a regular basis now, so We should be improving

Keith

So I have been trading this week and decided to post the charts on Thursday. I only trade Mon-Wed signals and now that my work schedule has changed it will be easier to update my journal on weekly basis.

I placed 8 trades this week.

January 25, 2010

#1. GBP/USD sell@ 1.6242 tp@1.6274 sl@ 1.6078.... This trade is currently opened @ -106.9 pips

Note: Due to the fact I'm at work, I can't monitor my trades how I want, for I would have locked in some profit the price was 2 pips short of hitting my take profit.

More Trades Coming Up.

1/25/2010
GBP/CHF buy@1.6886 tp@ 1.6957 sl@1.6721

Take Profit hit @71.4 pips

Trade Entry and Take profit charts uploaded below.

1/25/2010
GBP/CAD buy@ 1.7174 tp@1.7324 sl@1.6974.

Locked in profit hit @ +30.8 pips.


More Trades to come

1/26/2010

AUD/USD sell@ 0.8982 tp@ 0.8911 sl@ 0.9093

Locked in profit hit @ +9.8 pips

More Trades to come.

1/26/2010

USD/JPY sell@ 89.65 tp@ 89.16 sl@ 90.64

Take profit hit @ +48.7 pips

More Trades to come

1/26/2010

EUR/JPY sell@ 126.12 tp@ 125.10 sl@ 128.48

Take profit hit@ +68.2 pips.

More trades to come.

1/26/2010

GBP/JPY sell@ 144.67 tp@ 143.85 sl@ 147.36

Take profit hit @ +81.8 pips.

One more trade to come.