Sixteen Copyfx Trading Journal (Daily Breakout). - Page 17
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Thread: Sixteen Copyfx Trading Journal (Daily Breakout).

  1. #1
    Trader Sixteen's Avatar
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    Sixteen Copyfx Trading Journal (Daily Breakout).

    Trader: Sixteen https://my.roboforex.com/en/copyfx/p...rs/show/43505/
    Account number: 5258169
    Server name: RoboForex Pro-Cent
    Account type: CopyFx MT4 Pro-Cent
    Leverage: 1:500
    Funds: 100.80 USD
    Rating: https://www.copyfx.com/ratings/rating-all/show/43505/

    Description of the subscription conditions:
    Scheme: Trader on commission
    Added on: 31 October 2018 17:22:37
    Started on: 31 October 2018 17:22:37
    Risk level: Minimum
    Commission per lot: 1 USD
    Amount of minimum deposit: 100 USD
    Investment period: 4 weeks


    About my strategy

    Now I have my own journal I think it's time to work live on this system I have been practicing with the demo account. This strategy would focus on the very pair of only GBPUSD alone and its expected I opened daily trade on this pair.

    Pair to be traded : Gbpusd
    Time frame : 1 hour
    Pips target : 50 pips
    Stop loss : 25pips
    Risk to reward ratio: 1:2

    Procedure : In the 1 hour time frame of gbpusd I will locate candle that have already formed and closed up at 7:00gmt and trade breakout. Then I will wait for breakout on the next candle and will place a pending order of buy stop and sell stop. After the 7:00am candle if price breaks above that 7:00am candle and reaches to another past upper candle level, my buy pending order activates, alternatively if the candle breaks bellow the 7:00am and maybe reaches another lower past bearish candle, my sell stops activate.

    I will do this everyday and see what I can come up within a month time. From there I can see if I was successful or not and know if I can tweak it again or look forward to use higher lot size if my improvement is awesome. Stay in touch with this journal and enjoy my journey.

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  2. #161
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    In fact all I could see on the GBPUSD is bearish movement and my best take is to see the price breaking downward past the 1.3050 support area which have been very strong all these while and only then I can I start looking for more bearish moves and selling whenever the price comes back up again to test those areas as resistance again. Also there is tendency of the whole GBP crosses starting to move in the same direction and that is heading downwards all together and this could bring more opportunities to sell this pairs.

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  3. #162
    Trader mexima's Avatar
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    Quote Originally Posted by Sixteen View Post
    It's expected it will go down but I still see it still not making a large number of pips so it's still kind of maintaining it's ranging nature for now until a good fundamental comes through to push this pair in the right trend. With this fall my take profits for yesterday have already hit and still looking to still keep going down. The pair is still risky to trade now and its not for the faint hearted because anything can still happen.
    on the H4 chart gbpusd on the weak resistance how ever there are some major resistance on 1.3080 to 1.3050 so there is possible chance that market will go there and then start the bullish trend but i prefer to wait for the confirmation or must check the news because gbp is still in the pressure of brexit .

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  4. #163
    Trader Sixteen's Avatar
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    Quote Originally Posted by mexima View Post
    on the H4 chart gbpusd on the weak resistance how ever there are some major resistance on 1.3080 to 1.3050 so there is possible chance that market will go there and then start the bullish trend .
    Well you can see that the market reached that point and broke the support level down to next support at the 2978 level. However there have been some little bullish today but the question is that would that be enough for the market to start going up. Before one can enter a buy trade, my suggestion is that they wait for the market to test support again and come up with a good reversal candle and that's where am looking towards to.

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  5. #164
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    Gbpusd have continued showing its weakness signs as it have keep falling down. I think that we would have an overall bearish fall on this pair. The pair managed to show some bullish signs earlier today but a reversal candle came along almost immediately and we should see how easy this pair keeps falling. I have place a sell position of this pair as I hope it continues with the bearish movement all through this week.

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  6. #165
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    Quote Originally Posted by Sixteen View Post
    Gbpusd have continued showing its weakness signs as it have keep falling down. I think that we would have an overall bearish fall on this pair.
    The overall movement on the GBPUSD is just bearish and I think it would continue because the price have been able to break below the support on the daily chart which was at the 1.2976 and it currently the price is rallying towards a resistance area which is at the 1.2950 and if this area holds then we are going to still see more downward movement from that level. I believe the best way to deal with the bearish trend is to make sure that we allow the price to start rallying and when it gets to an important level such as the resistance level then we can sell it from there.

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  7. #166
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    this is the good thread of the trading i know well that this is really good target of the trading , but the trader who are expert in the trading and know well about the trading . i try to get 10 to 15 pips per day it is difficult way but when we work hark we will success in our target , every thing required large patient to get good result.

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  8. #167
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    The Bears are not done selling GBP USD, once they are exhausted, we will definitely notice a drop in participating especially with the momentum, the sellers have so much strength to keep pushing prices down, buyers might have some retracement opportunity which would not last, because they don't have the advantage.

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  9. #168
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    I can see your journal is good and its going to deliver especially due to the currency pair you want to trade majorly.But your daily target is my concern if it won't be risky to achieve that target once you mindful of risk involved in reaching that target by all means.But i must confess your journal is good and worthy of emulations and it be of help to many beginners.

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  10. #169
    Trader Sixteen's Avatar
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    Quote Originally Posted by Jibsin2excel View Post
    But i must confess your journal is good and worthy of emulations and it be of help to many beginners.
    Thanks for your contribution. Every journal is a great place where a trader talks about his trading activities. I managed to open a gbpaud buy trade yesterday which resulted to loss but my previous gbpusd trade is still running towards profits. Since the market is closed I would expect it hits take profits next week if it continues to push down for sell. This week we have seen how bearish the gpbusd was and its a good one for traders who can spot good trading opportunities.

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  11. #170
    Rookie ola4real's Avatar
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    Quote Originally Posted by Sixteen View Post
    Thanks for your contribution. Every journal is a great place where a trader talks about his trading activities. I managed to open a gbpaud buy trade yesterday which resulted to loss but my previous gbpusd trade is still running towards profits. Since the market is closed I would expect it hits take profits next week if it continues to push down for sell. This week we have seen how bearish the gpbusd was and its a good one for traders who can spot good trading opportunities.
    Sure, the trades of forex traders are being helped for an improvement only if the forex trader could work with a trading journal in whom the trader is serious with. Like you said on GBPAUD, there was a selling pressure on this asset, that was against the former bullish trend it has. I knew this asset will fall, because it was being rejected continually at the upper level of the chart, that caused a fall eventually, and now, the trend is fully bearish.

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