Sixteen Copyfx Trading Journal (Daily Breakout). - Page 23
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Thread: Sixteen Copyfx Trading Journal (Daily Breakout).

  1. #1
    Registered user 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. #221
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    There has been so much attention to GBP USD, I am not surprised because the Brexit that is still be discussed has affected the GBP USD this week, I guess everything is working against the final negotiations arrangements hence the investors confidence has dropped, that is what is making this pair to fall like a stone that was thrown in the air and lost momentum.

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  3. #222
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    trading with price action and breakout is effective and profitable and leads to making of good money from the market, waiting for the proper time of trading is good as this increase the possibility of earning and decrease the risk, and means that the trader does not rush to trading but wait until get good signals from his strategy.

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  4. #223
    Registered user mexima's Avatar
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    Quote Originally Posted by sameeh View Post
    trading with price action and breakout is effective and profitable and leads to making of good money from the market, waiting for the proper time of trading is good as this increase the possibility of earning and decrease the risk, and means that the trader does not rush to trading but wait until get good signals from his strategy.
    break out pattern chart is goof to trade but you need to check more couple of thing like if you trade od break out movement then first analysis the support and resistance level and then the confirmation candle to see if the break is fake or true if all the command will done then it is effective and profitable trade .

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  5. #224
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    @mexima break out patterns gives some of the best trades we can get from the Forex market, I believe that if a trader concentrate on them alone, there is a wide variety of opportunities that he will get, without the break out strategy, there would be less profits from this market by what I have seen and observed, price will always create the opportunity for us to take advantage of many times.

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  6. #225
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    Which ever way you are trying to trade with it is very important that we should tale our time to learn them as to master them over time and using break out is a good method and I think that it is very possible to use it to make consistent money off the field of forex trading market but the key thing is learning how to use it. I believe that someone who understands break out so well could start explaining it to us who are still novice in that area so that we shall be able to learn it too and use it to execute our trades.

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  7. #226
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    @Penuelophir, learning and mastery are the two foundations that successful traders need, you may know something and don't understand its use, that will not make you achieve anything from the knowledge, but if we are consistently learning despite whatever challenges, then we will master the strategy, break out strategy will become easy if we learn and practice before we can become true masters of such patterns.

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  8. #227
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    Before I used to think that there are means through which we could master the field of forex market without investing enough time into learning and mastering the systems which we use in the forex market and this must always take a lot of time and hard work and as such there are no easy way to making it in the business of forex trading market. Currently, I have decided to invest my whole time into learning and gaining of the trading knowledge and experience which shall become my backbone to successful forex trading because that is what it takes for anyone to actually become consistent in money making.

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  9. #228
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    We cannot master the Forex market without the investment of our time, this is the reality we need to face, once we are able to train ourselves with the strategy we have adopted using the demo account, it makes everything easy for us, mastery is as a result of the different efforts we have put into learning, it is the accumulation of the our information that result in a profitable Forex Trader eventually.

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  10. #229
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    Quote Originally Posted by alizahid View Post
    Your trade is similar to my trade i just open same order for sell with 40 pip stoploss in my trade so always if we really want to earn money from the market we observe all the changes in that pair , market chances to droop increase because i expect data of non form this week will be stronger and push the pair more downward side .
    talking about using stop loss and take profit I also sometimes like to make a loss and profit ratio of only 40% of capital, and in my opinion this is very good to do and also the use of stop losses is really very important and stop loss holding back our account from overall losses, and sometimes I often see that many of us are not used to using stop losses but it is expensive, that by not using a stop loss it will only make a big loss that is useless

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  11. #230
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    Quote Originally Posted by Sixteen View Post
    Yesterday been 1st of November 2018, two pending orders of buy stop and sell stop was placed above the 7:00am candle and below the 7:00candle. However the buy stop activated @1.2861 and went all the way to hit take profit level of 1.2908..so the sell stop was manually deleted.

    Today from the look of the image below two pending order of buy stop @ 1.2861 and sell stop @1.3007 have been placed, however at this moment my buy stop have been activated while the sell stop have been deleted manually... Now buy stop @ 1.3021, stop loss @ 1.2996, take profit @1.3071.

    For the Pound / Dollar pair, the main levels on the H1 scale are: 1.2811, 1.2737, 1.2693, 1.2612, 1.2553, 1.2478 and 1.2428. Here, we especially expect the development of local structures to decline on May 21. Continuation of the movement to the base is estimated after the Breakdown of 1.2612. Here, the target is -1.2553. Breakdown must be accompanied by a clear downward movement. In this case, the target is 1.2478. We consider level 1.2428 as a potential value for the base part.

    After reaching this level, we expect consolidation in the range 1.2478 - 1.2428, as well as the departure to the correction. Short-term upward movement can occur in the range 1.2693 - 1.2737. The last breakdown must form an upward movement. Here, the target is 1.2811. The main trend is the declining structure of May 21.

    Trading Recommendation: Buy: 1,2693 Take profit: 1.2735 Buy: 1.2738 Take profit: 1.2810 Sell: 1.2612 Take profit: 1.2555 Sell: 1.2550 Take profit: 1.2478

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