Sixteen Copyfx Trading Journal (Daily Breakout). - Page 2
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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. #11
    Rookie Toyen's Avatar
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    It is a good thing you are doing on your trading journal sixteen, you know what you are doing and this journal is a prove of that. But my curiosity is on the comment of your update which you dated November 5 in which buy pending order was activated, and you said it has not hit your take profit of 50 pips. I discovered that GBPUSD hit over 1.3100 yesterday, that is more than your target, please explain further.

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  3. #12
    Trader Sixteen's Avatar
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    Quote Originally Posted by Toyen View Post
    It is a good thing you are doing on your trading journal sixteen, you know what you are doing and this journal is a prove of that. But my curiosity is on the comment of your update which you dated November 5 in which buy pending order was activated, and you said it has not hit your take profit of 50 pips. I discovered that GBPUSD hit over 1.3100 yesterday, that is more than your target, please explain further.
    You were right that the market went up but before reaching that level it first tested my stop loss of 25pips after the buy trade activated. So I was out of the market before price later shoot up to go long. Since am discipline in following this method, I don't want to tamper with my stop loss level because I want to see I still maintain the the risk to reward ratio of 1:2. Yesterday trade also never made it and let's see what today trade will result to. Some few minutes from now an order will be made.

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  4. #13
    Trader Sixteen's Avatar
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    Update : Nov8 sell stop activated but however went to really hit stop loss as the gbpusd was really bringing up those long tails that usually gets to target stop loss at key areas.
    9th November wasn't an exception too as the market position also hit stop loss.
    For yesterday trade I guess it was an experience for me because sell stop activated @1.3035 and fell according to plan but the worry thing was that I exited faster than the real actual take profits after the market touched the take profit line without hitting them due to spread. However after a bit rising, it further went down. Now I think I must be discipline with this trading rules if really I am for this project. Let's see how next week goes for me.

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  5. #14
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    Today been 12th of November. Sell order was activated @ the price level of 1.2889, stop loss @ 1.2914 and take profit @ 1.2839. However this trade is still ongoing with a positive movement and let's hope todays trade turns out to be a successful one.


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  6. #15
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    Quote Originally Posted by Sixteen View Post
    Today been 12th of November. Sell order was activated @ the price level of 1.2889, stop loss @ 1.2914 and take profit @ 1.2839. However this trade is still ongoing with a positive movement and let's hope todays trade turns out to be a successful one.

    your order must be closed in profit because market touched that point i think. i traded on eurusd and with buy order but i was lucky i closed on 10 pips and from that market is still going down. so now today's target is achieved now i will open tomorrow and hope i will buy because tomorrow it should go up

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  7. #16
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    Quote Originally Posted by altafch View Post
    your order must be closed in profit because market touched that point i think. i traded on eurusd and with buy order but i was lucky i closed on 10 pips and from that market is still going down. so now today's target is achieved now i will open tomorrow and hope i will buy because tomorrow it should go up
    Yes yesterday order was an excellent one as the market maintained that momentum to reach 50 pips target profits. It's a good one of it continues like this each time it breaks the candle of the 7:00am in the 1hour chart.
    Today pending order have been set.
    Buy stop @ 1.2890
    TP @ 1.2940
    SL @ 1.2865
    Sell stop @ 1.2860
    TP @ 1.2810
    SL @ 1.2885
    If any of the stop activates, the other one becomes invalid and gets deleted.

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  8. #17
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    Yesterday buy stop trade activated @1.2890 and went ahead to hit take profit of 50 pips.
    Today's trade : sell stop @ 1.2975
    Take profit 1.2925
    Stop loss 1.3000

    Buy stop @ 1.3007
    Take profit 1.3057
    Stop loss 1.2982

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  9. #18
    Rookie ola4real's Avatar
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    I can see that you are one of the forex traders who are using pending order for trading, this is good to use it but i don't use pending order for my trading because of many reasons, i fear for the time i will not be there when the order will be triggered falsely when a false breakout happens. Furthermore, i see a more buying market on GBPUSD too, i hope your setup pending order will not be triggered when the forex price is only retracing.

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  10. #19
    Rookie nadezhda84's Avatar
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    Let's see how your account performs in the longer run.


    According to my understanding, your stop-losses are too tight and they will deliver a number of false terminations for you. The strategy, as you formulated it, does work, as soon you a correct support or resistance level was selected. But small stop-losses (in pips) will likely be a problem to assure stable growth.

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  11. #20
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    i think gbpusd was down last day so it should be in loss? but gbpusd is moving quickly up and after 15 mins USD cpi is also going to release i do not much know but its high impact news so gbpusd can go up quickly. so wait for more time but now use sl it can go again opposite fast so it can give more loss

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