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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. #21
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    Am stumbling in this journal of yours and I think you have made a clear perfect picture on how you want to trade the gbpusd. From the look of things I won't judge your system yet until after a month to see if you end up with profits or loss. My observations is that I think your trade is for short term as it for a day analysis on this pair. Though the stop loss is too small but however you know what you must have set out for yourself in your trade. I suggest you to be discipline.

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  3. #22
    Registered user Sixteen's Avatar
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    Quote Originally Posted by nadezhda84 View Post
    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.
    It's a good observation from you and you made a huge good point. This system is on its early stage of testing and I know the little stop loss could always be a problem to cause false stop loss for me. However in a good trending day market, it would never hit stop loss. Nevertheless there is still room for growth but I think I must have to keep following this method for the month and analyze my success. Yesterday and today trade hitted stop loss and let's hope for a better tomorrow.

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  4. #23
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    Quote Originally Posted by Sixteen View Post
    It's a good observation from you and you made a huge good point. This system is on its early stage of testing and I know the little stop loss could always be a problem to cause false stop loss for me. However in a good trending day market, it would never hit stop loss. Nevertheless there is still room for growth but I think I must have to keep following this method for the month and analyze my success. Yesterday and today trade hitted stop loss and let's hope for a better tomorrow.
    but if we do not use small stop loss and use big stop loss then we can lose big part of capital also so how we can recover? like if i invested 100$ and using 0.05 lot and using 100 pips sl so i will lose 50% capital from remaining 50% is hard to recover so i think 5-10% is enough stop loss if anyone want to use. otherwise i am not using stop loss i waited for market to come back when it goes into loss

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    Registered user nadezhda84's Avatar
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    Quote Originally Posted by Sixteen View Post
    It's a good observation from you and you made a huge good point. This system is on its early stage of testing and I know the little stop loss could always be a problem to cause false stop loss for me. However in a good trending day market, it would never hit stop loss. Nevertheless there is still room for growth but I think I must have to keep following this method for the month and analyze my success. Yesterday and today trade hitted stop loss and let's hope for a better tomorrow.

    You are welcome. :-) I trade with small order sizes and thus I can afford higher stop-losses and, thus, the percentage of false closures is at the acceptable level. This helps to drive the deposit in a correct direction.

    Your strategy is largely based on correct identification of the price levels. Tightening the criteria of a support / resistance level normally helps to avoid unnecessary losses.

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    Registered user ict2014's Avatar
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    Quote Originally Posted by altafch View Post
    but if we do not use small stop loss and use big stop loss then we can lose big part of capital also so how we can recover? like if i invested 100$ and using 0.05 lot and using 100 pips sl so i will lose 50% capital from remaining 50% is hard to recover so i think 5-10% is enough stop loss if anyone want to use. otherwise i am not using stop loss i waited for market to come back when it goes into loss
    Guys, it is the part of risk management. The most standard ratio is 1:2. If trader follows 2:1 then gradually trader capital going to decrease. I consider this ratio as gambling. But who are scalper they not maintain this rules seriously. A newbie needs to habituated with standard trading system otherwise he is losing his capital either that big or small in size.

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    Registered user Sixteen's Avatar
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    Quote Originally Posted by ict2014 View Post
    Guys, it is the part of risk management. The most standard ratio is 1:2. If trader follows 2:1 then gradually trader capital going to decrease. I consider this ratio as gambling. But who are scalper they not maintain this rules seriously. A newbie needs to habituated with standard trading system otherwise he is losing his capital either that big or small in size.
    Thank you for this. Risk management is very important because it's the very ability to survive in forex if really you are serious with making money from this business. Without the very plans of managing risk, we will find ourselves easily loose on our trade and would have a hard time to maintain that success we hope for. Instead of loosing big, using a little lot size would every much help us out. Meanwhile I have placed my pending orders for today waiting for one to gets activated. Buy stop @ 1.2820 and sell stop @ 1.2768

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  8. #27
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    Sixteen, GBP USD has been somewhat funny since this week started, I think the pair is bearish from the long term, I wonder what you are doing by trying to get into a buy position, I don't think your decision is wrong though, the pair has moved up and down several times since this week so I believe we might see a buying retracement from it, your target needs to be small though, because the bears can step in any moment.

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    Quote Originally Posted by Ehis View Post
    Sixteen, GBP USD has been somewhat funny since this week started, I think the pair is bearish from the long term, I wonder what you are doing by trying to get into a buy position, I don't think your decision is wrong though, the pair has moved up and down several times since this week so I believe we might see a buying retracement from it, your target needs to be small though, because the bears can step in any moment.
    yes you are right gbpusd really going up and down and quickly without any strong news also. so i am also confused but with volatile market we can lose big so i am not taking risk on it. that's why i placed order on eurusd also. last time i got some pips on gbpusd but with fear because its moving huge yesterday 250 pips down? i can't afford this loss so waiting for its stable condition

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  10. #29
    Registered user nadezhda84's Avatar
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    Quote Originally Posted by ict2014 View Post
    Guys, it is the part of risk management. The most standard ratio is 1:2. If trader follows 2:1 then gradually trader capital going to decrease. I consider this ratio as gambling.

    I see this in a different way. The stop-loss depends on the point of entry, in the present case, on the thickness of the respective price level, where the breakout is expected to happen. Optimal SL is determined by price volatility and the strength of the support-resistance (which is, however, almost unpredictable). I am not a fan of breakout trading, but if you have almost the same number of wins as losses, something needs to be adjusted.

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  11. #30
    Registered user Sixteen's Avatar
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    Quote Originally Posted by nadezhda84 View Post
    I see this in a different way. The stop-loss depends on the point of entry, in the present case, on the thickness of the respective price level, where the breakout is expected to happen. Optimal SL is determined by price volatility and the strength of the support-resistance (which is, however, almost unpredictable). I am not a fan of breakout trading, but if you have almost the same number of wins as losses, something needs to be adjusted.
    Well you are right but if you have same number of win just as your loss with a good risk to reward ratio, you will still be in good profits and that what matter at the end of your trade. The more we trade that's the more we learn and understand how to improve on our future trading.
    Meanwhile the market is opened for the first day of trading and pending orders of buy stop @ 1.2848 and sell stop if 1.2807 have been placed respectively. Last Friday was loss on its own and let's hope for a better week.

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