Sixteen Copyfx Trading Journal (Daily Breakout).
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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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    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.


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  3. #3
    Rookie nadezhda84's Avatar
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    How do you determine a stop-loss level?

    Do you expect to have one order at a moment?

    What is your expected monthly and yearly profit?

    Can you show your previous trading records of, at least, a few months duration?


    In my opinion, the size of your account is very small. It does not look that you are personally confident in your trading success.

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  4. #4
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    This is a good journal, especially with the pair that you have chosen as the major thing to be traded, I have actually set myself to be trading GBP USD alone, I remembered that when I combined wit with EUR USD, the result came out negative, EU always have a way of spoiling the fun of profitability that one is enjoying, I hope to visit you journal often and observe how you have progressed over time, I wish you a successful journey ahead brother.

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  5. #5
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    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 .

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  6. #6
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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.

    Welcome dear in trading journal section I hope that you will enjoy your journey in this section. because, you will learn a lot of things from other traders. I hope that you will make money from this trade. because, GBP USD is fully in uptrend in daily timeframe. so we have need to take benefit from this opportunity and buy this pair with proper money management.

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  7. #7
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    You are welcome into the trading journal session and I shall always be here to learn from you because I have noticed all your comments and I believe that you are a good forex trader. One thing I have discovered about the trading journal is that it helps you to keep learning, increasing and gaining a lot of experiences over time.

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  8. #8
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    Welcome to the trading journal. I have seen your strategy and I have really see some resemblance of your strategy to one system I have tried out before but that one was at the starting candle of each day of 00:00 on same gbpusd pair. I had to drop that method because it was hard to breakeven but was good especially in a very trending market. Meanwhile it's good you decided to face only one pair and see how you could manage your success with it. Gbpusd is a good and volatile pair too, so I guess the ability to reach 50 pips daily as your target can be possible. I will watch closely on your journal as you progress.

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  9. #9
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    Quote Originally Posted by Tonycee View Post
    I guess the ability to reach 50 pips daily as your target can be possible.
    i think this target can be big. because if i apply this on my target with 0.03 lot i can earn 15$ daily and in month i can triple my equity but 50 pips are hard for daily target. i am trying to get 10-15 pips max on daily basis i think we should use safe way of trade. larger target can lead us to failure sometime we should use a target which we can easily achieve and in safe way. big risk trader mostly wash out their accounts

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  10. #10
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    Trading update : Nov 5: at this day the gbpusd buy stop activated @ 1.3004 but never made it to the 50 pips profits as it gets on to hit stop loss level @1.2979.
    Nov 6 : Yesterday was also a loss day as to buy stop was also activated @ price level of 1.3068 but still went down to hit stop loss at the very level of 1.3043.
    One thing that is really giving me confidence is my money management, no matter the loss, a day profits would cover for a two days loss. After the month end I will evaluate this system success rate.
    Today trade : buy stop @ 1.3150, stop loss 1.3125, take profits 1.3200
    Sell stop @ 1.3111, stop loss 1.3136, take profits 1.3061.

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