What's the game plan on D2?

Well this was one crazy week for D2's. Took some losses but thats ok. Looking forward to the new 2hr cross on the Eurusd.

Al the Yen's have Day ROI that are failing, so I will probably just sit out of the Yens and see what happens.

As far as the challenge goes, I am down about a grand in my account. Looking forward to making it back next week.

Darn Yen Stopped me out

Been a crazy week. Some D2's this week where failing and some D2's where paying out. I of course picked the ones that failed. It happens. the next crosses should be good ones as I hope trend walls will get broken.

UsdJpy stopped me out with a lil over 210 pips.

The .50 on the Yen

So we have a S90 at 94.40 area on both the 2hr and 4hr charts that is duplicated with a .50 Fib level of this big surge that we saw today. So Im thinking the market may come down to that level and build a support for us to move our stops to. May even be able to get in again for another buy entry. We shall see.

Yen Yen Yen

This is where I stand in the challenge account. My first trade was successful if you remember. I took a lose on the jpy earlier this week which on took back my profits. I am back to being up in the account and plan on leaving my position as long as possible. With the week crossing up next week, I am hoping to see more bull moves on the jpy. As you can see I have moved my stop even on the trade and will wait for a new support to be created as we may see dips down.

I am a stop chaser. I love moving my stop to "Correct" way, that being with the market, not moving it to stay in a failing trade. So lets see what we can shake out of the forex market.

From Bad to Good, The Yen is my Friend

So we got into the Usdjpy yesterday afternoon on the 4hr cross, and it did nothing for about 12 hrs. Then if finally got jump started and we are now up 70 pips as I am writing this now.

So what is my game plan for the rest of the week? Well, Im still in the Eurusd with 2 investment entries and they are up. One entries is up 220 pips and the other 70 pips. We had a day trend wall break out a few days ago, so Im hoping it keeps climbing. I have many of those pips locked it as new supports are being created, so I will just keep moving it as we continue to see a bull move on the Eur. It could turn any day now as wee see the Day ROI is failing, so I will let the market stop me out whenever it does.

As far as the JPY is concerned, I closed half my entry with about 50 pips profit and I moved even on my challenge account. I am hoping that with this entry we are jumping the week cross that will happen next week. I have a target of 95.90 area for the JPY so lets hope we get there before the market closes tomorrow. My medium target is 97.30 and long term is 102.60.

Lets see what happens. I don't think I will add and new entries, Im just going to let what I have cook. Im locked in with profits so all my entries are "Don't Care" trades.

Usdjpy Losing trade

So we took a loss on the jpy, am I worried that we have a failing trading formula? Well, I pulled a report for my trading from June 1st until today and I traded 126 trades with 18 failed trades. Am I profitable, what do you think? O, and by the way, they consider a failed trade when my inv. lot would come back and stop me out. I really only had 2-3 true failed trades, the rest of the failed trades where my inv. lots being stopped out, but I already made money cause I buy my trade every time.

This failure today on the jpy was also during an announcement, so in my book it is an announcement driven failure.

What's my game plan for the week? Im chillin, gonna take it easy and just wait for fresh days to get back into agreement with the weeks. I have no problem waiting for a good trade to set up.

Patience Pays

I can also afford to wait because we have taken several hundred pips this month already. I am still in the Eurusd with 3 entries and have a lil over 300 pips locked in. I do not for see adding any more bull entries on it since we have the day failing. Ill keep moving my stop and let the market stop me out. If they day opens up and starts going again, I may consider adding another entry on a 415 430 d2 or 1.5. Im sure i will post anything I do on twitter so everyone can stay up to date.

Have fun and don't stress. Shiz happens. We just have to be around when it turns into daisy's.

Dealing with the lost D2 trade on GbpUsd

Remember our failed D2 on the GbpUsd last week? If you remember I said that the following D2 after a failed one would cover the lost plus profits. Look at the last 2hr cross up on the GbpUsd. The entry would have been on a Sunday night. I personally have no problem trading Sunday night as long as the ROI projections are really high.

You would have been looking at a 100 pip stop and currently it has paid out a little over 180 pips.

Could you have made your loss back? MMMMMMaybe, you gotta trade it though. I have yet to see a back to back failure on the D2, unless of course you are trading it on a failing day ROI.

So lets continue to trade the D2 profitably.

What I am looking at this coming week

So all I was able to do today was move my stop to new resistance that has been created on both the Eurusd and the Usdjpy. I dont know how many pips I have locked in on the Eurusd. I know I have 3 entries rnning on it and might, and I really mean MIGHT trade the next next 2hr cross on the Eurusd. I want it to break the week trend-wall. If it can break the week trend-wall, then we should see it continue its bull position. It is getting close to my target of 1.4320, about 100 pips away from where we are now which is 1.4224.

The USDJPY i think I am for sure going to trade the next 2hr cross up. We have the day growing in our favor AND the week is crossing up next week (as long as we stay bull that is)

As far as the challenge goes, I will wait for the next 2hr crosses that I like. I have no problem waiting for what I feel to be a very good trade or a trade that will pay out.

Selective Successful Trading is what I want.

End of Day 1

So I made the quota for the challenge, that being 50 pips, my account balance is at $5500 after day one of trading. As you can see i had a loss on the gbpusd. It was a very small loss because i did not have my $5k deposited into the account when the trade went off. You can see the first entry on the challenge I did was the Usdjpy D2. My WIFE, believe it or not, closed my order for me. How you ask? Well, I was playing golf when the market was going to close. I had set a value up alarm to let me know when the market reached about 45 pips. I got a text message sent to me, and because FXCM does not have a mobile platform, my wife had to close my position. Imagine me trying to call my wife and walk her threw closing my position. It all worked out, she was able to close the position for me 5 minutes before market closed at 3pm.

Here is a pix of my report for the day along with the position I left in on the usdjpy. I can't lose any money on that position so I did not mind leaving the position in over the weekend. Plus when Tokyo opens Sunday night, we will have a 4hr BB, along with the day and we broke 4hr trend walls, reasons to stay in or get in.

Well its almost 2am Friday night. Im sleepy. Have a great weekend, I know I will.

Day 1: Usdjpy

So I have started the challenge and its time for everyone to come along for the ride with me. My first trade is on the usdjpy with an entry at 93.79 and a stop around 93.15. I am seriously thinking about leaving this entry in for the very long haul. I want to trade to 94.60 area before I think about taking any profits off the table.

I will take a pix of the dealer station and post it here a little later on today. Got a Tee time at noon, so that should help relax me. Believe it or not, Im not stressed about the account one bit. This well be one of the best learning experiences ever and I know I'm ready for it.

Very Exciting Times

So starting this week I will start the 5k to 95k in 90 days challenge. The reason I am willing to start this challenge is because I feel confident in my trades, I trust them and I trust the way I trade them.

One of the main things I had to consider in starting this challenge is the risk level involved. Because this will be a high risk account, I am comfortable losing this money emotionally. What I mean by that is, if I have a few losing trades, I will not be revenge trading to make the money back. Reason why is going into this challenge I can stand to lose all this money. I am emotionally and more importantly prepared for that to happen. If I lost all $5k, it will not hurt me financially and I personally think that is key to trade this type of risk successfully.

I'll treat it like a demo ;)

So here are my rules that I will follow when it comes to trading the challenge:

1. Trade 1 standard lot first month, 3 the second and 5 the third month
2. Trade trades that have a 50 or less stop for at least the first 5 trades of the month
3. Never miss the first 2-2hr X's after a day cross
4. If I lose more than 40% of my account, I will change my risk back to a level I am comfortable with. Trade my account back to even, then continue with the challenge.
5. I will post a screen shot of my account to keep everyone up to date on my success or failures.

I hope everyone will be able to share in my success and learn something from it, good or bad. It will be fun.

USDJPY

Got stopped out of my UsdJpy entry from a week ago w 195 pips. O well, it happens.

I will next be looking for buys on the Eurusd in another hour and try to lock in profits. We have Day crossing up tonight and if i can get in and lock in now, when the day finally crossed up and we start having D2's, then i will be in it early.

Gbpusd, Gbpjpy, Usdjpy, and Eurusd

So I sold all of those pairs today and a few traders where able to trade it with me. I have purchased my "Dont Care" entry and plan on leaving it in for as long as possible. I will post some targets for them when I can find some good ones.

Stopped out, O Well.

Got stopped out of the Audusd and the Eurusd, with profit of course. The good part is we maybe able to get in the Eurusd again for the drop so we can break the 1.3794 area.

I will be looking at the Usdjpy for sells again starting tonight. Ill keep you posted.

In the AudUsd

We got an alarm to get in on the AudUsd for a sell with targets to 1.7227. Im in at 1.7936 w stops above 1.8006

EurUsd for this week

So I plan on trading the EurUsd for sells this coming week. Il will probably get in the Eur in the next couple hrs with a stop around 1.4037 with a target around 1.3794 then to 1.3394. So lets see what happens. Should be a fun drop.

Stopped out of JPY

Well, I got stopped out. Not to happy, but got stopped out w about 100 pips. My 96.00 area targets where hit. Came close to the 97 one's, maybe next time.

Stay posted cause I am going to Blog about what my plans are for the EurUsd next week. Should be some good moves I hope.

Study, study and study some more.