Alexander Bryant (B18) EURUSD Short 5th Jan 2009

Demo 1

Currency Pair: EURUSD

Short

Method: PIPS Intraday (Step entry)

Date & Time of Entry (GMT): 05/01/2009 1000hrs

Entry Price: 1.3676

Initial Stop Loss: 1.3726 (50 pips)

Basis of Stop Loss: Due to length of previous candle, I thought there may be a slight retracement before continuing the bearish trend

Initial Target Profit: 1.3526 150pips

Basis of Initial Target Profit: 1:3 RRR

Planned Risk-Reward Ratio: 1:3

Stop Adjustments: 1250hrs Moved Stop loss to 1.3586 to protect 90pips profit.

Exit Price: 1.3586

Exit Time (GMT): 13:15hrs

Reason for Exiting the Trade:  Protective SL Hit

Profit / Loss (Pips): +90 pips

Actual Risk-Reward Ratio: 1:1.8

Reflections: Saw the huge movements of all the pairs on the 08:00hrs candles, and decided to wait until 10:00hrs to pick the best step. Checked at 09:55hrs and decided that it was either EURUSD or USDCHF were good trades. Decided on the EURUSD. Realised that it was actually outside of recommended trading hours, but could not resist the step entry. Decided to put a higher stop loss due to the shear size of the bearish 08:00candle. Glad I did as others with same price were stopped out. However I realise this is not a good practice.

Trade 2 Demo AUD/USD 18th Dec 2008

Demo
Currency Pair: AUD/USD
Long
Method: PIPS Intra-day (6ema was at 0.7033, HMA turned Aqua, GRBB was showing Thick Green)
News (For Running Market Only): none
Global Stock Market (For JPY Pairs Only): N/A
Timing of News Release (GMT): none
Date & Time of Entry (GMT): 2008.12.18 09:01 (GMT)
Entry Price: 0.7038
Initial Stop Loss: 0.7003 35 pips
Basis of Stop Loss: Intended to be 30 pips but entry price changed. Decided not to change it
Initial Target Profit: 0.7123 (85 pips)
Basis of Initial Target Profit: Was meant to be 90 pips but price changed at entry, decided not to change
Planned Risk-Reward Ratio: 1: 2 .42 (Was Supposed to be 1:3 but as said decided not to change after noticing entry price had jumped up)
Stop Adjustments: None, I fell asleep after entering trade.
Exit Price: 0.7123
Exit Time (GMT): 09:49
Reason for Exiting the Trade: TP hit
Profit / Loss (Pips): 85 pips
Actual Risk-Reward Ratio: 1:2.42
Reflections: Should have been more diligent with adjusting stops. In stead I fell asleep. I do not want to monitor trades constantly so given that TP was hit within 48mins, I am pleased with a decent profit. Although it should have been 5pips higher if i had been more diligent.

Trade 1 Demo USD/JPY 16 Dec

Demo
Currency Pair: USD/JPY
Short
Method: PIPS Intra-day
News (For Running Market Only): none
Global Stock Market (For JPY Pairs Only): Bearish
Timing of News Release (GMT): none
Date & Time of Entry (GMT): 2008.12.16 06:41 (GMT)
Entry Price: 90.35
Initial Stop Loss: 90.65
Basis of Stop Loss: 30 pips
Initial Target Profit: 89.75 (60 pips)
Basis of Initial Target Profit: 60 pips
Planned Risk-Reward Ratio: 1: 2
Stop Adjustments: - Adjusted TP to 90.04 based on 38.2% Fibo Level.
Exit Price: 90.04
Exit Time (GMT): 14:21
Reason for Exiting the Trade: TP hit
Profit / Loss (Pips): 31 pips
Actual Risk-Reward Ratio: 1:1
Reflections: Probably entered trade to eagerly, hoping to try out PIPS Intraday as I believed I saw signals. I was also too hasty to change the TP when leaving the screen, and in hindsight should have stuck to the initial plan which would have generated more profit. However it does presently appear that the price is stagnent around the 38.2% Fibo line.
In reality the trade was a poor decision as prices where not really trendy enough, which created indecision in setting the TP.

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