Right now I am on a boat using a crappy Internet connection which resets all the time. I am posting for showing up.
Anyway I did a trade today before leaving in a hurry my house. I see now it is in a loss. I can't post more details today because I don't have metatrader in this computer. I will post tomorrow more details.
EURAUD. I took this trade as I was leaving my house in a hurry yesterday morning. I took it mostly because there were two green bars after a red. Unfortunately it ended at a loss. The sadest thing is that not only it ended in a loss, I got stopped out to almost the last pip before it bounced back up. The 1.24 area looks like a good support so there is a possibility to go higher. Who knows maybe next week.
Unfortunately charting with renko bars a 24 hour market while at the same time joggling between work, sleep, family and trading is a very difficult task. I either have to use huge block sizes or miss many reversals during the day. Reversals that may provide opportunities to increase my account.
I finally managed to get my EA work. Starting this Monday I will test on a demo three different setups in three different accounts.
Setup nr.1 5 blocks Donchian breakout with trailing stop 10 pips below the first reversal bar
Setup nr.2 entry 2 blocks after a opposite color block trailed 10 beyond the first reversal bar
Setup nr.3 Entry at the sight of the first bar of the opposite color, exit at the sight of the first opposite color. This is a stop and reverse strategy that keeps us always in.
GBCAD looks like it is bouncing from the 1.5650 level. That level has acted in the past as support and hopefully will support the price again. The moving averages are properly aligned so this is a pullback in uptrend.
tp 1.5800 where is the next resistance
Today I got on line my second EA. So far the results are disheartening.
The setup Nr 2 running at the same time on all the pairs had the account at some point today on +4%. And it's only the second day. Now that account is on -0.6%.
The setup Nr 3 is now on its first day on line. I expect to be always in on the whole 28 pairs with this. So far it hasn't open positions on all the pairs but the account is on -0.7% already.
The margin requirements on following all the pairs are somehow big so maybe I will have to find a way to reduce the number of tradable pairs on any given time. But how will I know what to include and what to leave alone?
Tomorrow I will try to implement the DC breakout EA and put that on line also.
I know that trend trading is scary and I will pass most of my time on draw down but how do I know that I am following the correct path?
The following user says Thank You to kmidas for this post:
In the spirit of our March Trading Journal contest, I am asking everyone to spend a few minutes and share their journaling experience.
A) What are the top five benefits you have seen as a result of regularly posting in this journal?
B) What are the top five problem areas you have identified as a result of regularly posting in this journal?
C) Were you initially reluctant to start this trading journal? If yes, why?
D) How do you feel, overall, about your journaling experience?
E) Would you recommend to others that they should also start a trading journal?
Thank you for taking the time to answer my questions. I appreciate your posts, and I hope you have benefited from your journal. I also know that others will benefit as well, just by reading about your own experiences.
Enjoy your weekend,
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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