Week 2 - Paper Trades - Monday 7th June

by KT 11:29 0 comments

As mentioned previously the month of June is about honing a strategy, this week i'm going to look at profit targets and build on last week.

I've decided for this week to place my stop loss as recommended by the Tradeguider CEO, a few pips lower/higher than the previous bar. Looking over last weeks trades that weren't successful, this would've been practice and produced profits for those trades. The profit target is then determined by the stop loss amount.

Also, each trade is valid until one of the following is filled;

• It stops out.
• It hit's the profit target.
• The 4 hour bar ends.

The three trades for the day are outlined below.

Trade 1 - EUR/USD - Bought @ 1.1920 - 7am Bar - Closed @ 1.1970 = +50 pips

Pretty happy with this trade, as outlined above, set the profit target in correlation with the stop loss and it hit it within the 4 hour period. Whilst the bar continued to rise i was happy to take +50!


Trade 2 - EUR/JPY - Bought @ 108.77 - 7am Bar - Closed @ 109.27 = +80 pips

Much the same as the previous trade, bottom reversal with a slightly higher profit target. Also hit within the 4 hour period and continued to rise. +80 pips was welcomed!

Trade 3 - EUR/GBP- Bought @ 0.8249 - 7pm Bar - Closed @ 0.8234= -15 pips

The final bar illustrates the loss, in retrospect it probably wasn't the best time of day to be trading, but it's only a few pips, this closed out at the end of the 4 hour bar. It rose a bit over night and would be about +15 currently. But in keeping with the strategy i got out.

• Day = +115 pips
• Week = +115 pips
• Month = +382 pips