Joffie's trading journal

[joffie]

I thought I would start to share some of my trades here, so newbies can hopefully learn with me and pro traders help me with any mistakes!

First trade I wanted to show today is the AUDUSD sell on a breakout trap I took this week, before taking the trade I considered these critical things-

Was price below the mean and respecting it as dyamic resistance ( Yes )

Was the mean angled down in a nice down trending situation ( Yes )

Was there a logical area of broken support to act as resistance ( Yes )

Did we have a price action signal to sell ( Yes )

Below are charts of my entry to tp levels and break even due to a large bullish reversal to protect my profits already made from using split money managment.



So once I had made my check list and saw price starting to stall at the Hot Spot on the chart, first with a indecision candle then a inside day all below the resistance and at the mean. I looked to sell the inside day but when I saw price during the asian session had spiked above the inside day I then looked to place a breakout trap entry instead.

 

[joffie]

Here is the moved to break even chart..

 

[trodat]

Hi Joffie,

I really appreciate your trading examples. I will follow with huge interest and will learn a lot for sure. Many thanks!

Cheers

 

[payick]

Well done Joffie; I took the same trade.

The bounce back up on 21 August a bit frustrating but, as you say, we were/are risk free having used the split money management method.

 

[joffie]

Well done Joffie; I took the same trade.

The bounce back up on 21 August a bit frustrating but, as you say, we were/are risk free having used the split money management method.

Yes and it was one of those times reading price there was no point losing the 1-1 profits already made hence reason to move stop to break even

 

[exterior]

One drawback of the split-money-management is the fact, that the price has to go much more in your direction for the same results :|

 

[joffie]

That is true, but I would say you benefit more using the split money management, first it protects your account, and rather than moving to break even at the same point you can give the trade room to spike up as they often do, then being taken out at break even you can let the trade run into further profits. Second it takes away the worry of your trade becoming a loss after its moved into profit and allows you to open up new trades.