Currently I'm continuing my journal at www.forexfornoobs.com

Currently I'm continuing my journal at www.forexfornoobs.com

This is subject to change in far future. Until then, I'll keep it there.

Friday, January 4, 2008

GBPJPY
direction ------ short
time frame ----- 4h
account after -- 1413,11
entry ---------- 215.36
SL ------------- 216.07
TP ------------- 214.70
profit --------- -6,48
date ----------- 3. Jan
risk level ----- 0,46%
risk to reward - 0,93


Reason for:
entry - The price had been in a strong general downtrend. After 1 positive candle, a hammer had formed quite near resistance.

The stop loss was taken out. The price had reached my goal afterwards and gone 2 pips further. However this trade risk/reward was not good.

MISTAKES TO AVOID IN THE FUTURE:
1) SL should be above the resistance.
2) follow ONLY the strategy and not do experiments with real money

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Elton
Hi, my name is Elton. Please check my other blogs as well. I'm also a Forex trader (not full time yet). You can see my story at www.eltonforex.blogspot.com
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