Forex Trading Journal, May 31st 2017

Closed Trades

USD/JPY

USD/JPY captured at 1420 UTC+8 Wednesday.

Price moved very close to my profit target but never touch it. From lower timeframe chart, I saw that the price movement was unlikely to touch my target. So I closed this position this morning, with a profit equivalent to 1.79R. (My target was 2R.)

AUD/USD

AUD/USD captured at 1420 UTC+8 Wednesday.

A break out from inside bar happened but to the bullish direction. I closed it this morning with a profit equals to 0.29R. Now I think that instead of closing the trade, I should move the stop loss to entry level, and let the position plays out, as the market is bearish biased and the chance to have the profit target hit still present.

New Trades

EUR/JPY

EUR/JPY captured at 1420 UTC+8 Wednesday.

A long tail pinbar formed yesterday touching a support level. I take it as an entry signal. Long position with a stop loss at 123.120 and a profit target at 125.772.

EUR/USD

EUR/USD captured at 1420 UTC+8 Wednesday.

Another entry signal for EUR/USD. According to my chart analysis, I should put a stop loss at the low of yesterday's pinbar and a profit target at the previous swing high. But the tail is so long while the swing high is not high enough, so the risk and reward ratio will be less than two times. I put a limit buy order at the level of yesterday's open, hoping to have a better RR ratio.

Open Trades

My holding positions at this moment:

pairs	positon	entry price	stop loss	take profit	risk reward ratio
EUR/JPY	long	124.002	123.120	125.772	1:2

P/L since May 24th: 0.08R

I make all my trading decision based on the daily chart. Most of the positions were entered at the beginning of a new trading day. I am at the UTC+8 timezone.

I will continue posting and will assign the #ygernforex tag to every trading journals I write in the future. So you may click on this tag to have all my journals. Thank you for reading.