Wednesday, December 10, 2014

10 Dec 2014: Daytrade #1

Only had time to enter one trade today because of work. Only got an hour left before I sleep so I may enter another trade. Will see what happens. 

This trade occurred on the USDJPY just before the London open. On the H1 and H4 charts, the USDJPY had turned bearish, and I noticed that the majority of retail traders had become long (57%). It's not a huge majority, but everything seemed to line up to go short this time. 

Price had been moving down steadily for the last few hours. When it retraced to 119.000 and formed a doji, I took notice and waited what the next candle would be. When the next candle closed bearish, I went short, and took profit at 1.25R. I could've grabbed more, but you can see that price stalled after my entry, forming another doji. I decided to get out here.

I also changed my chart's background to white so I could print them out for my own personal hard-copy trading journal. 

(click to enlarge)


  1. Nice trades you're posting Kevin. Do you mind me asking what spreads you're getting as I'm trading relatively similar to you on a M5 chart and getting absolutely screwed due to a 1.5 spread. ATB George

  2. Ouch! My spread on the USDJPY is about 0.4 pips.

    But I pay commission as well, which works out to around 0.55 pips (I signed up to my broker through an affiliate, which reduced my commission from 0.7 pips).

    Are you using a commission-based account, or non-commission?


Note: Only a member of this blog may post a comment.