Let us look at biggest mistake first EUR/USD 25 pips loss. At the 4hr chart the red circle shows a classic uptrend that went out of steam. I coloured the red box because it is there initially. Confirmed downtrend.
EUR/USD 30min chart also confirms downtrend.
Once we confirm that the 4hr and 30min chart is in downtrend, we enter using the 5min chart at the red arrow where it breaks and forms a LL. Stop loss is at the green line where the wave pivots. So when it forms another HL and LL(downtrend), I shifted my stop loss to the blue line which I should not because it is too narrow. The end result is obvious and I missed the wave downwards, it pays to be patient. I committed the same mistakes for the other losses too with a too narrow stop loss for HL to form in downtrend and LH to form in an uptrend. Only 1 or 2 trades were stopped out which shows that my opinon at that time is wrong.
Now let us look at the biggest gain, GBP/JPY 145pips win. After 4hr and 30min uptrend is confirmed, I look at the 5min chart for entry. The green line B indicates a buy signal when it breaks the HH. The wave at the HL(red line 1) is the stop limit. As it forms a HL and breaks another HH, I shift my stop loss to red line 2. At the price reverse between red line 3 &4, I noticed that the JPY pairs are reversing at the same time, that is when I took the profits. When the candle hits another HH again, I entered at higher B(green line). Placing stop limits at each HL and HH formed as shown in red line 4,5,6. Sold off at the top when I felt that the price action is not right and is toppish again.
Total No. of Trades = 25Accuracy = 60%
Win/Loss ($)= 72.79/15.23=4.78
Average Win ($)= 4.85
Average Loss ($) = 1.52
Max Win($)= 15.27
Max Loss($)= 2.50
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Track these parameters:
Total No of Trades =
Accuracy =
Win/Loss ($)=
Average Win ($)=
Average Loss ($) =
Max Win($)=
Max Loss($)=
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