After an abysmal Q3 and Q4 in 2012, I have managed to finally post a respectable winning quarter. Below are all the trades that I came up with and their respective results:
|1/3/2013||Kicking Off 2013 With A USD/JPY Long||Did not trigger|
|1/3/2013||Jumping In On the USD/JPY Rally… Again!||Did not trigger|
|1/18/2013||USD/JPY: Trading the Bullish Flag||Did not trigger|
|1/25/2013||EUR/USD: Trading the Range||Did not trigger|
|1/31/2013||GBP/USD: Resistance At the 100-SMA?||-62 pips (-1.00%)|
|2/10/2013||USD/JPY: Is The Trend My Friend?||-34 pips (-0.50%)|
|2/13/2013||EUR/USD: A New Downtrend Forming?||+305 pips (+2.54%)|
|2/22/2013||EUR/USD: Pulling Back to a Major Resistance Level?||Did not trigger|
|2/28/2013||EUR/USD: Major Confluence at 1.3200||Did not trigger|
|3/06/2013||Last Chance: EUR/USD’s Downtrend||Did not trigger|
|3/15/2013||USD/CHF: Support at the 200 SMA?||Did not trigger|
|3/22/2013||USD/CHF: Resistance at the 200SMA Holding?||+47 pips (+0.96%)|
|Total Gain/Loss||+256 pips (+2.00%)|
A 2.00% gain might not be much but remember that I was very conservative with my trades. I could’ve risked 2%, 3%, or even 5% per trade to increase my gain to as much as 15%. Also note that my performance during the last few months of last year wasn’t that good, so my performance in Q1 was a very welcome improvement.
I must say that I really like this new discretionary system that I am using. During my early years here in BabyPips.com, I only relied on basic support and resistance levels. They were effective, but I was always worried that I had the wrong directional bias. This made it difficult for me to truly commit to a trade.
Now, with the addition of both the 200 and 100 SMAs, I feel more comfortable taking trend plays. Since SMAs give me an idea of where the market is generally headed, all that I need to worry about is finding the optimal entry point. This is a great thing, as I think I’m pretty decent when it comes to jumping in the market.
For this quarter, I’m going to focus on trade management. Even though my average reward-to-risk ratio is over 1:1, I believe I could do better. I am doing trend plays, which means I should consider adding to my position when the trade continues to move in my favor.
I sort of have an idea how to do this, but I don’t plan on disclosing it yet! For now, know that it involves using the Fibonacci tool and the Stochastic! I promise that you’ll see it in one of my trades in the future though! Stay tuned for this!
That wraps up my Q1 2013 trading review. Hopefully, the upcoming quarter will also be kind to me and let me end with a bigger win!