Erichempler's trade journal

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Trade Sunday thru Thursday after work and/or supper.
Trade the 18 Common Currency Pairs – USD/CAD, EUR/USD, USD/CHF, GBP/USD, NZD/USD, AUD/USD, USD/JPY, EUR/CAD, EUR/AUD, EUR/JPY, EUR/CHF, EUR/GBP, AUD/CAD, GBP/CHF, GBP/JPY, CHF/JPY, AUD/JPY, AUD/NZD
Daily Charts
Price Action Trading
Supply Demand Trading
Each trade will risk 2% of Capital at a 2:1 Risk/Reward Ratio

• Position Size Calculator to assist in proper risk management
  Correlation Trading
• Check the Correlation Chart as a checklist item for entering into a trade. All correlated and opposing correlated pairs should also be at key support/resistance lines

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Today’s trade was a rectangle formation on the daily chart for GBP/JPY. I entered to Entry points. One for buying above the rectangle and one selling below the rectangle.

The Short Entry was triggered at 191.079 with a 42.8 Pip Gain

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I’m a little behind in my entries…

With this one I was looking for a break on the downward trend.

I used a Fixed Trailing Stop set to move 10 Pips at a time as profit increased. I place my stop below the breakout candle.

Currently I have a 120 Pip Gain.

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I recently opened this trade on EURAUD with a break through support.

Again I’m using a Fixed Trailing Stop of 10 Pips. I’m finding I prefer to use a trailing stop with breakthroughs.

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On this trade, again a Fixed Trailing Stop of 10 pips, I was looking for a breakthrough out of a rectangle.

Currently I have a 226 Pip Gain

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On the AUDJPY I have a decisive breakthrough on resistance and entered this trade with a Fixed Trailing Stop of 10 Pips below the breakthrough candle.

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EURUSD
EURUSD broke thru support, but I’m waiting for a pullback to see if there will be opportunity to short. Otherwise, I will look for a key candlestick for a buy opportunity.

USDJPY
USDJPY broke thru resistance, but I’m waiting for a pullback to see if there will be opportunity to go long. Otherwise, I will look for a key candlestick for a sell opportunity.

EURUSD and USDJPY are currently correlated in opposite directions. I plan to enter a trade for both pairs on the nest opportunity.

GBPUSD
It may be a stretch, but there may be a possibly symetrical triangle building for GBPUSD

EURCHF
EURCHF broke thru support, but I’m waiting for a pullback to see if there will be an opportunity to go short. Otherwise, I will look for a key candlestick for a buy opportunity.

EURCHF is currently correlated with EURUSD, so this may be a trade I also enter with EURUSD and USD JPY

AUDUSD
AUDUSD has an inverted hammer off a support line, which might also be a trend line. This may be a good opportunity to go long. I’m going to make a Market Order for this trade with a stop just below the trend line and look for a 2:1 Risk/Reward

Since AUDUSD currently correlates with EURUSD this may be a good opportunity to trade this bounce to see if EURUSD will make a pullback.

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EURGBP
EURGBP appears to be testing a Support Line. I’ll wait to see if there is a break thru or bounce.

EURJPY
EURJPY appears to be bouncing off a Support Line. I’ll watch for a key candle stick for a buy opportunity.

GBPCHF
A wedge may be forming for GBPCHF. I’m undecided if I should trade a bounce off the top line, but it may be better to see if this is a wedge that will consolidate further. Any thoughts on this chart?

EURAUD
Like the correlated pair of EURUSD I’m waiting for a pullback on EURAUD, which I’ll also trade along side EURUSD and USDJPY.

EURCAD
EURCAD is another correlated pair with EURUSD where I’m waiting for a pullback and will be traded along side EURAUD, EURUSD and USDJPY.

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AUDJPY
Here’s another break out where I’m waiting for a pullback for a buy. Otherwise, I’m looking for a key candlestick for a sell.

NZDJPY
NZDJPY is the other trade I’ll be making today from a bounce off a breakthru and Doji. I think this may continue up since the Doji bounced off what is now support. I will have a stop loss just before support and look for a 2:1 Risk/Reward

AUDNZD
I’m watching AUDNZD for either a bounce with a key candlestick or a break thru on the current support line.

EURNZD
I think EURNZD may be testing a support line and will watch for a key candle for a bounce or break thru.

In all I have three parts to my analysis this week.

• Part 1
• Part 2
• Part 3

I would feedback on any of these charts. I’m still learning myself and I’m at the stage now where assistance to help put it all together would be great.

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The other day I was looking to, and I may have done this backwards, trade the AUDNZD off a bounce from support.

I entered the trade speculating the shooting star was an indication the chart pattern would rise since the previous candle bounced off a prior support. My entry, which I drew on here was at 1.06619. Unfortunately this trade ended up losing 34 pips.

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On my AUDNZD trade I really should have paid closer attention to the type of candle involved.

It was a Shooting Star, which is Bearish Reversal Candle. I think what slipped me up was the the word reversal. Yes the candle is a bear, but reading reversal I’m thinking moving in the opposite direction of the candle…reversing from bear to bull.

That’s just something I’ll have to look at more closely on BabyPips Candlestick Course

I shouldn’t have taken this trade because the candle is saying that the pair will continue to move down even though the there is a bounce on support. The candle voids the possible buy opportunity.