My Trade Joural For 2017

Trading Discussion Trade Journals
1

Hi all I am about to start a trade journal where I will place all my swing trades for 2017 here and also seek advice and expertise from fellow traders . I will also be pushing myself to learn and improve my strategy for future development of myself and traders that participate on this forum.

Please feel free to participate but please beware that on this thread we will be focusing mostly on price action trading and will encourage and appreciate the minimal use of indicatiors

Yours Truely

FXMK

2

AUDNZD TRADE

AUDNZDWeekly.jpg700×345 24.6 KB

AUDNZDWeekly2.jpg700×345 22.6 KB

AUDNZDDaily3.jpg700×345 26.8 KB

AUDNZDDaily4.jpg700×345 26 KB

Okay this is how the COT report by the major players are positioning themselves as per the report straight from babypips on 3 January 2017


AUD
Large speculators have been net bullish on the Aussie since the week ending on July 5, 2016. That finally came to an end during the week ending on Dec. 27, 2016, thanks to short bets on the Aussie getting ramped up by 11,2016 contracts, which was partially offset by the 5,755 fresh Aussie longs.

The relatively large increase in Aussie shorts was likely due to the slide in iron ore price at the time. Although longer-term fundamentals, namely the narrower interest rate differentials after the U.S. Fed hiked rates, were likely a factor as well. The increase in Aussie longs, meanwhile, was probably because of the risk-on vibes that I mentioned earlier, which stoked demand for the higher-yielding Aussie.

NZD
Non-commercial forex traders became even more bearish on the Kiwi. Long bets on the Kiwi got trimmed by 2,865 contracts while short bets increased by 1,183 contracts.

The increasing bearish bias on the Kiwi was likely due to expectations that narrower interest rate differentials between the U.S. and New Zealand would continue to pull away investors from New Zealand. Well, that’s what the RBNZ expects anyway, when RBNZ’s Wheeler said during the November RBNZ Statement that the Kiwi will fall, “reflecting an improvement in global economic conditions and a narrowing of interest rate differentials between New Zealand and other advanced economies.”

My Analysis

a) Its a position/swing trade based on the fact that I analysed the weekly so for the next couple of months I am looking for this pair to be bullish overall so I will be looking for a good entry so I can ride this one right here for a while

  1. In the first image the chart clearly posts a impulse for a couple of weeks then the the market goes into consolidation and forms what seems like a bullish pennant
  2. In the second image the market is printing a potential inverse head and shoulders pattern but it needs to actually form for me to trade it
  3. The third image is the potential direction that the the market could take as it moves in a bullish direction it could either come down and retest the previous support level or it could go straight up and break the the resistance
  4. Is an image of the elliot wave principal which indicates that the pair is in a ABC correction and it nees to form WAVE C

Trade Plan:
Look for a bullish candle formation to take the trade and place the stop loss depending on what type of candle formation has been formed

Exit Strategy:
Place TPs at each of the supply/demand zones identified to exit and re-enter the trade

Yours Truely

FXMK

**This is my own trade idea but any feedback additional information welcome

3

Do you use MACD and candle formation to analyze the chart (price)? Or You use another indicators or EA to help you?

4

MACD for Convergence/Divergence and candle formations (Price) I do not use any other indicators or EA

Yours Truely
FXMK