Hello traders,
This seems like a correct place for me to start my trading journal.
I’ve been trading for 4 years and I think (hope) I finally found my edge. My method is using price action on a resistance and support level, now I know lots of people do this already, whats the different between mine and others? How I put my level is the big difference.
Basically these are what I put on my chart:
- SUP/RES based on price (swing high or low)
- Fibonacci retracement and extension
- Fibonacci expansion
- 50% retracement and extension
- Trend line
- 20, 50, and 200EMA
Put these level on daily and 4hr chart, whenever I see a confluence along those level I marked them on my chart as support and resistance area. I will look for any price action and how price behave on lower time frame when price reaches those area. Either looking for a break or a reversal. How ever if the confluence is strong enough I will trade it on the first touch of the level.
Here are today’s samples of what my chart look like
The red area is resistance, the darker red indicates a strong resistance. The green area is support, the grey area is an area where I would expect price to react but not strong enough to be support or resistance.
Best of Luck
naldtrader
13 March 2014
These are pairs that I’m currently watching
AUDJPY, After forming strong bullish candle and broke RES area, now that REs has become SUP, I’m looking for a long trade if I see good setup on lower time frame in on that support
GBPJPY, medium term trend is down, and price made a nice corrective move to RES area, would’ve enter short on first touch, but was touch before my trading time. Will still consider to go short if price action still confirm.
NZDUSD is now in strong RES area, will look for a short trade, however looking how strong price is when approaching the level, I need to be more cautious in going short on the first touch of the level. Need more confirmation that bull is weakening
USDJPY, price has bounced one time from the SUP area and not able to break through the grey area. Now price comes back to test the SUP level again. I will watch this one closesly for a possible break out from SUP.
English is not my main language, hope that make any sense
best of luck
naldtrader
shorted NZDUSD
at 0.85637, target SUP below
stopped out on NZDUSD for -20 pips, bull too strong should’ve waited for a clearer signal.
Shorted USDJPY at 102.76 based on 15 min pinbar off the grey area (minor RES), 6 pip stoploss and target hit for 20 pip, 1:3.33 RR. I was expecting price to break SUP
GBPJPY,
RES still holding price down, not easy to short tho, after that strong bullish candle.
NZDUSD, respected the level very nicely. Bad execution on my part, need to work more on that.
March 14, 2014
Chart I’m watching today:
USDCAD, after bouncing from SUP zone price is now at minor RES (grey area). IF price fall from here, it might test SUP below
AUDUSD, bounce off SUP, I will look for a long trade
USDJPY, EURJPY, GBPJPY are now sitting on SUP, and have formed pin bars. Will look for a long trade here
March 17
Really late start today, as I’m feeling a little unwell. Today is all about Yen pairs, here are charts I’m watching
GBPJPY, is now at RES, will look for a sign of weakness to go short
EURJPY, same case with GBPJPY
AUDJPY, this pair going up in an impulsive move and broke RES which now had turned to SUP, IF the 4hr candle closes above SUP and the grey area holds the price up, I will go long on the retest at SUP
USDJPY, is approaching RES, I will go short on any sign of weakness
AUDJPY is going to the SUP, good price to enter long is 92.15
March 18
GOLD, At strong SUP, will look for a sign of strength for a long trade
AUDUSD and NZDUSD are at RES, but both pairs is in a strong bull move, need more caution
US500, is now at RES, might be good for a quick short trade
GBPAUD, is at strong SUP, but AUD is in a bull run while GBP is the very weak at the moment, so need to have more confirmation
Done with GBPJPY, EURJPY, and AUDJPY trades
Trying AUDUSD short here at 0.9113, with a tight STOP just above HOD
AUDUSD, stopped for 10pips
GOLD, Out 8pts, 2:1 RR
