For some odd reason, I did some hectic overtrading last night, hence why I changed my position size to 500 today. I should forbid myself from journalising and trading at the same time, it affects my trading decision and makes me do spasm trading. I will display my trade plan rather than trade and journalise at the same time lol.
Current capital - (don’t deviate from the trade plan)
I have a position open for the AUDUSD showing signs that the USD is strengthening temporary and is correcting itself from the previous bullish run from all major economies.
AUD/USD day chart - position size 500 - T/P 60 S/L 30
AUD/USD 1hour chart - position size 500 - T/P 60 S/L 30
the upcoming news is from JPY at 3:30 pm SYD AUS time, hence why I have no position open for the YEN, I plan on closing my trade before the 7 pm SYD AUS time because news of EURO is coming out and will affect my trades.
As you can see, I do not use technical indicators but economic events and market trend to base my decisions. If I do poorly, I adjust my risk management according to my capital.
My trade idea at 7 pm is to close my AUDUSD trade.
Also, see whether the economic event is positive or negative and if it goes against the trend use it as a news retracement to continue the USD retracement, vice versa. Consider whether GBP - Average Earnings Index 3m/y is going to change support and resistance levels on the higher timeframe.
I might disregard trading the EURO news because GBP news has a very likely chance of changing support and resistance levels on the higher timeframe and focus on my GBP trade at 8:30 pm to see the new direction for my future trades.
This is my trade plan for the day.