Hey guys,
I’ve read in the school that its a good idea to keep a trading journal.
Below i have a sample of a trade on eurusd i was in today. The correctitude of the trade is irrelevant (but feel free to chime in).
Tell me what should i add in this.
Thanks!
M15
H1
And the text:
Trade Idea:
- Past days were bullish
- H1 also shows an uptrend
- Look for buy signals ?
- H1 shows a current retracement to the trendline
- M15 breaks R1 and 1.2900
- Price falls below R1
- Swing low at Asia_low + swing high at 1.2926 => Fibonacci retracement where 50% seems to hold
Trade Management:
- Entry on the 50% in the screenshot
- Buy at 1.2890
- SL just below 62% fibo
- TP on R2 (1.2950)
- Risk 4%.
Trade Results:
- Once in profit i moved my SL to BE (+1 pip)
- Closed on 1.2920 (+30 pips or 6% ROI)
- On NYO it started going down.
- After research, i learned how to use the Fibo Extension levels and 61.8% was the reason. Closed the trade.
Problems :
- Rushed the entry point. should have waited for more confirmation on the 50% Fibo level
- TP too high? (Should have known how to use Fibo extension to take the profit).
- Uncertainty regarding the reaction on 1.2900 level.
RESULT
sorry for the crappy quality. dont know why it lowered the quality so much upon uploading?