JustCoinMe Trading Diary

Trading Discussion Trade Journals
1

My dear Trading Diary,

I start writing my entire process of analyzing the positions of certain pairs that caught my :face_with_peeking_eye:.

Since this process is very messed up, a lot of emotions play a role and there will be swearing at times. But I will replace it with emoticons of course.
I know, you’re probably thinking - man, you’re a professional, so haven’t you learned a damn thing all these years? And you think well, but we are all flesh and blood.

The technique I use is very simple, and it’s the first one I’ve come across. In fact, it is the first one that instinctively appeared before my eyes when I attended the first conference for CFD brokers, back in 2007. It wasn’t until later that I found out it was called “Price action”. Of course, it is my mix, which suits me and shows results, but it can mostly be reduced to price action.

Are you asking me about macroeconomic fundamentals? Of course I follow the main announcements of the central banks! What kind of question is that?!? But since Trump is back in Washington, I don’t know who influences the market anymore :rofl:

I took advantage of the return of the Redskin (I’m not mocking, I’m just stating the obvious, and using Native American terminology) to start writing things down.

A state of chaos shows the most opportunities, because in chaos there are much more fractal movements than in a peaceful environment!

Wish me luck!

2

My dear Diary,

here we go.

It’s Friday afternoon. I had 1h lunch break, and decided to check the markets.

Two days ago, there was a FED meeting, where it was stated that the benchmark interest rate will be kept at 4.25-4.50% level.
What is important is what they told - the expectations - economicp rojections are lower, and inflation is higher.

Maybe they’ll decrease rates in future?
Right now, it’s not so important. It’s summer already, and by the old “Sell in May, and go aways” mentality, I don’t expect some huge impact on the market.

I know… Iran, Israel, Trump, maybe even Putin? Anybody can do some stupit stuff and everything can go to Hell.
And it’s Friday, not very smart time to open trades, so I’m putting pending order.

I decided for EUR/USD.
Timeframe is 4h.
On my chart I can see clear uptrend in the last couple of weeks, especially in the last 3 months.
Also, I see lower highs.
Upward trend is breached… Where it could stop?

Overall, I don’t expect the pair will come near parity, even though ECB lowered rates before FED did.
But some “selloff”, probably.

I used good old Fibonacci, draw it, and the price could potentialy drop to 50% level or even ideal 61…8%-78.6% zone.

Pending entry: 1.15577
TP: 1.12645
SL: 1.1671

If it activates today, I’ll leave it over the weekend.

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3

Pending order canceled.
US launched a strike on Iran bases, and now everthing is messed up.
Over all direction is good, looking for other entry.

4

I modified a bit previous chart, put another pending order with the details:
SL: 1.1582
Entry: 1.1550
TP: 1.1357

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5

Position activated!

6

My dear Diary,

Looks like my first activated position was closed due to stop loss activation.
What can I say, :face_with_symbols_over_mouth: happens!

But I still tking this is the best possible option right now as a pair to trade with.
I’ll check it a bit later again to see what can I do. :confused:

If you have any suggestions, don’t tell me :smiley: This has to be my call :100:

7

So… It begins again :smiley:
Just need to update what I did today, so I’ll C/P my today’s quick observation for price of gold, and what did I enter:

Market price: 3320
SL: 3280
TP1: 3360
TP2: 3400
Tp3: 3440

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