M's Demo Trade Journal

I have decided to keep a trade journal to see how much impact it’ll create on my trading.

Wednesday June 25th 2020

These first two trades were inspired by a mentor at my trading school. He made me use S&R and channel trendline to enter the trades on H4 chart. He added two MAs (period 5 and 13, close) and said if the candle after my first order closes below the two MAs I could enter more orders (well I didn’t because the 5 trades were enough). He also said we should keep the trades open till Friday. The last trade I looked into myself.

I estimated a profit total of $100 when the trades all close.

  1. GBPUSD
    Why I took the trade?
    Price didn’t break the Channel Trendline, it didn’t break resistance.

SL - 1.26052 (116-117 pips)

All orders were instant orders

A. 1.24898 to 1.24038 (86 pips)
Why TP1?
It was an S&R area

B. 1.24890 to 1.23400 (149 pips)
Why TP2?
Price was below TP1’s S&R area but price touched the Channel Trendline and reversed trend direction

C. 1.24889 to 1.22785 (210 pips)
Why TP3 ?
Another S&R area that the trend may reach within the equidistant channel

Manual Close Orders
a. 0.01 (-$0.15 commission) _ 1.24890 to 1.24833 _ +$0.63 (6 pips)
Why MC _ because lot size wasn’t what I decided to use

b. 0.05 (-$0.75 commission) _ 1.24890 to 1.24833 _ +$2.85 (6 pips)
Why MC _ I partial closed because lot size was higher than my choice lot size of 0.02

c. 0.05 (-$0.75 commission) _ 1.24889 to 1.24825_ +$3.20 (6 pips)
Why MC _ I partial closed because lot size was higher than my choice lot size of 0.02

d. 0.05 (-$0.75 commission) _ 1.24898 to 1.24825 _ +$3.65 (7 pips)
Why MC _ I partial closed because lot size was higher than my choice lot size of 0.02

e. 0.03 (-$0.45 commission) _ 1.24898 to 1.24762 _ +$4.08 (13 pips)
Why MC _ I partial closed because lot size was still higher than my choice lot size of 0.02.

f. 0.03 ($0.45 commission) _ 1.24889 to 1.24760 _ +$3.81 (12 pips)
Why MC _ I partial closed because lot size was still higher than my choice lot size of 0.02

g. 0.03 (-$0.45 commission) _ 1.24890 to 1.24779 _ +$3.33 (12 pips)
Why MC _ I partial closed because lot size was still higher than my choice lot size of 0.02

  1. EURUSD
    Why I took the trade?: Price didn’t break the Channel Trendline, it didn’t break resistance.

All orders were instant orders

SL _ 1.13629 ( -90 pips)

A. 1.12724 to TP 1.122321(+49 pips)

Why the TP?
It was an S&R that had touched the channel Trendline

B. 1.12721 to TP 1.11742 (+98 pips)

Why the TP?
It was another S&R area that changed direction when it was reached.

Manual Closed Orders
a. 0.03 (-$0.45 commission) _ 1.12724 to 1.12640 _ +$2.52 (8 pips)
Why _ I partial closed because lot size wasn’t what I decided to use

b. 0.03 (-$0.45 commission) _ 1.12721 to 1.12636 _ +$2.55 (9 pips)
Why _ I partial closed because lot size wasn’t what I decided to use

  1. USDCAD - cancelled

I opened the trade because it was consolidating.
I was skeptical. I mean I opened one sell stop and one buy stop to prove it and I closed it later on because they never reached either point.

Buy Stop order at 1.37545
SL _ 1.36282 (126 pips)
TP _ 1.38780 (124 pips)
0.02 ($0.30 commission)

Sell Stop Order at 1.34606
0.02 ($0.30 commission)
SL _ 1.35154 (55 pips)
TP _ 1.33182 (142 pips)

Observations
I need to look closely into my R:R :see_no_evil:

Dear Journal,

I released journal entering isn’t really much about all I wrote in my last post it’s the psychology aspect and more of what I wrote last.

Attending a forex school is the best privilege I’ve had this year, they seem to have sped things up a bit in my forex education.

I’ve come to understand a tiny bit of how to trade news (fundamental analysis: it was proving tough to get in), what currencies to trade and when and how to enter and exit trades (precisely take profit and stop loss) using candlestick patterns, support and resistance lines, demand and supply zones; and I’m holding on to it like I just struck gold because I saw the charts differently.

I’m going to test what I learnt on tomorrow’s medium and high impact news events. I’ve also chosen ‘several’ pairs I’d concentrate on based on this new finding. They are 11 in number and all major and minor pairs excluding the NZD and CHF. I really want to get the hang of using news to trade and entering right and exiting right.

And yeah, I did hit $100 on the last trade but I also felt like I was gambling. I also closed some of them because I was thought the news would affect it and I was right - but they still hit my TP points later on.