Hello, My name is Mike and I have been a long time lurker on this thread. This journal is an attempt for me to show my methodology to trading and hopefully help someone else improve their trading results, and gain some insight from more experienced traders!
Trading Method:
When I first started out trading I tried to find the best combination of indicators, which cost me a lot of money. But throughout that whole process I realized all I need to trade is the horizontal line on MT4. I trade using support and resistance. I get my levels off of Daily,4hr, and 1hr time-frames and use 15m/5m for entry.
Occasionally I will scalp off of 5m/15m timeframes with reduced risk exposure.
For levels played off of 1hr+ timeframes I risk 3% per trade, and 5m/15m timeframes I risk 2%.
I will try and keep up with this journal posting my trades daily. I work part-time and attend university so I will try my hardest.
Current trade I am in as of this writing is short E/J
Nice! If you don’t mind me asking, do you practice intraday trading or it depends? And do you also rely on Stop Loss/Take Profit? I’ve stopped trading for a year and I think I forgot the BASICS.
Thanks for stopping by Mischa. Since I am in classes during the NY session I usually only scalp if I have time between classes. Otherwise I am monitoring longer term positions on my Iphone. and YES always use a SL. I do set Take Profits around S/R, and I will sometimes exit earlier If I don’t like the price action.
Gah, shoulda stay with my short, I woulda had a better entry. Very seldom do I keep trades through Frankie Open though. I don’t like being hit with a sorry I can’t post a chart, on my mobile. I’m in at 1.2715 though
Done trading until Mid NY session. I have entered too many trades within the last 2 hours and do not want my emotions to get the best of me right now. Hopefully some sleep will clear my mind and can come back in a better mental state.
Really interested to follow your trading evolution. I am new to the game and am anxious to hear from a more experienced
trader. You cannot believe how thankful I am that you take the time to educate us
Thanks for stopping by. And by no means will I say I am a “great trader” I just have become profitable within the last couple months. I still have a lot to learn about this market. A really good thread about S/R you should check out is Nikitafx’s “Price Action for Dummies” thread. ALOT of good information in that thread
Currently short E/U at 1.2743. If this Hour candle closes bearish I will feel more comfortable about the H/S pattern. Notice it broke a Bearish flag formation. Being it is not London session yet I am cautious on how far this trade may go.
I couldn’t resist this one. Got a little late entry but some good strong 5 min bear bars. This thing shot up hundreds of pips in two days so hopefully a correction is coming today. I’m targeting 103.20, then hopefully the 102.95ish area
