Hello everyone,
I am attempting to improve my trading by recording everything in this journal and make it open to the criticism of anyone. I have been trading for around 6 months now and started off using every indicator I could to find an entry, tp, sl, etc. Until I came across pure price action and naked charting and now my trading has improved dramatically, but still sustain a good amount of losses. I still experience the rookie mistakes of chasing trades and jumping the gun way too early before confirmation. Hopefully this journal will keep me in check and force me to really evaluate my trades before and after I get into them. I welcome any comments as well as ideas!
I have a very basic system that I have adopted from another bp user Nikitafx, and her methods of price action. I will be looking at the monthly, weekly and daily time frames to get a bigger picture view of where price might be going, as well as the bias for the trade day (if the few following days were sells, then I will be looking for sells, vice versa) I will put my entries in based on the h4 and h1 time frames and rarely go lower than that, due to a lot of useless noise. I am looking at around a max of 1 entry per day and if I am not completely sure about an entry, I don’t take the trade. For entries I look for BPC patterns towards the direction that I base my bias on. Most likely staying out of the markets on Monday and Friday. Maybe I’ll throw in some fibs here and there, but nothing more. I see a lot of these journals die after a few posts, but hopefully I won’t get lazy and continue to post here!
Happy pipping!
I want to show my trade set-ups, even if I don’t take the trade, to reinforce patience and wait for confirmation. I have been burned way too many times on fake-outs. It’s better to wait, confirm and get less pips, then lose a lot more pips on a hasty trade.
Today was a good day in terms of patience for me, even with the GDP report, as I wanted to jump in and start collecting pips so bad, I decided to wait for a play. I found 2 set ups, one for a NU short as the pair has been on a downward path over the past several months, but on the weekly and daily, it seems that there is a bit of slowing down of momentum in the pair. I assumed it would pick back up and continue further south.
nu h1
nuh1 - fail
2nd play of the day comes in the form of a EA long. I think this is going to be a great play since the monthly, weekly and daily have been on a constant warpath up. I am patiently waiting for a pullback to the level I think was previous resistance. This could potentially be a longer term play, but will play it safe and shoot for something low, as these markets have been really choppy and very prone to not following the technicals, but whipsawing around.
ea h1
I had a very exhausting weekend, but glad to be back on the charts. Since last Friday fell at the end of the Month, I was very cautious and didn’t enter in a trade and I am glad I didn’t, as any position I would have put on would have ended up losers. I have the same feeling today, as you can’t really trust the beginning of the month really and especially if it’s Monday as well. As much as I want to pull on the triggers, I need to sit on my hands, or make one really tiny play just to satisfy that urge. I have been looking at the usdjpy today as it has been a raging bull over the past couple months due to their crazy intervention. It seems have to have been taking a breather for the past few weeks, to possibly test its previous resistance point in order to continue push further up.
UJ Daily
UJ H4
Let’s see how this plays out, but I most likely will sit on my hands as its Monday at the beginning of the month… hopefully…
Happy pipping!
Broke a rule in the book and jumped in on a trade going long on the EU. I noticed that price had bounced off a significant level and was most likely due for a reverse and with ISM numbers coming out as contractional, I decided to jump on the long trade to ride out the news for an easy 30 pips. Risk was low, so didn’t see why not, however shouldn’t get used to doing that, could have gone against me really quickly.
EU H1
I got a case of itchy fingers and saw the EU at a level where it could potentially reverse, as I saw ISM numbers coming out in a few minutes I decided to go long the eu, which could have potentially gone really bad, really quickly, but I luckily walked off with 30 pips and decided to book it. However watching the price action now, I could have let it go to 50 pips, but its Monday and the beginning of the month, so I am happy either way with a few pips. Broke my rules, but had my risk set really low so even if it moved against me, I wouldn’t have been too hurt about it.
EU H1
Update* Since the ISM numbers were below 50, which equates to contraction in manufacturing, which can’t bode well for the dollar. There might be a slight fundamental shift in the dollar? Not being a fundamental trader and purely a technical one, I have to watch how this pans out the rest of the day. Still waiting for the UJ for signs of a bounce at that price level stated earlier, but it broke through it a bit, so waiting to see what it does, it potentially could be a bigger correction than originally thought. This is proof that you absolutely need to wait for a confirmation. wait wait wait wait
Came home, looked at the charts and I behold a beautiful looking short on UC. As today was a huge bear day, I’m going to assume its going to continue on it’s quest downwards. Looking at the daily, there is a huge bearish engulfing pattern. Saw it knocked down below a previous resistance point. I might have jumped the gun too early when I put the short on, but the hourly showed a tweezer top, so I got ancy and went for it. RR 1:3
Uc D
UC H1
