I wanted to start to journal my trading online.Little Bit about myself, I started back in August in 2013 reading baby pips until I got a strategy. I went thru the emotions as wanting to get in every trade, not being patience, greed, no trading plan and much more but started with a small live account not losing much per trade about 2% each trade. I have been going through the motions where I trade for a few months then stopping treating it as a hobby but not as a business.
I am focused on my Mindset, trading plan, and learning as this is a Journal is one of the tools to help look no only my trading but looking at my own mindset. Let’s get started:
My Swing trades are average of about 2 trades a months and intraday about 4 possible trades.
What Makes this different this time?
My Primary GOAL is to Consistency Trade the strategy
To do this I must have:
Trading Plan(Made Plan smaller below)
Daily Watch list for intraday Trade and Weekly(use Evernote & will post here smaller version)
Managing Greed: Good Trade Management for Profit target and Stop Loss Risking 2%
Advanced Self Review Weekly(ASR) – Weekly Reviews (A MUST)
BackTest – To see patterns and Price Action
My Trading Plan is Simple
Swing Trading
Entry: Pin bars or Hammers
Timeframe: Daily
Criteria
Support & Resistance
Fibonacci Trade between .500 and .618 (1, 2, 3 Pattern)
Trend lines
PATTERNS (Head and shoulders, wedges, pendants and double top/bottom)
Above 50 EMA OR 20 EMA
Deceleration
Use 4H & 1H (for better confluence)
Trade Management: 3:1
Day trading (intraday)
Breakout
CRITERIA: Breakout of pattern then retraces the 4H EMA / 1H EMA
ENTRY: PIVOT / Pin bar / Phase line Breakout
Trade Management: 3:1
Beginning of every week, I will do a watch list for possible trades
12/2/17 - 12/8/17 Weekly Watch list
AUD/NZD 11/05/17 - Been watching this setup since the 5th of Nov
Weekly - SOME DECELERATION PRESENT AT THE WEEKLY .618
DAILY - PRICE LOOKED LIKE IT WAS A FALSE BO WITH PRICE RUNNING TO TO THE DESCENDING TL WITH A STRONG BEARISH PUSH DOWN
first chart, you should be looking to go LONG not short
what you have your trend line on is a pull back, it’s going to go short, it will very likely go long.
now. you can profit on the pull back, but it’s risky
i suggest look for a low position, Enter low and wait for the Bulish move
Second chart
yeah, there will be a pull back and you can take advantage of
but this chart is also going long
but,again, yes you are right it’s going to pull back shortly to retrace and after that Bearish move , you will want to enter a long position and hold it until it gets to the current point again
or another strategy is
enter low, and as you get around 20 - 30 pips in profit, put a stop loss at +5 pips in profit
then let it ride up, as you manually move your stop loss
this way if you get taken out, it doesn’t matter, you’ve still secured profit
hey Martin,
Yes, You are right on the first Chart, I actually am waiting to go long. The weekly looks like an uptrend and just waiting for a good candle hammer to show up for an entry.
Second Chart, I am just biased to go short for a short term trade based on my breakout strategy.
The part of another strategy,it has been already part of my trade management which is great.
I just didn’t go into to much specific on my trading plan as it’s all in my word document plus in my ever note.
I am going to apologize before hand because I am working on my writing which is a weakness. As I am using this thread, to help me no only improve my trading but my writing. Plus, there are great people to meet
Agree with Martin_K.
I put in a buy order on AUD/NZD yesterday and hope to add a buy order on EUR/CHF after the close tonight. For me there’s only one chart pattern - a trend.
Yeah, i am not a fan of scalping. I wait for a run to slow run and wait for patterns like head & shoulders, wedges, and pendants then patiently wait price to breakout then retrace to look for a entry around the 1H time frame. Like this trade, I took in Nov for AUD/CAD BO of a head and shoulder pattern. A good 3:1 return. Took about 2 days to hit profit targest. (Next time, I need to take a better screen to see the whole picture)
I agree with you, I don’t like going against the trend. My best trades are with trends and a nice reward to risk.[quote=“TradeViper, post:8, topic:123780”]
Heeeey
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WATCHLIST 12/4/17
EUR-GBP - THE WEEKLY OUTLOOK ON THIS PAIR IS A TREND WITH PRICE AGAIN AT THIS SUPPORT. THE PRICE LOOKS TO BE DECELERATING. I AM JUST WAITING FOR MARKET TO GIVE ME A SIGNAL FOR ENTRY BASED ON MY SWING STRATEGY
.
GBP-CAD: The hammer looked good on 12/05/17 with Price action deceleration, 20 ema but I didn’t want to trade into support. Yes it is a trend but I would rather see price retrace around the 50 ema and the .618 to take an entry.
Weekly watchlist
12/10/17 - 12/15/17
AUD/NZD been waiting for a Long opportunity from 11/05/17
12/10/15
WEEKLY - LAST WEEK HAMMER AROUND 20 EMA CANDLE WAS FORMED BUT THIS WEEK IS A BEARISH CANDLE WITH WICKS.
DAILY - LOOKING AT WHAT HAPPENED OVER THE WEEK. THE PRICE DECELERATED AT AROUND. 1.0925 THEN WENT DOWN UNTIL ON 12/7 PRICE DECELERATED THEN 12/8 A HAMMER FORMED.
1H - A WEDGED PATTERN HAS FORMED.
- I AM LOOKING TO GO LONG ON BOTH SWING & DAY TRADE STRATEGIES. WILL POST ENTRIES LATER TODAY
EUR/CHF - WATCHIGN SINCE 11/05/17
WEEKLY - BULLISH CANDLE
DAILY - LOOKING LIKE PRICE IS BEING HELD AT 1.1706 WITH A POSSIBLE TRIANGLE FROMING
4H - THE THICKER LINES ARE POSSIBLE HEAD & SHOULDERS
I AM LOOKING TO GO SHORT ON THIS BUT OPINIONS CAN CHANGE IF PRICE BREAKS ABOVE 1.17064
EUR/GBP - WATCHING SINCE 12/4/17
WEEKLY - WEEKLY IS IN UPTREND. PRICE DECELERATED AT THE WEEKLY 50 EMA AND MAJOR SUPPORT
DAILY - PRICE LOOKS LIKE A RANGE FOR THE PAST FEW WEEKS BUT A FALSE BREAKOUT HAPPENED WITH A STRONG BULLISH RALLY
1H - LOOKS LIKE IT MADE A LL BUT WILL SEE
LOOKING TO GO LONG. LOOKING FOR A GOOD SIGNAL TO GET IN LONG
PUT IN A ORDER FOR AUD/NZD
ENTRY: PB, TREND, SUPPORT, DECELERATION, DOUBLE BOTTOM, WEEKLY 20 EMA, 1H MACD DIVERGENCE, 1H WEDGE (8 CONFLUENCES)
CONS: 50 EMA ON DAILY, RESISTANCE AT 1.10200
REWARD/RISK: 6.5 ( ALL DEPENDS ON MY MANAGEMENT)
PSYCHOLOGY: AT FIRST, I WAS HESITANT BUT I DIDN’T KNOW WHY BUT I BELIEVE IT WAS BECAUSE I DIDN’T WANT TO LOSE THE TRADE. I DECIDED TOO WEIGHT THE PRO VS CONS. WHICH ARE 8 CONFLUENCE FACTORS VS 2 CONS WHICH PRO OUTWEIGHS THE CONS. I MUST ACCEPT THE COST OF DOING BUSINESS IS 2% OF MY ACCOUNT IF IT IS A LOSS.
AUD/CAD:ENTRY TRIGGER
BREAKOUT OF HEAD AND SHORT + RETRACE + PRICE ABOVE 1H+4H EMA
SL:.618 FIB MAKDE SURE BOTH 1H + 4H EMA ARE ABOVE THE SL
R:R = 3.75:1
the issue will be the resistance at around .96985. I wil see what happens but will update trade when Stop loss is move to Breakout or Am out of trade.
EUR/AUD - BREAKOUT OF HEAD AND SHOULDERS. TOOK AN ENTRY BASED ON BREAKOUT STRATEGY. REWARD:RISK: 2.5:1
My concern is the daily 50 ema could could see some support but will see what happens.
