This week provided many opportunist. EUR/USD was on my Weekly watchlist but decided to not to take it because I just didn’t like the Pattern.
NZD/USD was on my watchlist but decided not to take the entry because I wasn’t to sure the entry but played out how correctly to the forecast. I need to improve style on entry and write a better Trading plan with the setups I normally enter when the opportunity presents itself.
Trades Taken:
USD/CAD 9/16/18 (OPENED) -9/18/18 (CLOSED) [-1%]
GBP/CHF 9/17/18 (OPENED) - 9/18/18 (CLOSED) [-1%]
AUD/CAD 9/18/18 (OPENED) - Currently at break even
Past Trades:
USD/JPY 9/10/18 (OPENED) - 9/21/18 (CLOSED) [4.9%]
Slow Week but I have been improving my plan and back testing this week. I made it a lot simpler and have my go to setups.
Trades Taken:
None
Past Trades:
AUD/CAD 9/18/18 (OPENED) - 9/28/18 (CLOSED) Break Even - Price was about 10 pips away from Take profit but I need to improve my management.
This week may be another slow week. Will have to wait for some setups which may take a few weeks but will see if the market presents some short term day trades.
EUR/CHF - Short
Daily - Deceleration at Key Line 1.4560
Need conformation like double top with Candle Shape to go short
The weekly watchlist didn’t provide much entries but I like how my forecasting have been improving for this whole year. Like the USD/JPY possible pullback happening or GBP/CAD on 9/16/18 Weekly watchlist forecast but my current plan didn’t provide a opportunity. Yes, some forecast don’t always work out.The best thing is to have all this data written out because of no hindsight. It was all done in real time with the live market condition that I get I review to get better as a trader.
For the last few months, I been working on my mindset (most important), improving my foundation as trader practicing market condition, support & resistance, pattern, price action, and etc. Back testing helped me find my weakness in each area I had to dedicate time to improve one by one.
Each time, I had a loss there something much to learn from it or When I decided not to take the entry but my forecast was correct ex. EUR/USD 9/09/18 watchlist. Was the trade part of my plan? Did I hesitate to take an entry if so why? Mindset is very important because of FOMO, greed, or loss. I started to put a note on how I felt that day during the trade because I could look back it on the weekend on a neutral bias with the market closed. Each time I either miss an entry or take it i can look at my emotion if I have any.
Normally, I just post my results and don’t really show the back end of what I have been doing. As, I am both working on my mindset and plan. I am have super excited of whats to come and super grateful of learning and proving.
No entry this week either. I was able to review all my back testing data and update my currently trading plan.
My style Mainly multi-time-frame analysis with at least 3 time-frame align. Entries don’t happen to often but the risk to reward.
Ex. USD/JPY - 9/10/18 (On Weekly watch-list 9/09/18 & market Review 9/16/18-Result)
Weekly - is with you with trend with sometimes in consolidation
Daily - A pattern is forming
4H & 1H - Confirms trend shift to Enter for a nice reward to risk ratio
I have been looking more opportunities enter short term entries with possible medium term entries which recently have been taking live the last 2 months. They don’t normally show up on my Weekly watchlist but on my Daily watchlist
Ex.
USD/CHF market Review 10/07/17 - Short Term Entry
NZD/CAD Market Review 10/07/18 - Took Short Term Entry but found out I could have held it much longer.
I have been missing entries (about 5 entries this month) with this style but I haven’t posted it ( because I am still learning when to take the short and medium term entries.
For the last few days, I have been able to finalize the Currently trading plan but still progressing.
It’s about learning from both your losers and winners. Is the entry part of your plan? would you take it again? Was there any emotion before you entered the trade and DURING (very important)?
Tracking through Evernote on a Weekly + Daily Watchilst (even when there isn’t a trade) - I just write the date and write none when there are no opportunities but post if there is.
Not much happening this week. Still waiting for few setups which are on my Secondary watchlist. I have a few others I didn’t post as they are setting up. If I decide to enter, I will post here.
NZD/CAD - Long
Weekly - Run up 2 days before a bearish Candle
Daily - the weekly bearish can could be a pullback for a new daily trend. As the pullback is at the right shoulder of the Head & Shoulder Pattern
