My name is Jordan, I have been trading live only a few months but am very dedicated to learning to become a profitable and consistent trader.
I have gone through many strategies and read many different views on profitable trading. However my biggest problem so far has been my disbelief in majority of trading strategies. I feel that with alot of trading methods, although they may be profitable, are often using indications which probably actually mean nothing. for example I don’t personally believe pin bars etc. have any real meaning.
So the other day I asked myself the question ‘what do I believe to be true and consistent methods for trade entries’. What I answered myself with was, support and resistance. You can’t really question whether support and resistance is there or not, because it is more than evident in trading every single day.
So I have decided to begin my trading adventure using only a few tools including:
Support and resistance (top down analysis from daily down to 15m)
trend lines (not as relevant as support & resistance I believe)
Although I will be mainly posting my trades and results, I encourage other people to also post some setups they are seeing related to key support and resistance levels, also feel free to comment on the trades I will be taking.
Basically, for support/resistance to be valid, I personally need to see price bounce off that point/small area at least twice. The more times price has reversed at that point the strong it is, also if price aggressively reverses at that point I feel it is stronger also.
I will be including a table with my trade results which has profit/loss in pips.
Hi everyone, just wanted to let you all know that I will be watching mainly all the majors for my trading with the occasional cross If I hear/see a good setup.
So my first trade for the journal could be this trade I have been stalking on the USD/CAD. I will be posting my trade setups prior to actually getting an entry signal as it is better to show why trades are taken before they are taken, rather than just showing you all my chart and where I did/could have made profit in hindsight.
So there seems to be a strong resistance levels between 0.98670-0.98700 which has been hit three times, each time sending price bearish for a good 20 pips. I will be watching price to see if it tests this resistance area again, If it does, I will be selling.
I will be setting a stop for 10 pips, and a TP for 20 pips, I will be closing half my position at 10 pips profit and then setting the other half to breakeven.
If this trade ends up going ahead I will post the results shown on a chart for everyone to see win or lose.
I have been trading around 4 months and I wanted to share something you might find useful.
Indicators and japanese candlesticks are things that give you information about the market, they are not signals by themself, but can be pretty useful to help you analize the market.
S/R are clear because they are just dealing point where things “can happen”, but they don’t tell you wheter they are gonna hold or be broken by themselves.
Thanks for the reply, I think resistance for example is a little more than just a point of interest. If price has reversed of a level of resistance multiple times, probability wise, I think that a reversal is more probable.
Although I do agree often price will break resistance and then act as support for example, where this level can then just be seen as a point of interest.
Ok everyone, so far the USD/CAD has not gone back up to the resistance level which I was planning to sell at, but I’m continuing to watch it.
In the meantime I have spotted another trade, which I am currently still in. I spotted a key level that was acting as resistance in the past around the 1.3120 level. price had broken up through that level and has now broken back down and now yet again seems to be acting as resistance.
As price retested the 1.3120 level I sold it, with a 10pip stop, 20 pip TP and planned to take (1/2) profit at 10 pips and set the stop to breakeven.
Price went in my favour and I took profit at 10.7 pips, setting the stop loss to zero, I am now waiting on the other half of the position to either be stopped out at breakeven or to hit my 20pip TP.
I have attached two photos, one being the resistance circled at 1.3120 on the 4h chart. The other is of the trade I took shown on the 5m chart, which has a green line indicating where I took half profit.
Thanks everyone for reading, and ask any questions you may have
Ok well i decided to close the other half of my EUR/USD scalp at a profit of 8.6 pips, as price seemed to be consolidating into a small range seeming like alot of indecision in the market, the way i saw it, best to get out before price goes against me back to my SL@ BE.
Literally seconds after closing the trade it shot down to my TP, i was a bit annoyed at first, but realised this sudden move was due to a news release, and price could have just as easily gone the other direction, so im still happy with my decision to close the trade.
Sadly due to the news release and jump in usd, my usd/cad entry has been filed. I think nthe future i wont use entry orders, rather Ill manually enter as this would avoid me getting filled during spikes from news i am unaware of.
The news release that triggered my USD/CAD entry ended up losing me 10 pips which brings me back to BE since startng this thread. After staying up all night till 6 in the morning to scalp the london and NY trading sessions, iv decided i cannot continue this and will need to start trading S&R on highter TF’s in order to actually have a normal sleeping pattern. I dont mind though because higher TF support & resistance are always more accurate.
You completely misunderstood me, i’m actually in support of your post that is why i highlighted it. I just emphasized on S/R levels more than indicators that’s all, once again sorry if you are offended, didn’t mean to be unpolite
win or lose.
