Steve's Journal

I’m really nervous about public journals. No laughing, fellow traders.

I guess I’ll start off with my current position

1 Hour Chart

Cup and handle basing structure above support. BO above TR. Looking for retest of prior high.

Market Entry: 1.74473

SL: 1.74059

TP: 1.75598

Will probably scale at some point half way up. If it makes it that far :joy:

Okay, I did something really naughty. I took full profit at 1:1 (White line, about 32 pips). I am re-entering when the 50% PB and EMA converge… Maybe.

Time to go back the other way for 30 pip scalp.

Market Entry: 1.74895

SL: 1.75303

TP: 1.74625 (based on measured move of first reversal candle)

Price hit 50% retracement and bounced. Picked up a disappointing 5 pips.

Total for Asia and first part of London= 37 pips

I guess it beats a sharp stick in the eye

Got my five hours of sleep. Ready to rock and roll. I always have reservations about trading later part of NY. It’s very sad to watch a thing of beauty slowly die as time progresses. I took an entry long at a retest of 50% retracement on EUR/NZD 1-Hour. First target a t 100% Second target near 161.8 extension.

Entry: 1.74779

SL: 1.4336

TP1: 1.75170

TP2: 1.75766

Update: I just edged my SL up to 1.74526. If price starts ranging, this is likely the bottom.

Now at least we have a positive R/R.

Lovely journal. I enjoy your posts. Question: Why did you not take the long at 1.7347? You’ve marked it with a hosrizontal line.

It is a very good question why I didn’t take the trade closer to support. The sad reality is I screwed up the entry. I could have scaled in more at support, but I was already at my position limit. Thankfully I got that good BO candle that helped propel price upward.

So now I’ve decide to go flat. It’s late in NY. The ATR is pointing straight down. Looking forward to Asia where there may be more movement for this pair. I actually managed a miracle 13 pips on this last trade.

Total results for the past 24 hours:

3 trades
3 small wins
48 pips profit

I guess this is better than being diagnosed with herpes

Your fib is inverted. In this case it does not make a difference since you wanted to take the 50% mark but if you wanted 75%, or whatever the other fib numbers are, then you would need to invert the fib.

Also, you could have used price action (PA) analysis to gauge where price would go for your entry. Note the high on the doji right before the big green candle, next to the shooting star? That is PA telling you that look for price to turn up here. You could have placed your limit buy order 2 pips above the high and got filled. :blush:

Let me know if you want me to stop my commentary and I shall shut up.

I actually only use the 50% retracement zone. In fact, I would be the absolute worst person to ask about fib numbers, since I really don’t use it. I don’t use candle combinations such as shooting stars, hanging man or heramis or any of that. I think eventually I will let the cat out of the bag and show my setups. I think you will probably scratch your head even more. :grin:

I don’t use fibs either and don’t find it useful. You misunderstood me regarding the candlestick patterns. I was only trying to draw your attention to the the high on the doji. I don’t use candlestick patterns at all but how else could I point you to that high?

Anyway, it looks like you have a set strategy so I shall stop pointing PA stuff out to you. Can’t wait for the big reveal. :slight_smile:

After 6 hours of being flat, price is right where I left it! I went ahead and re-entered long at about exactly where I exited before. Looking to get about a 25 pip scalp to the next res area (prev high).

EUR/NZD 1-Hour chart:

Entry: 1.74867

SL: 1.74494

TP: 1.75121

Update:

TP hit: another 25 pips banked

Looking forward to London in twenty minutes. I have my eye on GBP/USD 1-Hour. Expecting continuation BO short. This could be the pivotal trade I’ve been waiting for all week.

Sold the close of the bear engulfer. I normally wait for confirmation, but I really do want a chance at 1:2 R/R

First attempt at a swing this week. Wish me luck.

Entry: 1.21926

SL: 1.22282

TP: 1.21215

Update: Price could not get through this very minor support and turned around. Got out before stop was hit.

Swing Trading Forex = exercise in futility

-17 pips

GBP/JPY 5 min scalp, not ready to follow through from res. Got caught in second leg trap at trendline support. -16 pips

Time to go back to what I know: 1-hour continuation scalps. Here GBP/JPY 1-Hour Long:

Entry: 129.823

SL: 129.503

TP: 130.166

Update.

Took profit at 129.996

7 pips profit

Tried hard, but couldn’t get past this first resistance level

Results for past 24 hours:

4 trades
2 wins
2 losses
-1 pips profit

Going back to main strategy: 1-Hour continuation scalps