Hi there,
After trading demo accounts and some not so great live accounts I I’ve decided to start recording and sharing my trades with anyone who feels interested. I don’t expect to gain a lot of interest from my journal here, so the main objectives is to analyse my own trades, mindset in each trade, mistakes and hopefully attract some comments from other traders who could point out some mistakes, give advice or heck, maybe even gain something themselves
A bit of how I am about to execute my trades
Mainly I will be using 4h charts to trade. I will use fundamental analysis to determine the sentiment of a pair and technical analysis to execute trades. I will not be using one concrete technical analysis method with a cool name or something similar. I feel that using one strict rules based technical trading strategy can limit profitable trades and can lead to loosing trades if you don’t take in to account other factors.
My technical “arsenal” will be:
- Trend lines, chart patterns and S/R areas;
- Stochastic for pinpointing better entries and even stops at some times;
- RSI only for monitoring divergences;
- 50 and 20 MAs. This will be another tool to judge the pairs and trade direction by eliminating some of the noise. If 20 is above 50 than I look for buying and vice versa.
In order to avoid conflicting information from these technical analysis tools, I will give the most “weight” to trend lines and S/R areas. For example in ranging markets I could execute a buy order if it fits my fundamental view and price has reached a strong support area even if MAs signal a sell. This fits my earlier statement that I don’t believe in a universal technical analysis method and we should adapt to different market environment.
All comments are welcome
See you in the first trade setup
regards,
baigaisvecis