I’m going to be writing down my thoughts about trades and I’ll see where it leads me.
I plan on shorting the EUR/USD for a 1:1 R-R, then I intend on going long when price reaches around the TP zone, or if there’s some confluence that the market wants to trend up.
What I’ll be using to trade: Price action, Supply and Demand, RSI, MA, Fibo.
TP: 180 Pips
SL: 180 Pips
(Most of my trades will be 1:1 because I like giving my positions room to breathe. Having wide Stop losses means absolute loss for me that is. There will be some cases where it could be 1.5:1, 2:1, 3:1, but that’s only if there’s some evidence to indicate otherwise. There will be some cases where it’s reversed for example: TP: 50 pips SL: 100 pips. It depends)
How am I feeling about this trade?
I feel a little anxious, but because I’m feeling anxious about this trade I’ll probably place a small position in or not enter at all and wait for a new trade. It’s not the end of the world if I can’t get in one trade.
Its good to log what you’re doing and why. It would be so useful to understand the reasoning - for us right now and possibly for you later down the line to be able to see why you set entry price here, SL here and TP here.
Be careful. Your trepidation may be justified. It has just bounced off support and may have some upside potential. I’m watching this pair too. I took the short this past Tue at 1.1334 down to 1.1224 and decided to move to cash until it shows its hand on Monday or Tuesday.
Fellow traders can make comments on the trade if they like within a reasonable maturity. (I prefer people not having a massive argument about what’s right or wrong in a simple Trading Journal Entry, haha.) Nonetheless, I wouldn’t mind hearing other’s input.
Granted, I’ll most likely still be sticking to my analysis and how I trade no matter the input because this is how I’ve been practicing. Build trading discipline, right? lol
Most cases, I’ll just have a simple response like “We’ll see what happens” because there’s no definite in the market, and I’d rather just let things play out on its own.
I’ll be expecting some upside potential with the EUR/USD.
I’m currently going long the EUR/USD. My entry is the yellow line.
TP: 200 pips
SL: 200 pips
For trend trading my default TP and SL is 200 pips a majority of the time. The only time it would change is if I entered in late or I get signs that the trend has one more wave before retracing. When retracements occur I tend to aim for 100 pips TP for 200 pips SL. Sometimes my TP and SL will depend on how much the market has moved around. Has the market been relatively tight or has it had a lot of wide movements?
I like going 200 pips for 200 pips because I personally feel like it’s safer. (So a matter of preference)
The EUR/USD has a higher low. The market could go down to 1.115 area or the 1.100, then bounce up.
We’ll see what happens.
How am I feeling about this trade?
I’m feeling a little more confident. My only concerns about this trade is if price moves to the areas I’ve mentioned.
I’ll be taking profit early when the market opens for EUR/USD. I believe there might be a retracement coming up.
I should get around 100 pips – 130 pips from last week’s buy order for the pair. (Unless the market is acting up lol)
Potential Short position:
For the Daily TF -There’s a bearish divergence, bearish engulfing candle, and price met a supply zone.
4h TF - The pair looks like it’s forming a ‘potential’ double top.
I’m looking to short immediately for the EUR/USD pair when the market opens. I’ll be going for +100 pip TP and risking 200 pip SL. The TP could vary depending on how long the retracement last. (If this turns out to be a retracement).
We’ll see
How do I feel about this trade?
I’m feeling all right about this set-up. I have to keep following the strategy that I know works for me.
I took a loss for my previous trade (EUR/USD short), which is a bit of a bummer, but I just have to wait for the next opportunity in the market. I feel a bit happy that I’m sticking with my decision though because before I used to be the trader that would emotional trade if the market went against me just a little bit and slowly chip away my account. I’m glad I got to a better position. Practicing on Demo really does help build some confidence.
Total loss: - 203 pips
Now what to do from here:
What I plan on doing is looking for the EUR/USD retracement which I believe will be coming up the upcoming week.
I’ll be entering the market sometime the upcoming week as a EUR/USD short.
I’m going to be entering the EUR/USD short today. There’s some decent price action on the 4h timeframe and price has reached a weekly supply/demand zone and the pair has been very strong lately, so I’m expecting the market to be retracing at some point.
Stop Loss: 200 pips
Target Price: 100 pips, 200 pips, 300 pips (I’ll most likely be aiming for 200 pips instead because this pair has been strong for a bit and I believe price may retrace to previous demand zone, if not then I’ll stick with the usual 100 pips)
How am I feeling about this set up?
I’m feeling okay. I’m having this I’ll see what happens attitude to the market. I’ll just let it ride out and see the results, but I also this doubting feeling; I think it’s a result of the one loss I took the other week. I want to remind myself that I don’t have any control of the market, but I can control how I react.
Stay safe everyone
Trading journals help traders like you to track their trades and thoughts throughout the day. It’s a great tool because a thorough journal includes details beyond what you can see on your brokerage statement.
