My name is Joshua, or otherwise known as Trading With Price Action here at BabyPips. I wanted to start a trading journal here to now only show others how I trade but to also help me document my trades. Keeping a trading journal is vital for a successful trader and this is why I am starting mine here.
A little about me, I am from Seattle, WA and I have been trading Forex for a while now and I have been very successful at it. I started off by using all kinds of indicators and all sorts of stuff that was supposed to “help” me trade better. I later learned about price action trading and that is what turned my trading around.
Trading price action involves using the raw price displayed as candlesticks on a chart and that is it. Nothing more than candlesticks are on my charts. There are no indicators or anything of that sort. I have found indicators give all sorts of mixed signals and most are lagging indicators which tell you stuff that has already happened.
There are a couple trading setups that I like to trade, those setups are the pin bar, the engulfing bar, 2-bar reversal and the inside bar.
I trade these setups at support and resistance zones. Also I prefer to trade with the trend as it gives your trade momentum.
I will be posting all of my trades that I enter. In those posts I will post my entry, stop loss and my take profit levels. I will also say why I entered the trade and I will update my trades as they progress.
If you have any questions feel free to ask me and I hope I can help anyone that I can with trading price action.
Here is a really nice pin bar after a small pullback on the AUD/USD 1H chart. It is with the trend and it printed on a nice support zone. Haven’t set take profit level yet but it could go all the way up to the 1.05900 area. That is where I will look to exit.
I set a couple of take profit levels and my first one has been hit already. Moving my stop loss to break even for a risk free trade. Currently up 30 pips.
My stop loss was hit and I broke even on the trade. I probably should have exited the trade when I was up about 30 pips but I thought it would continue up. This was a risk-free trade since my stop loss was moved to break even.
The USD/JPY 4H chart has just pulled back to a support zone and printed a bullish pin bar. I am long on this trade. LAos note that the trend is currently very strong up.
Entry: 99.687
Stop Loss: 99.27
Take Profit 1: 100.00
Take Profit 2: 100.98
Update
This trade did not work out very well at all for me. It was a pretty solid setup, it was with the strong uptrend, pin bar printed on support zone after a small pullback and it looked like a good trade. Just sometimes trades don’t work out.
This is something that I will do every Sunday, I will post some pairs to watch for the upcoming trading week.
EUR/CAD
The first pair is the EUR/CAD, with this pair there is a pretty good looking bullish engulfing bar on a support zone. It looks like a solid trade and something that I could look to enter depending on where the markets open up at.
The next scenario would be that the price goes through the support zone then pulls back and forms a bearish trade setup on the resistance zone. I would then enter short. This would be the best scenario out of the two since it is in a downtrend.
EUR/JPY
The last pair that I will be looking at is the EUR/JPY. What I am looking for on this pair is a retrace to the support zone then a bullish trade setup to form on it.
That is all for this week and I hope this has given you some ideas for the week and has prepared you for any upcoming trades. Feel free to post what you are looking at this week too. I’d love to hear from you guys.
Just wanted to post a trade setup that I noticed when looking at the charts for the week ahead. I saw a very good looking pin bar that formed on the USD/SGD weekly chart. It is right on a strong support zone and is with the current trend. I really like this setup and will probably enter this trade when the markets open up.
