Hey, I'm new to FOREX and that I thought this would be an enjoyable adventure. I'm going to start tracking my transactions by saving pics, describing if im shot or long and why, and anybody who wants can feel free to give CONSTRUCTIVE criticism. It's nice to disagree w/ me or perhaps railing on me a little, just don't be rude about it please.

1. I'm likely to be using hourly and 15 minute charts for my trades

2. I will post my thoughts, write things about the chart .

3. Nothing elaborate...

4. Many transactions I'm going to take in this demo account will be bad trades...I'm only attempting to get a better knowledge of the market so I'll do some dumb things but thats nice w /



nzd/usd - brief
So... the one hour chart plus hte 15 minute chart are attached



Hourly chart - The overall trend is downwards and price retraces into the 50 percent fibonacci level, also a resistance level. Rally was strong, so this could be good or bad: good because overbought, bad because that shows potency
15 min chart - entrance is based on evening star pattern and rsi near overbought.

In retrospect I believe I should have left the halt tighter: after-all, when the resistance breaks it means I was probably wrong about the downtrend continuing.

Edit: the fibonacci lines are those small red ones you'll be able to see right close to the entry

edit: I'm actually moving the stop loss closer to the entrance point because of the reason above. . .don't usually do that but it was kind of a dumb halt in the first place. I will still give space for some scary moves, but I'm tightening the stop: