I'll be using this as a place to record every trade I make and the profits or losses which result. I exchange with the daily timeframe, using a few indiors using ODL Metatrader: Stochastic (5,3,3), AC oscillator (default settings), and AO oscillator (default configurations ) with EURUSD, USDJPY, USDCHF, and GBPUSD. Candles are also used by me. I only enter transactions at 8pm EST if a set-up presents itself. I have embraced aspects of this system from other profitable traders I have discovered on this forum. This is how I exchange:
I set a long trade when all of the following happen on the previous day:
stochastic is crossed in an upward direction
AO is green
AC is green
bull candle
if the first three happen and the candle is not bull than I do not take the trade and I must watch for another installment.
I set a brief trade when all of the following happen on the previous day:
stochastic is crossed at a downward direction
AO is reddish
AC is reddish
bear candle
if the first three happen and the candle is not bear than I do not take the trade and I must wait for another installment.
Money Management: 100 TP and 100 SL on all transactions. After the market moves 50 pips at the direction of my trade, I move all stops to break even.
Just a little background on me: I have been investing in Currency Market for the previous two years. I opened a live account soon (too soon) and dropped half of it fairly fast. After I did a lot of studying and demoed for more than a year. I have now been trading live again for 2 months and I have almost tripled my account dimensions (using very large risk money management). I have decided now to exchange risking of my account dimensions, but I realize it is still regarded as outrageously high to some (20 percent ). The chief reason why I wanted to begin this diary is to improve my discipline. Most of the losses I have incurred over the last few months occurred because I strayed out of my system or attempted trading on a smaller time frame... no more! I am sticking to my principles now.
As for now, there aren't any installations suggesting I should take a trade, so I'll stand aside. We'll see what happens tomorrow!
I won't take any trades again today as there are no set-ups. I'm anticipating long EURUSD, short USDJPY, and short USDCHF set-ups maybe tomorrowor more likely early next week. We'll wait and see!
USDJPY trade struck on SL. Missing 100 pips. Learned several things. I guess that is the whole point of the journal so from this perspective I will call this transaction a success. It is interesting how each loss I incur informs me something about my approach or the market that I did not understand before. For these lessons I am thankful and I will continue trading my system keeping in mind the lessons I have learned.
oops! The above post was designed to read brief @ 1.5417. Anyhow, price has moved over 50 pips in the direction of my trade, so I transferred my SL to break . It's about 1.5335 right now and my TP profit is 1.5317, so we'll wait and see what happens.