In an attempt to keep myself more disciplined, I've begun this new journal to monitor my trades, the logic behind them, and ideally have the ability to review this to enhance my results.
I am mainly looking to exchange swings on the 4hr timeframe. My egy has in part come mostly from Plutonites trading procedure. Most important lines on my charts would be the Bollinger Bands and Blue linear regression line.
New Trade
Sell GBP/USD @ 1.8425
Reason: In powerful fashion, taking bounce off linear regression.
New Trade: Short EUR/USD @ 1.4783
Rationale: Ranging conditions with bias to downside. Bounce off within BBand Together with preceding resistance. Numerous evaluations of 1.4800
Closed @ 1.4768 15 pips
Comments: Maybe should have held this one available longer. It crashed right after I closed it. Charts were showing indecision however and I still got out of it with some profit.
Closed GBP/USD trade @ 1.8370 55 pips
Comment: Again the next transaction that has been shut . There were indiions of indecision though and I took a profit so I can not be let down.
Trade from earlier in the day
Extended USD/CHF @ 1.0932
Stopped out @ 1.0890 -42 pips
The installation was valid but I didn't set my stop below the next major resistance. I paid the price for a result.
New Trade
Long EUR/JPY @ 160.53
Reason: Ranging conditions. Bounce off underside ring in conjunction with resistance.
Sopped out @ 159.80 -73 pips
Comments: Well perhaps I had been a little fast to judge such as being composed. The trend seems to be intact really. I probably should have waited to get a close and evaluation over the linear regression, or another test of lower group.
New Trade
Extended USD/JPY @ 108.85
Reason: Double Evaluation of Lower B Band also in conjunction with major support zone.
Stopped out USD/JPY @ 108.35 -50 pips
Remarks: Bad conclusions all round with this one. The entry was reasonably valid but probably should have never been accepted. There was rather a solid downwards trendline. Despite all of that, the transaction should have been closed out at -4 pips at the end of Friday but due to the bank holiday earlier in the week that I got it in my head that it was Thursday.
Review for Week ending Friday August 29
Internet Result = -93 pips
Well I Began the week Very Carefully. Bailed out of transactions perhaps somewhat early on some occasions, but I took a profit on these and can not be too upset about these.
What went wrong then? It started with a commerce on the swissy using a stop set too tight. That turned what would have been a winner into a loser, also had a large impact on the net result. Then I also misread conditions on the JPY transactions and required transactions contrary to significant trends.
Courses:
1) Don't set stops too tight. Look to put stop above/under last support/resistance.
2) Look in the big picture. Search for trendlines that will indie a bias in 1 direction or another.
What went right? The linear regression is still an excellent cause for using the trend transactions. Look for these and ride until signs that the trend is finished.
New Trade (from earlier this morning)
Short AUD/USD @ 0.8471
Reason: Linear regression rebound together with the trend.
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