Hi folks. . This will be my Foreign Exchange trades journal.
Background - im a 25 year old male from australia. Ive been in Foreign Exchange for only a few of months.
Strategy - I'm trading only the daily charts using price action to get me in.
I'll be focusing on only a couple of setups.
Pin bars and interior bars. (5 months on and im really simply trading pin bars until I get them down pat)
I plan to exchange this method and post all trades in this journal for three or more months prior to making changes/ lending up.
I am live trading but on a very small account. . Im taking this seriously but the quantity ive deposited is easily replacable.
June account balance 4.4%
july account balance 0.7%
august account balance -1.2%
september ac -0.3% (1 trade)
october ac - 0 trades. Was overseas.
November - 0 trades
see article 147 and 148 for my latest entry principles. (9/10/09)
Entry was on the 22/4 market stop at 24.14 sl above wick on snare bar. .
I use fxlite demo for my charts but trade off an australian broker. So occasionally the transaction details in the pic arent perfect but you get the idea.
Notes on my snare bar setups.
-depending on the range of the trap pub I am looking to wait for a retrace of the pin bar prior to entering. This will give me a bigger stop.
-'m searching for wick to pierce some kind of level. Ie support resistance, 50fib, moving averages or trend lines. . The more signals the greater.
With this commerce the snare pierced the 61 fib, a flat level and made the 3rd swing high on a trend line.
this is a trade I've still open. Entrance 5080 SL 5150.
I believe on this on ive got a trailing stop of about 80, but I cant recall. Im not sure how to find out what your trailing stop is if its a habit level.
Its maybe not the ideal pin bar with there being a rather large lower wick. .
It pierced a fashion line and a horizontal level so I took it
oh yeh im always looking to go with the trend on pin bar setups.
it was a counter trend entry which I couldnt resist. . I didnt actually mention this form of entry in my intro but ill probably search for this type of setup too.
When we have a wonderful stepping trend with higher highs and lower extremities ill want to get in after a counter trend move.
was seeing this one because the snare on the 21st. . Kinda missed my entrance a bit
hopefully this move has some juice left. . Im currently down 80 pips but we will see what happens I spose. .
So now im current with my open transactions. . From now on ill be hopefully able to post my transactions as I consider them.
Note- My candles close at 8am my period (NY close) and I leave for work at 7am. So I either make my transactions about an hour prior to the candle shuts or about halfway through the candle 8pm my time.