Daily Strategy Trading Journal - Trendlines, Candles and Channels -
... 2 3 4

thread: Daily Strategy Trading Journal - Trendlines, Candles and Channels

  1. #31
    My # of trades have decreased but raising the profits.

  2. #32
    Planning to short Eur/JPY if I get Loaded at 158.40 area

  3. #33
    Total net Pips on the closed orders since last week

    378 PIPS

    Current Open Orders

    Swissy Shorts at 210 pips
    NZD/USD shorts at 5 pips
    AUD/USD shorts at 34 pips

  4. #34
    Junior Member Ana's Avatar
    11
    I have decided to keep a trading journal for all my transactions. These aren't in any way Trade recommendations. I have had my ups and downs in Forex because I have been trading could be around a year ago. There have been some crazy rides and moments where I have choked as well I have also had all of the new traders mindset of GET RICH QUICK once I started trading. But have recognized that there is no such thing. Its patience, perseverance, all consistency and dediion. Yet another thing I thought would make me responsible is by composing a trade journal. I am trading all the majors and sometimes the crosses if I think that will be a fantastic commerce

    So here I go! Trades since weekly.

    1. Buy EUR / USD 1.2978 S/L 1.2875 T/P Open
    Close 1.3037
    Pips 59

    2. Sell GBP/USD 1.9573 S/L 1.9625 T/P Open
    Pips Till now 66
    Sorry to mess your journal.
    Can you discuss your approach. Since you started journal, are you currently in profit.

    Due

  5. #35
    Hello Tradestar,

    My approach is quite simple,nothing fancy in it and I don't use many indiors as well. I search for candle formations and momentum of the market at the point. I believe in trendlines and they form a core of my trading. They've a magnetic effect on the price action especially the daily trend lines. According to conclusion I place an order in the trendline support or resistance to test the waters. Thats always 1 lot with a tight S/L typically just above or below the next highest or lowest support or resistance online (thats judgmental). If I am in the trade and not ceased out I intend to add additional lots on the close of the days candle. If I believe the market is moving against me for the very first lot I take profit and try to follow along with the existing trend. (The price action will surely halt at the trendline resistance and obey the trend lines for a few pips (50-75) and then it might reverse or go in the existing management of this trend).
    My yesterday's Short order on Eur/JPY was a classic example. I had put it in 158.30. The market came into the trend line and just like a stop sign halted there and reversed until the 157.50 area and again went up ahead into the 159 area. I shut my shorts for 45 pips. And am long again using the trend.
    Same story happened with my NZD/USD shorts in the 0.7009 area.

    Additionally the trend line resistance is more powerful on the third price hit on the trendline. In other words we've got a new trendline forming about the dailies on the preceding two highs or lows and when the price hits the trendline again next time, probability is quite high that the price action will obey the trendline. This notion can be quite useful to take positions within a larger trend because the trend lines keep on changing. And imagine what trendlines are constantly there to be broken up and you may expect it any time after the third strike.
    Additionally to gauge momentum of this market you can use a MACD histogram. The level of this histogram will say momentum in that direction and you may expect big price moves if all seeds of momentum are not there. We will need to be in a position. Also you can gauge the momentum by simply seeing the length of those candles. A lot of times price flows within a channel which are formed by the price action in the past. Typically the centre line drawn within the channel is the first target and the next target is the channel trendline.
    Additionally I sometimes place Linear regression indior to get the sense of momentum and management of the market

    Please feel free to ask additional questions if you've

  6. #36
    Junior Member javiersd12's Avatar
    21
    I have decided to maintain a trading journal for all my trades. These aren't in any way Trade recommendations. I have had my ups and downs in Forex because I have been trading could be about a year ago. There have been a few wild rides and moments in which I have choked too I have also had all of the new traders mindset of GET RICH QUICK once I began trading. But have realized there is no such thing. Its dediion, dediion, patience and all consistency. One more thing I thought would make me more responsible is by writing a trade journal. I'm trading all of the majors and sometimes the crosses if I feel that will be a good trade

    So here I go! Trades since weekly.

    1. Buy EUR / USD 1.2978 S/L 1.2875 T/P Open
    Close 1.3037
    Pips 59

    2. Sell GBP/USD 1.9573 S/L 1.9625 T/P Open
    Pips Till now 66
    we only rely actual time calls...

  •