Hi all,
I have been full time trading (oil futures and crypto) since 2012 but I never quite was able to trade FX successfully. I read through most, if not, all of MO's posts. While I am not quite consistent yet, I thank him for all the time and effort that he spent here as I owe all my knowledge to him.
I decided to start a journal to make myself accountable. I hope it will help me learn from my mistakes. And I hope that my trades will trigger more discussion about what I have done right or wrong. So here goes.
Newark18's trading journal
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- newark18
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Newark18's trading journal
Failure is an opportunity to learn.
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- newark18
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Re: Newark18's trading journal
I think I will focus exclusively on EU. I used to try and watch all the pairs but I felt like I couldn't learn from my mistakes because I was always onto the next trade.
I was watching this develop. I watched EU reach a potential resistance area (ie, former support). I watch M5/M1 for entry (but I think M1 has too much noise) and target ZL area.
There were a few different entries IMO. I took the first entry and TPed (took 1:2 risk:reward). I also took the 2nd entry but got scared out. And I missed the 3rd one because I was tired of watching charts. Overall, I am happy with the way I kept perspective on what was happening.
Failure is an opportunity to learn.
- newark18
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Re: Newark18's trading journal
I will be watching the SR zone as marked by the white line. Considering the ZL below, lower highs and lower lows, I am biased short. I tend to get into trades too early so ideally I see a clear close over and close under something to trigger a trade.
But I have a feeling that it won't develop in time before I have to sleep.
Failure is an opportunity to learn.
- aliassmith
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Re: Newark18's trading journal
newark18 wrote:
I will be watching the SR zone as marked by the white line. Considering the ZL below, lower highs and lower lows, I am biased short. I tend to get into trades too early so ideally I see a clear close over and close under something to trigger a trade.
But I have a feeling that it won't develop in time before I have to sleep.
Break your order into 2 or more pieces. Put 1 in like normal then put one in the right place.
Trade Your Way as Long as It Makes Money!
- LeMercenaire
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Re: Newark18's trading journal
newark18 wrote:Hi all,
I have been full time trading (oil futures and crypto) since 2012 but I never quite was able to trade FX successfully. I read through most, if not, all of MO's posts. While I am not quite consistent yet, I thank him for all the time and effort that he spent here as I owe all my knowledge to him.
I decided to start a journal to make myself accountable. I hope it will help me learn from my mistakes. And I hope that my trades will trigger more discussion about what I have done right or wrong. So here goes.
Welcome and good to see you posting, especially using MO tech.
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Thank you for your support.
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- newark18
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Re: Newark18's trading journal
LeMercenaire wrote:newark18 wrote:Hi all,
I have been full time trading (oil futures and crypto) since 2012 but I never quite was able to trade FX successfully. I read through most, if not, all of MO's posts. While I am not quite consistent yet, I thank him for all the time and effort that he spent here as I owe all my knowledge to him.
I decided to start a journal to make myself accountable. I hope it will help me learn from my mistakes. And I hope that my trades will trigger more discussion about what I have done right or wrong. So here goes.
Welcome and good to see you posting, especially using MO tech.
Thanks!
Failure is an opportunity to learn.
- newark18
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Re: Newark18's trading journal
I wasn't around when price came back to white line but if I was there I would have considered a shorting around the ZL but using a pretty big stop. I've tried to catch a falling knife (with smaller stops) too many times and it isn't quite worth it.
Failure is an opportunity to learn.
- newark18
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Re: Newark18's trading journal
Bigger picture: I am biased long because of HH and potentially HL on H1.
Based on my bias, I should have been looking for longs on the lower black line. Again, I wasn't around. But looking at M5, I guess there was a decent entry but not sure I would have seen it if I were watching it live.
Failure is an opportunity to learn.
- newark18
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Re: Newark18's trading journal
I started looking at UC. This trade was clearer compared to most. The first chart is M30 showing the close under support.
M5 chart showed entry. Since this was a trend trade, IMO, I decided to use Alias' entry method. Waited for a red bar and took entry at the close of the candle. I didn't get greedy and took 2x on the trade.
Failure is an opportunity to learn.
- newark18
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Re: Newark18's trading journal
I was watching S/R area in highter TF. Went down to M1 TF and waited for a clear close under. Waited to the retrace and entered short. Took 1x to be safe since UC is showing signs of being in consolidation here.
Failure is an opportunity to learn.
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