Newark18's trading journal

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newark18
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Newark18's trading journal

Postby newark18 » Wed Apr 08, 2020 1:05 am

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.
Failure is an opportunity to learn.

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newark18
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Re: Newark18's trading journal

Postby newark18 » Wed Apr 08, 2020 1:24 am

Image

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.

Image

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.

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Re: Newark18's trading journal

Postby newark18 » Wed Apr 08, 2020 1:30 am

Image

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.

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Re: Newark18's trading journal

Postby aliassmith » Wed Apr 08, 2020 4:00 am

newark18 wrote:Image

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. :D
Trade Your Way as Long as It Makes Money!

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Re: Newark18's trading journal

Postby LeMercenaire » Wed Apr 08, 2020 8:54 am

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

Postby newark18 » Wed Apr 08, 2020 1:27 pm

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.

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newark18
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Re: Newark18's trading journal

Postby newark18 » Wed Apr 08, 2020 1:44 pm

Image

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.

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newark18
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Re: Newark18's trading journal

Postby newark18 » Wed Apr 08, 2020 1:52 pm

Image

Bigger picture: I am biased long because of HH and potentially HL on H1.

Image

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.
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Re: Newark18's trading journal

Postby newark18 » Thu Apr 09, 2020 3:12 pm

Image

I started looking at UC. This trade was clearer compared to most. The first chart is M30 showing the close under support.

Image

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.

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newark18
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Re: Newark18's trading journal

Postby newark18 » Thu Apr 09, 2020 5:25 pm

Image

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.
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