Aspiring Trader. journal

Hello fellow traders,

i've decided to take on a journal due to that fact i'm still new to trading and i feel it would help me along my journey with trading to make some live calls.

As stated before i'm still new and not yet consistant at winning trades so try not laugh too hard at my calls..lol

Also would love some feedback if anyone could spare the time.

Cheers,

AT.

Eur/Usd

Currently eyeing off the EUR/USD as a possible short on the daily time frame.

Noticed a small break out to the short side of a 14 day (300P High/low trading range) sideways movement,which had pulled back then was heading back down showing some form of rejection of a higher price.

So just monitoring this one for now for a move down to break the low of the previous bar, then to the hourly TF to look for an entry if it so happens to move down.

Would like to see a move down to the 1.2970 level.

Looks a little mixed on Eurusd Daily and 1hr right now, 4hr probably the clearest downtrend per overall price action - correct at writing, although daily has made a L @ the 76.4% fib shown, (not a fractal swing yet,) below last HL- this could be a bearish sign, this following a H...pairing though finding resistance at the previous support at that HL.

G/L

Nice one AT, just post up your trades; entry, exit, loss, profit, reasons etc. and folk can then comment..

AspiringTrader. said:

Hello fellow traders,

i've decided to take on a journal due to that fact i'm still new to trading and i feel it would help me along my journey with trading to make some live calls.

As stated before i'm still new and not yet consistant at winning trades so try not laugh too hard at my calls..lol

Also would love some feedback if anyone could spare the time.

Cheers,

AT.

Click to expand...

AT, I would stick to analysing for the time being. Most of the traders take a break till at least second week of January.

The price tend to move in a strange way (lack of volume, absence of big players etc.), so may be a challenge for the traders who use TA for their trading decisions.

cheers guys

EUR/USD,

It has broke throught the previous low of the break out an as pulled back slightly, i have to go to work so i,ve set up,

- a sell order at 1.3070
- 50Point stop
- and 105P target in mind

Re: Eur/Usd

AspiringTrader. said:

Currently eyeing off the EUR/USD as a possible short on the daily time frame.

Noticed a small break out to the short side of a 14 day (300P High/low trading range) sideways movement,which had pulled back then was heading back down showing some form of rejection of a higher price.

So just monitoring this one for now for a move down to break the low of the previous bar, then to the hourly TF to look for an entry if it so happens to move down.

Would like to see a move down to the 1.2970 level.

Click to expand...

Hey man, I don't know if you're still involved in this journal, but in my view you had the wrong entry and stop for this set up.

Here's how I see this chart:

Price broke below the 1.3185 level and then pulled back to that level on a test. The test failed and there was other leg down, including where you marked "breakout" when the price broke below the prior low. Price rejected the lower breakout and then rallied back up through the range to test the 1.3185 level again two more times, then failed hard. You were looking to get short after the price went below the prior low, but what if you instead tried to get short as soon as it failed the 2nd or 3rd test of the 1.3185 level? Think of the difference in your risk reward if you got short somewhere around 1.3180 and your stop was 1.3205. You keep the same stop loss amount, at a safer level in my view, and yet the potential gain from more downside is greater.

You were playing it very safe by waiting for the price to get all the way below the last low, but that's a dumb money trade. The smart and bold money is getting short near the key S/R level.

Good luck!