Another journal? C'mon!

[Supporter]

That's probably what you think when you see a new thread beeing started in here :spam:
But I will do my best to make it entertaining and hopefully provide some good lessons.

My account, risk and goal
I will be trading a $$ 550 live account. I will take a risk of 1 - 2% on any given trade.
The monthly goal is around 4%. Aiming so low? - Considering you get 2,5% per year on a bank account 4% a month is extremely high and with the goal in mind to be able to live of trading and attract investors you need to play it safe, minimize drawdowns and keep the capital growing smooth and stable.




The "system"
I am not trading a $$ 99,00 system you can buy somewhere that will generate 10000% after the first year. I am trading pure support & resistance (S&R). The only thing I have on my charts other then horizontal lines is the ATR and a 21 exponential moving average I use for additional S&R.



The goal of the thread

First of all it is supposed to keep track of my perfomance, share ideas and develop further as a trader.
I want to improve on my weaknesses (mainly letting trades run and finding reasonable exits) and sharpen my strenghts (entries, setups).
And hopefully I can help other traders along the way as well.

I wil be sharing some of my trade-setups with a screenshot and my account statements to make it as transparent as possible.

Let's rock

 

[tbirdtrader]

I look forward to following you. Good luck.

 

[MikSax]

Thank you for sharing, going to follow this

 

[mitch-fx]

I'm your biggest fan already Keep it comin . All the best mate!

 

[Supporter]

No trade yesterday on monday.

I did place a limit buy on AUD/USD though in the morning that was missed by a little less then the spread.
Of course that sucks but the key is not to get distracted or angry and try to jump in late and ruin your Risk-to-Reward-Ratio this way.

These things happen and you just have to live with it. Let's move on to the next setup and stay focused

The Statement


The setup



This is a basic setup I am trading very often. Support turns into resistance.

Cheers

 

[Supporter]

Just a quick update.

If you take a look at my statement I posted earlier this day you can see my pending orders I had in the market. The order on AUD/USD was triggered and the target was hit shortly after.

Profit of this trade : + $8,00 ( +1,45%)
New Account size: $ 559

I will be sharing my today's statement with a screenshot tomorrow.

Cheers

 

[Supporter]

Good day,

here is my statement from my yesterday's trading action.



And here is the trade on AUD/USD that I took yesterday.



Level has been resistance last and I traded the retest. Price came down to my stop loss very close because of the volatile moves but as fast as it came down, it did shot back up again.

Good start into the journal

 

[Supporter]

Two levels I am watching today:

1.0418 on AUD/USD for a possible sell
1.3370 on EUR/AUD for a likely long

But we are going to have some big news today and the EU Economic Summit what could make things very volatile. So I will be reducing my position size and keep my pendings in the market.

Enjoy your day

 

[Supporter]

Two levels I am watching today:

1.0418 on AUD/USD for a possible sell
1.3370 on EUR/AUD for a likely long

But we are going to have some big news today and the EU Economic Summit what could make things very volatile. So I will be reducing my position size and keep my pendings in the market.

Enjoy your day

Update.

Should have sticked to my analysis. Instead I did take off my AÚD/USD which would have been a great trade. I let EUR/AUD open and got taken out for $ - 3.

Would have, could have, should have...
Fact is, I screwed up and took a loss. But no time to whine. We need to move on in that business. Will go over my trades tomorrow in a little more detail.

 

[Supporter]

Account Balance: $ 556
+ $ 5
+ 0,9%

I made the decision not to talk about what I should have done yesterday. It was just a level that didn't work out on EUR/AUD. One of the reason was the big volatility during big news events. But I reduced my risk and exit early for a small loss.

But let's move on now.

USD/CAD just broke a level that I would like to trade on a retest --> 0.992
GBP/USD I have already a pending on 1.5848. This looks like a great level.
Depending on how far away we pull from 1.05 on AUD/USD I will consider a long position on a retest.

Have a good day

 

[Supporter]

Trying to be smarter then markets don't work (often).

Tried to go against the upmove ion AUD/USD and took a $ -4,20 hit.

Weekly balance now at $ +0,99 which is as good as back to zero

More tomorrow...

 

[mitch-fx]

Nothing like live trading experience, keep it up.

 

[Supporter]

Warp up - Week 1

Overall I am ok with my week. Nothing impressive but a start into the public journal I can live with.

I had 3 trades this week. Two losers.

- The winner was a good and standard Support & Resistance (S & R) trade.
- The first loser was a good S&R trade as well. Just the level didn't work and that will happen. I minimized the risk and only took a small loss.
- The second loser was a stupid trade. I take credit for that and know that I violated my rules. No real reasons to enter. I just "wanted to be in the markets". Lesson learned. Move on!

Overall my week ended more or less break even.

Looking forward to next week. There are some great levels on some pairs I am looking to trade :clap:

 

[MikSax]

Great start Supporter! 1 winner bigger than 2 loosers

 

[Supporter]

Thanks MikSax

No trades today for me. EUR/USD and AUD/USD both missed my pendings by a bit. But nothing to worry. Another day will come.

EDIT:

Couldn't resist and will be sharing my AUD/USD chart from today.

1. White lines
- That was the setup I was watching this morning. A nice level that had been respected last time we were at it. After the break I expected a reaction on it when we pull back to it so I put my limit buy on it.
Price turned 10 pips before it. I account for spread on those level-trades but having the pending order 10 pips ahead of the level is too much. That's a downside of the system. The advantage is the great risk:reward ratio you will get on those trades.

2. Purple lines
- The actual setup I am watching. Level has been respected very accurately last time back on it. Now again I expect a reaction when we pull back into it. Have my limit sell on it.

 

[Supporter]

I am still alive. just couldn't find any entries this week so far.

I am now watching 1.0288 on AUD/USD with my pending sell limit order already sitting at that level.
It has been previous support&resistance plus we have some 21-EMAs clustering at this level.

Now we wait and see if the order gets triggered.

Update: Good level but didn't hold. Took a loss of something over 1%.

Will update my statement later.

 

[Supporter]

I am still alive and watching charts but as a swingtrader these slow days are not what generates any signals.
EUR/USD has been ranging in between a 180 pips range the last days. Same goes for many other pairs.

I have a few setups I am watching very closely. The best one for now is on GBP/CHF. I have my buy order in place since monday.



Then I am also watching NZD/USD. It has formed a very tight and accurate range with some precise touches on the borders.
I am having an eye on it and will trade the retest after the breakout. Many pairs look the same at the moment and that could give some good signals soon.



The key these days is not to get impatient and jumpy on the trigger finger. You have to know your edge and if the markets don't generate signals you wait on the sidelines and don't waste your money.

 

[Supporter]

Today one of my trades got triggered.

It was a classic support and resistance trade on EUR/GBP. We had a nice level that acted as support for some time on a number of touches. We saw a break of that level and I had a pending sell limit on it to sell the retest.



I got a little over 2% profit on this trade. Total I am now 1% in profit on the account. I started with 550.

 

[mitch-fx]

Owhhh yea ! Cheers mate for trading the plan.

 

[Supporter]

It almost doesn't get any better then this level on EUR/JPY. The line that moves in steps is the 21-EMA from the Daily timeframe which should add additional resistance.

I have my order on 106.54. I will leave it there for 2 more hours. If it gets triggered I will close it before markets close for weekend.