My Price Action / Touch Trading FX Journal

[lovejoy21]

This journal will detail all my intraday trades taken together with some self analysis from time to time. It is a place for me to pictorially keep a log of my trades whilst also to gain some thoughts / ideas / constructive critiscism from T2W members.

I would describe my trading as a mixture of the following:

1. location - looking for a confluence of S/R, TL's, roundnumbers, Fibs, divergence
2. Price action - mostly at a heavy confluenced area as mentioned above.

I also use intermarket correlations such as YM, EP, US Crude Oil and Gold as additional confleunce to my FX technical setups.

I do keep an eye on fundamentals in terms of important data releases and general market sentiment and will bear this in mind at times when trading e.g. when something like the Ireland bailout happenes it's easy to look back at what happened when Greece went through the same thing and realise what this menans technically for EUR
I trade mostly off the 1H and 4HR timeframes but will occasionally take a daily or weekly setup or a 5min / 15min setup.

Lastly, I focus mainly on the USD, JPY and CHF pairs with some minor pairs (ANZD,EG, ECAD, EAUD,ACAD) if they are approaching key technical areas.

 

[lovejoy21]

I'm only casually looking at the markets at the moment as I'm pretty much in wind down mode for the year, so I only took one trade today (not including my 5-10 pip scalps for the WS £100k competition) as follows:

- UJ - price returning back o an S/R flip area with supporting confluence of 50% retracement. Scrolled down to the 1HR and 4HR TF to wait for some PA and a 1HR BUOB presented itself which was my trigger to go long.

SL is currently at BE and I have a TP @ 85.80, although I might take some profit @ 84.35 if price gets there (I'll also add a further position if a daily BUOB forms).

 

[lovejoy21]

First time properly looked at the markets this week and was waiting for price to retrace back to daily s/r area with 50/61 % fibs confluence. Took a touch trade at this area and then the 1HR pin bar followed.

 

[lovejoy21]

First time properly looked at the markets this week and was waiting for price to retrace back to daily s/r area with 50/61 % fibs confluence. Took a touch trade at this area and then the 1HR pin bar followed.

Took profit on the pin at first trouble area for a gain of 0.48 risk (R) and moved SL up on the touch trade to 1.0140 when the 1.0250 S/R was broken to the upside. This didn't hold as support so my SL was hit for a gain of 1.22R on this trade.

 

[lovejoy21]

2 simple trades today on UCHf. Both of them pretty much based on price action...firstly a 1HR BUOB and then a 4HR BUOB...although I would have taken the first trade without the BUOB as the 0.9500 area was looking like it was being solidly defended as it 'should' have been going down when EU was going up, but the fact it wasn't siad to me that it wasn't going to break down any further for the time being.

I exited the 4HR BUOB at the first trouble area and exited the 1HR trade at a confluence of resistance, TL and fibs...if it was a normal market and not at this time of year I would have easily reversed my long for a short there. I made a combined 4.39R across both trades so a good profitable week with a couple of nice easy setups