Hi everybody, I have decided to post a journal of my trades here. I will be posting all my trades with a fair bit of explanation as time moves on.
I trade only EUR/USD, Gold and Crude Oil. I will be trading medium to very long term.
My rules for entering a trade and exiting it are as follows:
1) Enter on 50 fib. If it fails, enter on 61.8 fib.
2) Enter on daily chart's support and resistance level.
3) Enter on trendline breaks
4) Enter on major news on a good support/resistance level
5) Exit on next support/resistance.
6) Exit on next trendline approach
For all trades, I have 50 pips stop loss. Whenever the stop loss is hit, I just take reverse position (RP) at the exact point where stop was hit. If it was buy, now i take sell, and vice versa. And when the market starts to move in the original direction, I use Jacko's AH technique to reenter the market.
Taking reverse position (RP) is a huge advantage. It allows to cover up the loss immediately, sometimes even giving more than what was lost. Also, RP has a huge advantage in news trading.
I will be using TSL manually. I will be adding lots when price exceeds the previous high/low from retracements.
I will try to be explanatory as much as I can.
I trade only EUR/USD, Gold and Crude Oil. I will be trading medium to very long term.
My rules for entering a trade and exiting it are as follows:
1) Enter on 50 fib. If it fails, enter on 61.8 fib.
2) Enter on daily chart's support and resistance level.
3) Enter on trendline breaks
4) Enter on major news on a good support/resistance level
5) Exit on next support/resistance.
6) Exit on next trendline approach
For all trades, I have 50 pips stop loss. Whenever the stop loss is hit, I just take reverse position (RP) at the exact point where stop was hit. If it was buy, now i take sell, and vice versa. And when the market starts to move in the original direction, I use Jacko's AH technique to reenter the market.
Taking reverse position (RP) is a huge advantage. It allows to cover up the loss immediately, sometimes even giving more than what was lost. Also, RP has a huge advantage in news trading.
I will be using TSL manually. I will be adding lots when price exceeds the previous high/low from retracements.
I will try to be explanatory as much as I can.