I have decided I should probably add a section here detailing some of my goals/strategies of my journal.
My main goal is to trade profitably and consistently, growing my account balance along the way. I have had a few FX accounts over the last year or two all that I have blown out for the most part due to over leveraging and bad entries. I recently attempted trading FX options with IG markets. I didn't make any money in the end however during my experimentation with options I was able to realize that I don't have any problem identifying where price will end up in 1,2,3 or more days. My problem has simply been I have been taking too large of positions with my account size leading to the blowing up my account before any of my trades have the chance to come to full fruition.
I have reverted back to trading simply forex as understanding/learning time decay etc etc involved with options is not my best bet right now. I need to master standard forex first.
My goal is to obtain a 10% return/day, compounded daily until a sufficient account size is amassed. This does not mean once i reach my predetermined goal for the will i will stop trading for the week. It is simply a benchmark. If i surpass that mark during the week yet draw down my account back to that mark by weeks end but am still at 10% daily for the week i will consider it a successful week.
I will be determining the amount of capital i don't mind losing BEFORE finding each trade.
I will then identify a trade i see as profitable and figure where my stops and limits should be placed.
I will then determine my trade size based on the amount of risk i have decided to take divided by the number of pips from entry i want my SL located.
I will make general trade direction decisions based off of daily and weekly charts, honing the entry/exit prices off of 1-4 hour charts.
I will maintain my positions until either my SL or TP is hit.
I will allow myself to exit a trade early if price has failed to move toward either my SL or TP within a reasonable amount of time and has since changed the setup which i had initially identified.
I will use 15 & 5 period MAs, Parabolic SAR, MACD and general S&R lines to help determine my stops and limits.
I will post all of my trades here immediately after taking them with a full explanation as to why and how i came to said trade decision.
I ill make my trades anytime from 4AM-8AM, 11AM-1PM, 5PM-10PM CST
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4 hour chart
Long E/U @ 1.4727
Stop @ 1.4701
TP @ 1.4800
S&R @ 1.4840ish level & 1.4626
E/U just bounced off lower support level at 1.4626 and is headed back to the upper level of the channel. I have gone long and am looking to take profit at 1.4800, 40 points below resistance, as there was some resistance around the 4800 level within the last day or two that may pose a problem to continued upward movement.
MACD is still coming back from and oversold level, it just completed a small re-tracement on what i believe will continued easing of the selling pressure.
DAILY chart
The daily chart had started to show some bear teeth however, after today those bear teeth seem to have retreated a bit at least for the moment so I am comfortable in taking a short-med term long position. On the dailies the price will need to pull back to about the 4840 level (15 period MA) before pushing back down further.
My main goal is to trade profitably and consistently, growing my account balance along the way. I have had a few FX accounts over the last year or two all that I have blown out for the most part due to over leveraging and bad entries. I recently attempted trading FX options with IG markets. I didn't make any money in the end however during my experimentation with options I was able to realize that I don't have any problem identifying where price will end up in 1,2,3 or more days. My problem has simply been I have been taking too large of positions with my account size leading to the blowing up my account before any of my trades have the chance to come to full fruition.
I have reverted back to trading simply forex as understanding/learning time decay etc etc involved with options is not my best bet right now. I need to master standard forex first.
My goal is to obtain a 10% return/day, compounded daily until a sufficient account size is amassed. This does not mean once i reach my predetermined goal for the will i will stop trading for the week. It is simply a benchmark. If i surpass that mark during the week yet draw down my account back to that mark by weeks end but am still at 10% daily for the week i will consider it a successful week.
I will be determining the amount of capital i don't mind losing BEFORE finding each trade.
I will then identify a trade i see as profitable and figure where my stops and limits should be placed.
I will then determine my trade size based on the amount of risk i have decided to take divided by the number of pips from entry i want my SL located.
I will make general trade direction decisions based off of daily and weekly charts, honing the entry/exit prices off of 1-4 hour charts.
I will maintain my positions until either my SL or TP is hit.
I will allow myself to exit a trade early if price has failed to move toward either my SL or TP within a reasonable amount of time and has since changed the setup which i had initially identified.
I will use 15 & 5 period MAs, Parabolic SAR, MACD and general S&R lines to help determine my stops and limits.
I will post all of my trades here immediately after taking them with a full explanation as to why and how i came to said trade decision.
I ill make my trades anytime from 4AM-8AM, 11AM-1PM, 5PM-10PM CST
--------------------------------------------------------------------------------------------------------------------------------------
4 hour chart
Long E/U @ 1.4727
Stop @ 1.4701
TP @ 1.4800
S&R @ 1.4840ish level & 1.4626
E/U just bounced off lower support level at 1.4626 and is headed back to the upper level of the channel. I have gone long and am looking to take profit at 1.4800, 40 points below resistance, as there was some resistance around the 4800 level within the last day or two that may pose a problem to continued upward movement.
MACD is still coming back from and oversold level, it just completed a small re-tracement on what i believe will continued easing of the selling pressure.
DAILY chart
The daily chart had started to show some bear teeth however, after today those bear teeth seem to have retreated a bit at least for the moment so I am comfortable in taking a short-med term long position. On the dailies the price will need to pull back to about the 4840 level (15 period MA) before pushing back down further.