It's been over a year sense I been trading but now I want to get back into the grind. One of the reasons for not being around is because a business deal went sour with my partner and the money that I used from my trading account is..gone. That being said, this journal is based on paper trades until I have another bankroll.
My trading style is based on median lines (aka Andrews pitchfork). Without going too much into detail the method revolves around Newton's law of "For every action, there is an equal and opposite reaction". Anyway, I'm no master on the subject but here are some resources for those interested:
http://www.forexfactory.com/showthread.php?t=76597
http://www.medianline.com/articles
http://www.marketgeometry.com/
So lets get started.
Shorting usd/jpy off 1hr
Entry: 80.439
reason:
[] even though the blue fork has an upward slope, I'm shorting based on the double top resistance AND the fact that price has tested the UML of the blue fork twice already.
Stop:
[] SL at 80.600
Target:
[] Looking for a target along the blue ML around 79.86 (579 pip estimate)
Risk/Reward ratio: 161 pips vs 579 pips ( 1 to 3)
My trading style is based on median lines (aka Andrews pitchfork). Without going too much into detail the method revolves around Newton's law of "For every action, there is an equal and opposite reaction". Anyway, I'm no master on the subject but here are some resources for those interested:
http://www.forexfactory.com/showthread.php?t=76597
http://www.medianline.com/articles
http://www.marketgeometry.com/
So lets get started.
Shorting usd/jpy off 1hr
Entry: 80.439
reason:
[] even though the blue fork has an upward slope, I'm shorting based on the double top resistance AND the fact that price has tested the UML of the blue fork twice already.
Stop:
[] SL at 80.600
Target:
[] Looking for a target along the blue ML around 79.86 (579 pip estimate)
Risk/Reward ratio: 161 pips vs 579 pips ( 1 to 3)
Attached File(s)
one_simple_line.pdf
991 KB
|
641 downloads