Intro
The purpose of this journal is to keep track of my trades winners and losers. I will be posting daily analysis and screenshots of trades I take each day. For a brief introduction on my method I usually have 30sec, 2min and 10 min charts up at the same time and couple of MAs. I'm a day trader so I don't usually put much emphasis on TFs higher than 10min. If a trend develops on 30sec which is the lowest TF I look and where I also put my entry on and the price movies closer to my 2min MAs I hit buy/sell regardless of the trend on 10min. But for a confirmation I like to look at 10min candles and 20EMA, for a countertrend move on 10min I want price to at least cross above or below my 10min 20EMA. My profit target is usually set at 50pips somedays it could be more but from what I have observed from 6GMT to 9GMT GJ move is on average 50 pips. But I do look at my corresponding MAs on 30sec , 2min and 10min for a sign of reversal.
UPDATE: I no longer look at 30sec and 2min charts instead I'm going to be looking at 1H,4H and daily. I still haven't decided if I want to enter on 10min or 1h. 1h looks good enough as far as SL and account size is concerned.
I may occasionally trade USDJPY and AUDJPY if I get a clean entry. I do have other JPYs up just in case, keeping an eye on other yen pairs also helps me to see where the herd is going in case I don't get a clean candle or direction from GJ.
The purpose of this journal is to keep track of my trades winners and losers. I will be posting daily analysis and screenshots of trades I take each day. For a brief introduction on my method I usually have 30sec, 2min and 10 min charts up at the same time and couple of MAs. I'm a day trader so I don't usually put much emphasis on TFs higher than 10min. If a trend develops on 30sec which is the lowest TF I look and where I also put my entry on and the price movies closer to my 2min MAs I hit buy/sell regardless of the trend on 10min. But for a confirmation I like to look at 10min candles and 20EMA, for a countertrend move on 10min I want price to at least cross above or below my 10min 20EMA. My profit target is usually set at 50pips somedays it could be more but from what I have observed from 6GMT to 9GMT GJ move is on average 50 pips. But I do look at my corresponding MAs on 30sec , 2min and 10min for a sign of reversal.
UPDATE: I no longer look at 30sec and 2min charts instead I'm going to be looking at 1H,4H and daily. I still haven't decided if I want to enter on 10min or 1h. 1h looks good enough as far as SL and account size is concerned.
I may occasionally trade USDJPY and AUDJPY if I get a clean entry. I do have other JPYs up just in case, keeping an eye on other yen pairs also helps me to see where the herd is going in case I don't get a clean candle or direction from GJ.
Tape reading is an ART