Welcome to my journal
I will try to post here my daily eur/usd transactions and predictions.
Simple price action (chart and candlestick patterns) is something that inspires me mostly. Price action itself is therefore the most powerful system for me.
I am daytrader hunting for the main move of the day. Of all time frames daily, 4h and 1h are most important for me, because they are quite often telling me what to expect next. When I know what to expect I am shifting to lower time frames 30min, 15 min (my favorite) and 5min looking for opportunity to enter.
My basic trading formula is as fallows:
Long signals:
1) after the sight of bullish candlestick like: morning star, hammer, bullish piercing or bullish engulfing rejecting at least for a second time s/r level
2) after the first light candlestick ending (engulfing) a bullish flag consolidation or symmetrical triangle consolidation or rectangle consolidation, or bullish wedge.
Short signals
1) after the sight of a bearish candlestick pattern like: evening star, shooting star, hanging man, bearish engulfing or dark cloud rejecting at least for a second time s/r level
2) after the first dark candlestick ending (engulfing) a bearish flag consolidation or symmetrical triangle consolidation or rectangle consolidation or bearish wedge.
Exit strategy:
Initial S/L is depending on the time frame, but I do not feel comfortable to place larger stops than 30 pips that’s why I am finding entry point using 15 min charts (or 5 min sometimes). Most of the time my SL is 20 or 25pips.
- If I am scalping then my min. SL is -10pips and min TP + 10 pips
- If I see possibility of bigger move then my SL is maximum 30 pips.
- If price goes minimum 10 pips in my direction I am tightening my SL and seriously considering placing it at B/E point.
- When Price goes 20 pips in my direction I definitely place SL at B/E point.
- if price reaches nearest S/R level I protect ¼ of my profits by moving SL
- If I open few positions simultaneously I close some of them at different S/R levels.
- If I open one position only I am trailing it with kijun-sen (3-5 pips below it if going long). If price is going fast I use kijun-sen from 5 min chart and if price is going lazily I use kijun-sen from 15 min char.
- In case I open only one position usually my transactions are closed by SL but sometimes I am closing them manually when I have no faith that price will go more in my favor or they are closed by predefined target level (TP order) if it is reached first.
- I always try to calculate targets using price action and fibo but I do not always put TP order.
I will try to post here my daily eur/usd transactions and predictions.
Simple price action (chart and candlestick patterns) is something that inspires me mostly. Price action itself is therefore the most powerful system for me.
I am daytrader hunting for the main move of the day. Of all time frames daily, 4h and 1h are most important for me, because they are quite often telling me what to expect next. When I know what to expect I am shifting to lower time frames 30min, 15 min (my favorite) and 5min looking for opportunity to enter.
My basic trading formula is as fallows:
Long signals:
1) after the sight of bullish candlestick like: morning star, hammer, bullish piercing or bullish engulfing rejecting at least for a second time s/r level
2) after the first light candlestick ending (engulfing) a bullish flag consolidation or symmetrical triangle consolidation or rectangle consolidation, or bullish wedge.
Short signals
1) after the sight of a bearish candlestick pattern like: evening star, shooting star, hanging man, bearish engulfing or dark cloud rejecting at least for a second time s/r level
2) after the first dark candlestick ending (engulfing) a bearish flag consolidation or symmetrical triangle consolidation or rectangle consolidation or bearish wedge.
Exit strategy:
Initial S/L is depending on the time frame, but I do not feel comfortable to place larger stops than 30 pips that’s why I am finding entry point using 15 min charts (or 5 min sometimes). Most of the time my SL is 20 or 25pips.
- If I am scalping then my min. SL is -10pips and min TP + 10 pips
- If I see possibility of bigger move then my SL is maximum 30 pips.
- If price goes minimum 10 pips in my direction I am tightening my SL and seriously considering placing it at B/E point.
- When Price goes 20 pips in my direction I definitely place SL at B/E point.
- if price reaches nearest S/R level I protect ¼ of my profits by moving SL
- If I open few positions simultaneously I close some of them at different S/R levels.
- If I open one position only I am trailing it with kijun-sen (3-5 pips below it if going long). If price is going fast I use kijun-sen from 5 min chart and if price is going lazily I use kijun-sen from 15 min char.
- In case I open only one position usually my transactions are closed by SL but sometimes I am closing them manually when I have no faith that price will go more in my favor or they are closed by predefined target level (TP order) if it is reached first.
- I always try to calculate targets using price action and fibo but I do not always put TP order.