Hi Everyone,
Decided to start this journal to stimulate my development as a trader and document my studies, trade analysis, insights and ideas on EURUSD.
A few words about myself. I've been trading for four years now, had my ups and downs (more downs than ups, definitely), and have a goal to grow and start trading for a living in the coming two years. I already know this journey to be difficult and humbling, and one in personal development in the first place. I trade intraday, looking for scalp entries with high risk-reward swing potential. My normal stop is 3-6 pips, and I look for trades that could produce at least 15 pips, a 3R multiple. In my trading I use the Brooks Price Action methodology for reading market context and market psychology bar-by-bar, but I also pay attention to the classic TA chart patterns. The only indicator I use is the 20-period EMA. Would like to incorporate Market Profile into my trading, but leaving this for the future for now.
My trading plan
INSTRUMENT: EURUSD
TIME: European session and US morning session
PREPARATION: Daily analysis of the previous day's performance and visualisation (10 minute mental toughness exercise)
METHOD, STEP-BY-STEP:
- Multiple timeframe technical analysis based on Price Action (Dudella patterns, Brooks Price Action)
- Document trade locations and ideas, entries and targets
- Follow 5 min price action chart bar-by-bar based on Brooks Price Action to/at trade location
- Entry on Tick Chart with tight stops 3-5 pips
- Take off to break even position on the next 5 min bar or scratch
- Breathe and hold to targets, scaling out
- 15 minute break and refocusing
Decided to start this journal to stimulate my development as a trader and document my studies, trade analysis, insights and ideas on EURUSD.
A few words about myself. I've been trading for four years now, had my ups and downs (more downs than ups, definitely), and have a goal to grow and start trading for a living in the coming two years. I already know this journey to be difficult and humbling, and one in personal development in the first place. I trade intraday, looking for scalp entries with high risk-reward swing potential. My normal stop is 3-6 pips, and I look for trades that could produce at least 15 pips, a 3R multiple. In my trading I use the Brooks Price Action methodology for reading market context and market psychology bar-by-bar, but I also pay attention to the classic TA chart patterns. The only indicator I use is the 20-period EMA. Would like to incorporate Market Profile into my trading, but leaving this for the future for now.
My trading plan
INSTRUMENT: EURUSD
TIME: European session and US morning session
PREPARATION: Daily analysis of the previous day's performance and visualisation (10 minute mental toughness exercise)
METHOD, STEP-BY-STEP:
- Multiple timeframe technical analysis based on Price Action (Dudella patterns, Brooks Price Action)
- Document trade locations and ideas, entries and targets
- Follow 5 min price action chart bar-by-bar based on Brooks Price Action to/at trade location
- Entry on Tick Chart with tight stops 3-5 pips
- Take off to break even position on the next 5 min bar or scratch
- Breathe and hold to targets, scaling out
- 15 minute break and refocusing
"To the busy day / To the idle play"