Hello everyone and welcome to my trading Journal. My name is Ian G. and I have been a Forex trader for over 5 years now. I trade for a living. Yes, you read that right. I trade for a living. I have started this thread on the Journal’s section because it is a trading journal. My purpose is to document each and every trade here for future reference.
I do not claim to be a guru, on the contrary, my aim is to get input from other traders so as to better my trading and become as good as possible. This thread is for sharing and sharing only.
Okay, so here is the system I trade:
Instrument: EURUSD
TimeFrame: 1 HR
Indicators: Bollinger Bands (20,2)
SMA 1 (89)
SMA 2 (178)
Stochastic 1 (10,3,3)
Stochastic 2 (34,,8,8)
Trix (13,4)
Daily Pivot Points
Position Sizing: A leverage of 10:1 is applicable at the open of every trade. Maximum leverage to be used is 13.3:1
Money Management: My target is 30 pips but targeting the next Support/Resistance would not be a bad Idea. The SL is the previous swing high/Low plus 4 pips.
ENTRY
· We want those oversold and overbought regions on stoch 1. We buy when oversold and sell when overbought but we want the trend to be resuming. So we buy when Stoch 1 crosses 25 up or sell when it crosses 75 down.
· We want to look at the Zero trix line as our trend following signal. If trix is above Zero, we want to be looking at oversold regions to buy and vice versa.
·
We also want to look at the two SMA’s. If we get a buy signal below SMA 1, we enter with half volume and top up when we get above it. Same for a sell order.
·
Stoch 2 represents, just like the trix, a trend change when it crosses 50. But be careful, it could be the end of a pullback/retracement.
· The SMA’s represent very significant S&R levels. Always watch out around them.
· In short,
o If trix is above zero and stoch 1 is oversold but crossing 25 back up, enter long and viceversa for sell if trix is below Zero and Stoch 1 is crossing 75 down.
o Look that price has bounced off the bands or the middle MA.
EXIT
· We only want to exit if our trade proves wrong. Very wrong. But we also want to cut our losses short and let profits run, so; Exit at:
o Stop Loss or
o If Trix crosses Zero line against you or
o If price crosses all MA’s against you or
o Stoch 2 crosses 50 against you.
Below is sample screenshot of my chart.
Okay then fellow traders, Ill be back with my first trade soon.
I do not claim to be a guru, on the contrary, my aim is to get input from other traders so as to better my trading and become as good as possible. This thread is for sharing and sharing only.
Okay, so here is the system I trade:
Instrument: EURUSD
TimeFrame: 1 HR
Indicators: Bollinger Bands (20,2)
SMA 1 (89)
SMA 2 (178)
Stochastic 1 (10,3,3)
Stochastic 2 (34,,8,8)
Trix (13,4)
Daily Pivot Points
Position Sizing: A leverage of 10:1 is applicable at the open of every trade. Maximum leverage to be used is 13.3:1
Money Management: My target is 30 pips but targeting the next Support/Resistance would not be a bad Idea. The SL is the previous swing high/Low plus 4 pips.
ENTRY
· We want those oversold and overbought regions on stoch 1. We buy when oversold and sell when overbought but we want the trend to be resuming. So we buy when Stoch 1 crosses 25 up or sell when it crosses 75 down.
· We want to look at the Zero trix line as our trend following signal. If trix is above Zero, we want to be looking at oversold regions to buy and vice versa.
·
We also want to look at the two SMA’s. If we get a buy signal below SMA 1, we enter with half volume and top up when we get above it. Same for a sell order.
·
Stoch 2 represents, just like the trix, a trend change when it crosses 50. But be careful, it could be the end of a pullback/retracement.
· The SMA’s represent very significant S&R levels. Always watch out around them.
· In short,
o If trix is above zero and stoch 1 is oversold but crossing 25 back up, enter long and viceversa for sell if trix is below Zero and Stoch 1 is crossing 75 down.
o Look that price has bounced off the bands or the middle MA.
EXIT
· We only want to exit if our trade proves wrong. Very wrong. But we also want to cut our losses short and let profits run, so; Exit at:
o Stop Loss or
o If Trix crosses Zero line against you or
o If price crosses all MA’s against you or
o Stoch 2 crosses 50 against you.
Below is sample screenshot of my chart.
Okay then fellow traders, Ill be back with my first trade soon.
Attached Image (click to enlarge)
