FX Pipsology Trading Journal

First off I would like to introduce myself. I'm Kar Yong, a Malaysian, resident of Singapore since 2004. I was previously pursuing architecture, but left the architecture industry in 2011 during a complicated phase of my life.

I started off researching on various ways to make some pocket money on the internet, and stumbled into the forex market. I began trading as a means to earn additional side income. Initially a forex trader I soon found a vibrant community in the forex market.

After learning and trading for some time, I started FX Pipsology, a blog dedicated to sharing and connecting with people of similar interest in trading forex. Even if it looks like I have it together, I often strive to be honest about the frustrations, headaches, and joy that is found in everyday trading.

The purpose of this thread is mainly to track all my trade journals, and hopefully along the way, these journals will be able to serve as educational materials for other traders as well.

I am open to connect with you and enjoy helping people in forex trading. I also encourage people to find a balance between the expectations of modern life and the reality of working from nine to five every day. Feel free to connect with me on Twitter, at Facebook and LinkedIn.

Potential Gartley that I'm watching on EURUSD at the moment.

This was the trade of the week. Hitting both target 1 and 2.

It was a good trade technically as there was a completion of ABCD pattern in confluence with the daily bullish channel.

Felt grateful that I didn't take these two trades. Though there is a valid ABCD pattern, the technical point of view isn't favourable to the pattern as price would have broken the trend line for AUDUSD and support level for USDCAD to have the pattern completed.

Learning point here is to always seek for confluences.

I was really tempted to set my orders to get onto this trade on NZDUSD.

However, the final trading decision made was to give this pair a miss for two reasons:

1. Fundamentally, the NZD is strong due to the recent decision to raise the interest rate.
2. From VSA point of view, there isn't any significant weakness in the background.

I didn't feel entirely confident on this potential setup.

These two pairs was something that I shared about yesterday on my blog. My entry orders were missed by merely few pips and price bounced off the PRZ right after that and would have hit target 1 for EURCAD.

Hence I decided to cancel my orders for both pairs as part of my trade management plan.

For traders who got filled on the EURCAD, would have gotten target 1 hit and moved SL to BE, and soon stopped out at breakeven.

For the EURCHF trade, price did eventually moved in the favourable direction.

Though this is an opportunity missed, to me, this is a good 'trade' executed (by sticking to my trade management plan).

Ending of this week, here's a potential Cypher pattern on USDCHF.

Overall, it has been a good week for me.

Wishing all traders a great weekend ahead!

7 Potential trade setups that will be keeping an eye on for next week.

1. AUDUSD - D1 pin bar rejection
2. EURAUD - ABCD Pattern
3. EURGBP - ABCD Pattern
4. EURUSD - Gartley Pattern (identified earlier last week)
5. USDCHF - Cypher Pattern (identified earlier last week)
6. USDJPY - Gartley Pattern
7. EURCHF - Bat Pattern

Entered on USDJPY based on Bat pattern completion on H4.

Mid week updates:

So far the AUDUSD double top seems to be holding atm.

2 potential setups were identified:

1. A bat pattern on GBPCHF
2. SOS in USDCAD

Yesterday I was filled on the Bat pattern on USDJPY. Price didn't seem to react from the PRZ as expected.

Will just have to wait for price to hit my SL or turn and go back down.

Bat completion on EURAUD.

Hit my SL for this pair.

Entered on EURUSD and GBPCHF on NFP day.

The USDJPY trade came back down after the NFP release as well.

Let's see what next week will bring.

Price was close in hitting my SL. But price came back all the way to hit TP 1. Moved SL to BE and targeting for TP 2 now.

Shared some of my thought processes managing trades today, with example on the GBPCHF trade.

On the other hand, added two pairs into my 'monitor' list this week.

UJ hit both TP 1 and TP 2.

EU hit TP 1, and moved SL to BE.

EU hit both TP1 and TP2.

GBPCHF hit TP1. Moved SL to BE.

Three potential trades spotted today.

Potential patterns to KIV for at least the next two weeks.