Tech's manual trade Journal

OK, first off I know I don't post here much, but I figured that this was the correct venue for a trade journal. Forgive me if some of this contains typos or I go off incoherently, but I'm watching an open GBP trade at the moment so I am a bit preoccupied.

Anyway, I trade a good portion of my funds with expert advisors I've built, and while profitable, nothing beats human intuition as of yet. Until that day comes I'll manually trade at least half of my funds on a daily basis. Here I'll chronicle just how I set them up and trade them and post charts. Hopefully I can do this with some sort of regularity

OK, first off I trade off of the metatrader 4 platform with a few custom indicators. I trade 15 minute charts mainly @ reversal points and use down to 1 minute charts once a signal is generated that shows signs of a reversal. I don't use lagging indicators. I don't use a stoch or a MACD and I sure as hell don't use Juice (what is that anyway?). You'll notice a few MA's on my charts, but I use them mainly for a visual reference and not for any trading decisions. Plus they look pretty .

I use mostly Elliott Wave theory, some fib levels, and fractals in my trading decisions. I'll also use your garden daily variety technical levels from time to time as well. Those are more for knowing where the market is at when I'm trading. If the daily stoch is pegged out I won't go long for the simple fact that others are looking to get short probably and for an active trader that's a bad thing. I like tight stops and big targets (in relation to my stop)and my method allows for that most of the time.

I also utilize a neat piece of software called ELWAVE from Prognosis. As of yet I am not utilizing it so much in my daily trades, but rather to forecast longer term trades. I'll incluse charts from it here from time to time although during key reversal points I use it less and less. Like now, in the GBPUSD (the trade I'm about to discuss) the targets are both long and short, yet I am long. Usually when I see all of this happening we're about to start a new major trend. My prediction is that the GBPUSD is on it's way down sometime soon or at least for a decent sized correction.

I'll post the charts now with some labeling and get onto the setup scenario later today when I have a bit more time.

And the GBP trade progresses...

Exited the trade for a measly 14 pips. The 50% fib fan line resistance held. All the while I missed a decent move in the USDJPY. After a little analysis though I decided to fade the move and get long @ 115.50 and target the 200 SMA @ 115.65. Not exactly a spectacular trade either but it was born of impulse and has a pretty high degree of probability. That and a 6 pip stop...

.. and with that I'm going to bed. It's Friday!

EDIT: Hit the 200 SMA and profit target. Bounced back as expected. NOW I'm going to bed

what do you use in your EAs then? I don't think that you can program EW in an effective way and if you are trading 15min charts with 1min for signals then you need some sharp indicators to point you in a direction..

EDIT... I totally misread your post. I thought you said MA's and you said EA's. Gotcha.

I'm not going to disclose my automated trading system, but it's not based on EW, but rather raw price movement. No indicators... just a little fancy math.

A little MA action that again is just for visual reference. Hope this helps.

And you mentioned sharp indicators? Look at my entry point in relation to the actual turning point. True this is after the fact, but look at my post time and then check your charts. I posted before the move. I'll try to post charts as the trades progress so that you know I am not picking tops and bottoms afterwards.

Here's a trade setup for the market open. This is at the close on Friday. I'll probably get long in the 8790 are if conditions allow, but will enter higher if necessary. Should be easy to get plenty of pips on this one. Will look over the other charts and see if I see high probablity trade setups in them as well.

Again a small retracement downwards and we'll get long.

Same scenario in the USDCHF although (short of course) I won't go on posting charts tonight. USDJPY is looking a little confused at the moment so no trade there until we get some confirmation.

So my predictions for the open upon small retracements in each.

Long EURUSD, GBPJPY
Short USDCHF

Long term trades are just the opposite. I think we're going to see a stronger dollar. Again, this is Elliott Wave analysis and a continuation of what I said in post 1. I think we're in for a reversal of the dollar weakness. You can see the confusion across many pairs. The USDJPY is showing clear signs of it's longer term trend direction. Degrees of waves are changing from the Sub-Micro on up. You can see it on the chart below. This is the changing of the guard.

Since the GBPUSD and the EURUSD showed no signs of retracing I went long at the open and the pairs followed through on the predictions made yesterday. Probably just some pre-european market position taking/clearing so I'll wait for my original criteria to be met. Anyway, I bagged some nice pips there. I wasn't sure about the USDCHF so I stood asid and while it performed as expected, I like to be sure and I just wasn't sure about it.

I'm still waiting on a retracement to get long in the EURUSD and GBPUSD again and we should have that sometime in the next few hours as overbought as all of the studies are.

Looks like the tide is changing. Short EURUSD @ 0218 CST (0819 GMT)

EDIT: Stopped out... waiting for a better entry.

Got it. Same setup as above but I'm in @ 1.2898

Closed out EURUSD @ 1.2800 for 96 pips (98 pips - 2 pip spread). Reversed position to long. Targets in the 1.2970 region.

An EW chart with my new target.

+30 pips and I didn't break a sweat... about 140 pips to go.

In regards to the EURUSD trade:

I ended up getting out @ 1.2842. Long again at 1.2785. I thought the bottom was in @ 1.2784, but apparently its going to be in the 1.2870's. Now... onward and upward.

Stopped out of the second for -15.

With that... I don't think I'm going to be posting on any internet forum for a while much less this one. I think it's time for a vacation.

Tech,

REALLY enjoying your posts. Actual meat and potatoes, down-to-earth. Not pie in the sky post-trade-only malarkey. I hope they keep coming because I find myself drawn to this thread.

Thanks,

Pellican

I'll post more soon hopefully. There will be no trading next week. I'm going to hang out on a beach in Mexico for a bit. Happy trading all.

Nice post but I just wonder your EA trading is conpletely different from your manual trade. You must have 2 trading techniques in one mind. I am sure your EA is do much better than your manual trading as such you can spare more time on the holiday trip.