ArmSec Trading Journal

Hello,

I am starting my own trading journal for a small account I have recently opened. I am a profitable trader as you will see but I find I do better when I teach. It solidifies my understanding. That's why I'm here. I will explain my strategy shortly.

Pairs:
EUR/USD
GBP/USD
USD/JPY
USD/CAD
NZD/USD (sometimes)
USD/CHF
AUD/USD

Time frame: Daily but rarely hold more than 3 days. Often take profit is executed overnight after I execute trade.

Indicators:
Mainly use only candlesticks, fibo, S/R, and sometimes moving averages.

i am in favour of using daily tf trading,im excited to see what your strategy is,i also use fibo ,SNR and moving averages.Good luck!

Okay this is strategy. I will explain as if everyone knows not much about the concepts, if you already know, feel free moving on. Also I explain the way I see them and learned, don't care if like or not.

First you need to understand support and resistance.



Support is a level at where price frequently goes down to, but bulls see that as a "oversold" and begin to buy, pushing price up. As you can see in image above price repeatedly (at least 2x) goes up at this level.

Resistance is a level at where price frequently goes up to, but bears see this as "overvalue" and begin to sell, pushes price down. Price much reach this level and go down at least twice to be valid.

Keep in mind that these levels are not always horizontal, as shows image above. Sometimes they more diagonal:



Some people call these trendlines. When price make higher highs you have upward trendline S/R levels. When price make lower lows you have downward trendline S/R levels.