Shane’s FX Trading Journal

I am starting this Journal relatively new to FX trading. I have been trading for about 3 months. My philosophy is as follows:

1. Always plan your trades. – Know your entry, target, and risk. Always have a plan if a trade goes your way, or goes against you.
2. Never use anything less then 1 hour charts.
3. Always use a Journal, document each trade, pips +/-, your tactics for that trade, when and why you closed.
4. Never get greedy. Take partial profits at 50% of your target
5. Never open more then 3 trades in one day
6. Never open a trade on a Friday
7. Always know when to stand aside, the market isn’t going any where.

Strategy:

My strategy is three parts:

1. The Bagovino Method http://www.forexfactory.com/showthread.php?t=7603
2. The River Theory http://www.theviewdownriver.com/
3. Fundamentals: What is happening in markets around the world

Each time I open a trade I will document the reasoning based on Bagovino, River, or Fundamentals or a combination thereof.


Adjustments will be made to this strategy as time goes on. Please feel free to offer me any suggestions, advice or criticism.

Happy trading...

4/1/2007
EUR/USD Short from 1.3357
Targets are 1.3300 and 1.3257.
1.3400 is my risk area.


A daily close above 1.3400 may indicate further demand into 1.3460. 1 Hour chart with 5/12 EMA has not shown a reversal. However, expect market to correct from news on Friday.



GPD/USD short from a 1.9677
Target 1.9594 and 1.9508
1.9700 is my risk area

Daily close or value building above 1.9700 indicates more demand into 1.9780 and 1.9820. 1 Hour chart has not shown a reversal. However, expect market to correct from news on Friday.

Welcome to the Forex Factory and congratulations on starting a journal!

I read your rules with great interest and was wondering whether you opened trades on Sunday.
Just wondering.

Best of luck to you.

Thanks for the reply. I did open trades Sunday at the Asian open..

I was wrong on the GPD/USD short out of the 1.9677 range. My risk level was in the 1.9700 range and the pair broke out past 1.9720 and triggered my SL at 1.9750. (-73) Pips
However, I am still short on the EUR/USD pair out of 1.3357 with targets of 1.3300 and 1.3257. There is heavy resistance at 1.3410. A push above this could challenge the 1.3484high
Opened a new trade long on the GPD/USD
GPD/USD Long from 1.9771
Targets 1.9824 and 19915
Risk is a close below 1.9748
April total (-82 Pips)
Total (-82 Pips)

USD/CHF may have some demand out of the 1.2130 area. Although, long term is a weaker dollar there is an opportunity for a short term trade

New Trade:

USD/CHF long from 1.2142
Target 1.2180 and 1.2217
1.2110 is my risk area

Existing trades:

GPD/USD Long from 1.9771
Targets 1.9824 and 19915
Risk is a close below 1.9748

EUR/USD Short from 1.3357
Targets are 1.3300 and 1.3257.
1.3400 is my risk area.

GPD/USD pushed into the 1.9820 range during the European session. It quickly pulled back to 1.9760. Further pull back may occur down to the 1.9730 and 1.9680 ranges at which point I may stand aside. Opened a new trade to short from1.9752 with targets of 730 and 680 respectively… This is a very high risk trade..

EUR/USD continues to struggle with the 1.3370 resistance area. Currently short from 1.3357. A push into 1.3400 could bring the pair closer 1.3480


Open Trades:

EUR/USD Short from 1.3357
Targets are 1.3300 and 1.3257.
1.3400 is my risk area.

Closed Trades:

GPD/USD Long from 1.9771
Targets 1.9824 and 19915
Closed at 1.9815
(+44 pips)

USD/CHF long from 1.2142
Targets 1.2180 and 1.2217
Closed at 1.2136
(+ 4 pips)

New Trades

GPD/USD Short from 1.9752
Targets 1.9730 and 1.9680
Risk is a close above 1.9820

April -34 pips
Total -34 pips

Still short out on GPD/USD from 1.9752. However, I am -30 pips on this trade. Intraday trading show resistance at 1.9786. I have stops just above 1.9800. I expect a move back down to 1.9730 and settling at 1.9673…. Long term we may push past 1.9820 into 1.9900, but not today…

If USD/JPY builds value above 119.00, I am looking for a move up to 119.68.. I will wait to see if this area is resolved first before establishing longs..

Open Trades:

GPD/USD Short from 1.9752
Targets 1.9730 and 1.9680
Risk is a close above 1.9820
(+2 Pips)

EUR/USD Short from 1.3357
Targets are 1.3300 and 1.3257.
1.3400 is my risk area.
(+ 26 Pips)


New Trades:

USD/JPY long from 118.88
Targets are 119.46
Risk is 118.60 or below