TheChalleger's Journal - My Trading Journey

This is historical observation. I find some opportunities appear in EUR while I was sleeping. On the chart below, the three rectangles show the possible trades I may take.

1. Price returned to 1.4303 after a long time and the momentum is not particularly strong. Good to fade.

2. After the price breakout down, following the descending triangle price pattern, price retraced back to 1.4303. A pullback trade setup. Go short.

3. As I said yesterday, I don't like the 1.4286 S/R, coz I think it is outdated. I said when the price returned to 1.4282 I would fade again.

This is not an easy day for trading JPY. This is also historical chart while my sleeping. There are 3 highlights. Eclipses highlight the breaking of S/Rs and rectangle is the holding of S/R.

1. The momentum was very strong for some reasons unknown to me. Better not to fade.

2. Price had stablized a bit, it was a possible level I might fade. I might hestiate too. Not so sure.

3. This was a touching of S/R 2-3 bar prior to JPY news release, unlikely fading it. No fading.

P.S. For 2, I hestiate, because the unknown cause breaking the higher S/R, may also break the lower S/R, while price also seemed to have stablized down.

I just can't trigger the buttom. I pin S/R down to centi-pip 92.255. Give a 1:1 success at least. And even 1:2 one bar later.

Oh, even much much more successful than I have imagined.

My love of 1.4303 is much stronger than 1.4315. Not that 1.4315 is weak, but it is not to-the-pip, with my narrow stop-loss. S/R cannot be a zone across a few pips. At 11:00 on my chart, EUR news spike broke 1.4337. Otherwise, it could be another fading opportunity.

kk007,
wow, just saw this journal.
u have been blessed for having PeterFM & Dopey grace your thread.
I will visit & try to post here from time to time.

I commend u for opening up a journal.
Keep it up!

Hi SupremeChaos,

Great to see that you've found me here. At the moment, I am fighting with my demon. Luckily, angels like PeterFM and Dopey are willing to help someone like me. You can see how I trade. I am convinced that it should work, but just cannot execute. I am seeing this struggle to be one of the major challenges in my life.

cheers,

Kk

more practice + more screen time = Confidence & Experience

Just keep it up & take your time..

Oops, it did it again.

A failure trade realtime observation.
Note: A really powerful S/R would not test my stopless so many times. Next time, if it almost touch my stoploss for 2 times, I should look to exit with a small profit.

Price hit 14282 in a sudden. I may not fade it. May I? Unlikely, I think.

This one hit the 94.050 to the exact centi-pip all of sudden. It would be a zero drawdown trade. Will I fade it? Unlikely, but good to keep a log of it.

The last rectangle can still give a 1:1 trade. But the volitability is still too high after the last news. The second news spike. High volitability. Stop all fading.

15:30 (Arrow) could be a pullback setup at 1.4282. But it was first news time. No trading. High volitatility. Market lacks a sense of direction since the first news. Better completely stop trading.

1.4240 can be a good reference point. But news after news today.

Could be another 1:1 fade.

Both 14222 and 14210 can be a support seen on H1. But 14222 hit soon after news. 14210 could be another 1:1 fade. News again a few bar later. I like the two bar reversal of the last LL before the LL hitting 14210, the two bar reversal signified a strength of support around the level.

It could actually give a 1:4 trade and more may be coming. But can I get 1:4? Technically, perhaps. In reality, with my mental quality, not yet.

Although 94.255 survive after the multiple attack ordeal, it is now has been much weaker than before. I will see it is no longer a good S/R.

On the return to Resistance (previously Support) there was a huge outside bar that is shown by the red arrow. If you were uncertain then you watched price come back up and retest that Resistance line again.

This time you had an inside bar (shows indecision) that was then followed by another bearish outside bar. That's the one you should have traded down to the 1.4210 area.

Sometimes you have to take the trade when you get two signals at a S/R area and trust the price action and what it's telling you.