Journal of Zol

The purpose of his thread is to provide a trading journal which will show my ideas and identified set ups - mainly to myself. I need to stress that I am a new trader and guys who are looking for guidance will find this thread useless, if find it at all.

It is a good tool to monitor my development, from pretty much zero. I am relatively new to FOREX and not able to trade profitably at the moment so this will be full of failed set ups and trades, I expect. That is OK, I would like to provide a mirror to myself so I can face with all the problems.

I would like to learn to trade with VSA method and price action so I will focus my attention to those along with key S/R areas and Psych levels. It seems to be elaborate work right now, there is much to learn and keep in mind, but the light is there at the end of the tunnel, I am sure about it.

I started to trade off the 5m, but I just have not enough time to read it and it is also way too noisy. So here we go.

EDIT: Idecided to go for longer term trading, trend trading. My mental level is not adequate for sort term trading, it makes me stressed. I do not want to watch sreens all the time anyway, what would all the ladies do without me? Also, I will monitor only EU, AU and GU for trend trading opportunities.

This is how my charts look like at the moment.

I do not want to use indicators, however, I have an RSX to identify divergence and 2 MAs to give permission to my trades. All this is not clear yet, this is the time when I explore what set ups to be used, what fits to me best. I saw he RSX on Malcolmb's charts and I came to like it.

On my chart there are S/R levels indicated by a good code from copi (thanks) and by myself as shaded areas - those are the major ones. I like to draw trend channels too. Also I found that the Opening price can be really important and also S/R area more often than not.

There is a nice Volume histogram ala HiddenGap. I do not remember who coded it to MT! but I am grateful for his work too.

As stalking I also add small arrows sometimes to indicate an impulse position on the market for some 10 pips. I do not want to trade on impulse so I do not trade those. I may put arrows to places where I identified a set up and want to indicate to myself where the entry point should be.

The important thing is (a lot of things...) to protect my capital and build my account! I already realized that I can not make killing trades just yet, that does not matter though.

On this chart I identified a Test in the rising market and I entered for a small scalp then I got stopped out to BE with the other half of my position.

I also had a short scalp previously.

My goal is to avoid scalping. I just do not like the super active trading. Less trades, less exposure in the market. If I scalp all the time I will need to be right most of the times.
My other problem is the typical, mental. I am going to work on that too. I know I have to plan the trades I just do not do that always. And lose.

But heads up Zol!

Here is a trade I took.

In an up trend, after an effort to rise over Supply line we are looking for by opportunities on Test/NS or pull back to Supply line. This happened and I entered. After 11 pips profit I pulled my SL to BE and booked some small profit. Still in this trade.
Now the problem is that I suspect that this trend can go higher even but I can not afford to loose. This may end up me being stopped out.

Any suggestion?

EJ is on the move and it is quite clear till 132. 40. I missed it and can not chase.

GJ seems to break down, but this is a risky area to me.
Open Prices and MAs are above, which is good but this is also a good place to reverse the trend.

Nice trade opportunity, nice learning.

I took this trade too early but the reason I took it is in post 4.

Here is what I did:

After some pull back on that effort to fall bar I switched to 5m TF and entered on a potential ND bar. WRONG FOR ME!

Why?

As soon as I entered I knew that this may easily pull back to the break out line - which happened in 45 minutes. I also should not have changed to 5m, because that is what is too fast for me. I am in profit and exited some of my position and now at BE. But I should have done this AFTER the pull back.
Also a bit risky because RSX is way oversold. Not always works but we may bounce here a bigger.



EDIT: because the RSX is in oversold area, I anticipate this down move to dye out soon.

I did not like this trade because it had potentially tight space to move up to - the previous R which has been broken through - so I exited with a minor 1 pip loss.

As I post, it did a 30 pips up move to my favor. Here is an example of picking the right direction and having psycho problems sitting it through and so on. Sooner or later this post will be just a funny one to me as I will remember back how undisciplined I used to be.

I still have a lot of problem with control and I am struggling with this esignal platform. It is a trial but I should note to myself that far better than MT4. That is rubbish compare to this.

For example, the bars look really better, the price is smoother, looks like there is no gap in the price, much denser.

Here is my trade for the day. I will post it to the VSA forum properly.




EDIT: http://www.forexfactory.com/showpost...postcount=3360
EDIT2: http://www.forexfactory.com/showpost...postcount=3361 - my other readings for today

I was looking to go long on this thing and could not monitor because I liked th set up on GJ/UJ/EJ more. Having examined the action I am now looking to go short after reaction. Only quality set ups!

The end of the week was quite a mass. I took the webinar from tradeguider and it was really exhausting. I took some trades too to a minor loss. That is a problem because I could not focus on the trades so, of course, I should not expect profit either.

Just a not, I thing the common problem with paper trading is not applicable to me. That is to have no pressure. I think I have it because I have real account with some ROBOTS trading on the with conservative settings. I am a bit better than BE on those but had losses in the past so I know how it feels. That is why I am careful with my paper account too perhaps.

I also realized that CLEAN PA patterns requiring a specific close on the bar do not necessarily apply to 100%. VSA either. The principles are more than fine but the strict rules tend to fail. That is because of the TF. There is no TF, only chart and PA in time. It happens to be that depending on broker and TF the close of the bars are different. If there is no pin bar on 420, than here is on 360. If there is no pin on 60, there is on 120. If there is no ND on 30, there may be on 15 or 20 or 10. The indications are very important ut curve fitting might apply. I will need to investigate this further. The very important is that we need to find these price and V actions at the right S/R pace. That seems to be the most relevant to me. after confirmation of the pattern an action is needed.

GJ

It is a down trend at the moment. The institutes are short so I should be too.
I need to be sure so I would like to see a correction then short it if set up comes up. Admittedly, I missed the opportunity to short nicely before. No problem.

The same thing as on GJ. Not a surprise these things correlate sometimes.
I also follow the sentiment of most guys here but looking at the price action. If quality set up comes to the long, I take it for a scalp - I f I can.

This is bad ass. We formed a lower high and everybody was expecting this thing to o down before. I almost took long but there was no proper set up. I did post that I am looking for short set ups now. I need more action to form a view, I do not have a mind set and I do not even want any. It is going up at the moment though. An the 4H there was a recent pin suggesting south. Also 2 UT on 1H but 2 demand bars on the day after. Who knows?

EJ and UJ correlate to a small degree. On the short time EJ and EU correlate too.

EJ is in a ranging market on the daily, but money can be made nevertheless. I hope I can make it.
So there are several scenarios here based on potential Goodman swings. I need to be careful, always, I do not know where the price will go - I never know that.
When the price arrives to potential hot spots I identified I will judge my action based on the tape and look for set ups, if at all, on the 15m TF.

UJ looks like giving a hard time to her down trend so there may a choppy time coming which indicates potential continuous choppiness to EJ or turning point to the up side.

I need to remind myself every so often how newbie i am. Here a chart with reading which, of course, I did not read in time.

I just want to put way more PA patterns for my information. Look at this. I was short with BE and identified this pin bar/demand coming in. I did not exit but as it is clear (pre-news bar) somebody was buying on th news mate! Just to know for future reference.


EDIT: chart withdrawn for it contained proprietary stuff.

For the record, I did enter this trade, profited some 100 pips and exited believing that it will not go through. Because many people on this forum expected to fall and that influenced me (for they are more experienced.)

I should never listen to people, they can not see the future either. And they can not be around all the time anyway.

My development is not being easy stuff.

http://www.forexfactory.com/showpost...stcount=169284

I do not know what to do with it. This is trade management. I note that this is way better to me, I do not want to be under pressure with quick scalps all the time.