G's Journal

Bio: I've traded forex for the 3 years, and during that time I lost about 3 grand. It wasn't until 5 months ago that I started reading james16 thread and started to consistently profit with my demo account. Now I've decided to trade live and move my journal online.

Pairs: I trade the EURUSD and GBPUSD.

TimeFrame: I utilize the Daily Chart to analyze the status of the market, then move down to the H4 to determine the trend, and then move down to the 15 min chart to find a good entry point

Trading System: Price Action/Market Action, I try to identify the direction of the market in the daily chart, then move down to the H4 charts to identify the trend, and then move down to the 15 min to find entry.

Trading Routine: I start off my trading day at 9PM EST and for 1 hour I analyse the market. Then after analysis, I'll start trading until 2PM EST and then for the next hour I'll review the day and type out my reasons and if I made any mistakes. I'm going to post every analysis and reviews on this thread for the viewers to critique or just think about.

Goals: Like everyone, My Goal is to make money full time off of Forex, but I have a bigger goals. My bigger goal is to help my parents and their church members financially. I believe that It's only through Christ that I can achieve any sort of victory in life, so I am going to give everything back as I have received.

Trading Journal: Like I said, I'm going to post my analysis, my review of the day, my charts, and my entries/exits. I would really want everyone who views this thread to give any thoughts. I believe that is the only way anybody can get better.

I tend to be a detail freak, so I will be posting every single detail I can find.

I understand that most people here in Forex Factory aren't mean, but just in case.

Disclaimer: This thread is nothing more than a record of my personal opinion. My analysis, my reviews, my trades are nothing more than personal actions/beliefs that should not in anyway shape or form influence your decision.

http://www.forexfactory.com/attachme...1&d=1259805715

The market condition of EURUSD is a bit wriggled. Although I'm not a fundamental trader, the recent news form Dubai has made alot of investors scared and running off to the security of the dollar. I'm still bull on the Euro, but I believe the latest headlines delayed it since now theres many traders just scrambling around.

Waiting for a breakout on the 1.5082 zone or bouncing off the bottom trendline before I dive deeper into lower timeframes.

I'm terribly sorry if the graph looks terrible. I never uploaded a picture to a forum before and the limitations on space made me resize the img multiple times.

EDIT: Sorry still having troubles with the img. The candle I pointed out was the long wick which showed the strength of the tend line and that I'm not trading until the price breaks out of that zone or bounces off of the bottom trendline once more.

http://i1016.photobucket.com/albums/...BPD12-2-09.jpg

Learned how to fullsize the img.

Overall, the GBP is range bound. There are short term trends, but looks like most of the prices are ranged. Only thing that will change my mind would be the if the prices suddenly turned down and to confirm that I go over to the H4 chart.

http://i1016.photobucket.com/albums/...PH412-2-09.jpg

The triangle broke as you can see. Prepared to go long once more on the next fib ret. If you also notice, the upper Bollinger band also opened up significantly giving more rooms for price to go up.

Like I said I'm not planning on trading the EURUSD until it goes back to the bottom trendline and shows signs of weakness or breaks the resistence and pulls back.

The GBPUSD also made a unexpected turn when it slide down. That slide was a bit unexpected and multiple factors made me hesitates to put myself in an entry.

Well thats the thing about forex, although my hopeful setups are rare, it has a high probability of success.

http://i1016.photobucket.com/albums/...URD12-3-09.jpg

http://i1016.photobucket.com/albums/...RH412-3-09.jpg

Ready for a short on the Euro once that right price breaks and pulls back.

http://i1016.photobucket.com/albums/...BPD12-3-09.jpg

I was hoping for a clear direction on the GBPUSD today up/down, but didn't happen. The top trendline held after a short break and the price started moving down.

http://i1016.photobucket.com/albums/...PH412-3-09.jpg

The H4 gives us a better information on the situation. The price is now touching the MA200 and the reaction to that should give a better clue on the next move of the GBPUSD.

Had to wait for a long time but finally happened. Patience shows that its the key for making money. Here's my reasoning

http://i1016.photobucket.com/albums/...rev12-4-09.jpg

http://i1016.photobucket.com/albums/...rev12-4-09.jpg

http://i1016.photobucket.com/albums/...rev12-4-09.jpg

Short: 1.4940
TP: 1/2 my position on 1.4910, the other 1/2 on 1.4871 of the trendline

Result: 69 PIPS!!!! Nice

I didn't make an entry on the GBPUSD. I can only trade 1 mini lot for now due to my money management plan and since the EURUSD gave a better view on its direction, I decided to focus on the EURUSD.

May god help you in this kind affair. Success to you

Thanks for your encouragement and good luck to you to.

I find today really difficult to read. Higher time frame shows Great support at the current price and at the same time the recent sick swing low's a bit scary to go against...

The daily chart clearly shows a range.

http://i1016.photobucket.com/albums/...URD12-6-09.jpg

The H4 chart shows a bit more clues

http://i1016.photobucket.com/albums/...RH412-6-09.jpg

The H4 chart shows an obvious sharp downward move. Not only that, the move is Definitely sharper than the other downswings.

Another thing to take notice is that the move up to the peak was a lot slower. While the last move up to the 1.5144 took 3 daysish, the swing down to the 1.4812 took less than a 8 hours.

So here's my plan for the Euro

http://i1016.photobucket.com/albums/...412-6-09-1.jpg

GBPUSD is much better in terms of reading.

http://i1016.photobucket.com/albums/...BPD12-6-09.jpg

The Day chart's GBPUSD is less rangy and not only that, theres still more room for the GBP to move down. Looks like today will be a GBP day.

http://i1016.photobucket.com/albums/...412-6-09-1.jpg

The H4 also supports this. the GBPUSD is moving down significantly, not only that, it broke the MA200. I believe that the MA200 will now be acting as a resistance. The bottom support also isn't very strong, AND LAST BUT NOT LEAST. The H4 chart is showing a head and shoulder might be forming!

Didn't enter the Euro today, but still happy that I was right.

Since being right = real money in the long run, its always something to keep in mind.

Even though I didn't enter the Euro, I did manage to enter the GBP USD!!! and man it was well worth it.

Here's my reasoning.

http://i1016.photobucket.com/albums/...BPD12-6-09.jpg

This is the same img, but as you can see once more, during last night. There was a bit more space for the GBP to move down.

http://i1016.photobucket.com/albums/...Rev12-6-09.jpg

The trend was down on the H4, giving me more reason to short and short it was.

http://i1016.photobucket.com/albums/...Rev12-6-09.jpg

OK! Like the img said, since it was leveled off instead of a good pullback, I entered with very tight stoploss.

Since this was more leveled, I didn't have a 1/2 tp profit point. The levelness of the pullback makes it so that its going to be win it or lose it situation. Although it might be scary for some, I believe the risk to reward ratio I made out during my demo makes it worth it.

I replaced tp with a moving stoploss. I moved my stoploss to the highs of each candle on the 5 min chart and hit my daily cap of 100 pips.

100 pips to me is the Max 1way movement a trend can have in a day so I always keep a cap of 100 pips a day.

So sorry for the long reasoning and here's my entry

Type: Short
Entry: 1.6436
Stoploss:1.6465
Exit: 1.6439

Profit: 100pips!!!!

EURUSD seems to have gotten easier to read now.

So here's my daily analysis.

http://i1016.photobucket.com/albums/...URD12-7-09.jpg

Daily Chart shows a clear indication that its going to go bull. The pin bar thats been set up for us is very clear on that.

The H4 chart gives us something interesting to look at.

http://i1016.photobucket.com/albums/...RH412-7-09.jpg

I still prefer bull over bears considering the fact that it would mean a triangle, but we'll see.

GBPUSD's in the same situation.

http://i1016.photobucket.com/albums/...BPD12-7-09.jpg

I'm a bit bull on this, but my only hesitation would be in the H4 chart.

http://i1016.photobucket.com/albums/...PH412-7-09.jpg

Yes it like a nice ranged bound, but once more, the downward movement looks wayy too scary.

To tell you the truth, it looks like today is going to be a stay on the sideline day until something happens that will change my opinion.

Just a random post. Waiting and Waiting for any moves that will indicate a big one.

If your trading right now at 4:34 AM EST, then you should be tense. Today is probably going to be the day that desides the next sick move for the EURUSD.

I'll post the last daily chart.

http://i1016.photobucket.com/albums/...URD12-7-09.jpg

As you can see the Euro's been in a range for a while.

The EURUSD broke the big trendline that worked since April. Thats pretty sick, but recent trend lines are still holding... Man today is tense.

Tense and Excited is all I can say. The European traders themselves can't seem to decide on a direction for the day so far.

My current prediction is that its the New York Session that will be the scale tipper, but I really can't tell right now.

No entry today. Didn't get the setups I wanted and missed the a sick setup on the GBPUSD.

But the EURUSD is definitely on its way short.

Sorry but I can't write too long today. I have to drive down to Indiana from Chicago to meet some relatives and staying there until the end of Christmas.

Writing later.

BYE!

Had to spend time with the family and went to go shopping and eating with them until dinner.

Couldn't sleep for 24 hours so I ended up sleeping the night. Since I'm staying with my relatives for the holiday season, I've decided that I need to cut the amount of hours I trade temporarily.

Posting my analysis soon

http://i1016.photobucket.com/albums/...URD12-8-09.jpg

OK the daily chart's still the same. It looks like we're going down, but hit a decent support. I really feel uneasy about the support on a lower timeframe.

http://i1016.photobucket.com/albums/...RH412-8-09.jpg

I would not be surprised if the prices stays in a range, but if that happens then I'm going to be prepared to go long on the pull back of the blue line.