G's Journal vs 2.0

Moved: This is my 2nd vs of my journal. I found my last journal wayy to unorganized. So I've decided to stop updating that one and make a new one.

Trading Routine: At most I trade from 10 PM - 12 PM, but usually I finish up by 10PM since theres usually less action after 10PM. Only thing that takes me away from doing this would be the holiday season. eg. Easter and Christmas.

Pairs: I trade the EURUSD and the GBPUSD

System: For my system I use support and resistence of higher timeframe to define the a direction, then I move down to the H4 to chose and follow the trend, and then I'll move down to M15-M5 to make a good entry.

Goals: Make Money. Easier said than done, but I'm working hard. Successful with demo but still need to work out the psychological kinks with real money.

Trust that nobody does anything to hurt me, but just incase.

Disclaimer: Don't take my post seriously. If you make your moves based on my analysis and lose, then I can't be responsible for it.

*Note* Since this thread is starting near Christmas, Merry Christmas Everyone, and God Bless

Review: OK, since this is my first review on this thread, I can only say, So far so good, and if you look at my last thread, I'm doing pretty good. Only problem was the recent screw up of the range bound market. I still haven't developed a enough skill to play in the ranges and that made a dent in my account. Learning though and thats life.

Analysis After being stale for 2 whole days, the EURUSD Finally made a move. This move was heavily influenced by the recent retail news release. Although I'm not a funtamental trader I believe that the main reason for this big move was because of the combined news release of the latest US Tradebalance and the retail news.

The trade balance gave better than expected results for the USD which means that Americans didn't purchase a lot of foreign goods. So a higher retail sale = more shopping by Americans, but since less foreign goods were purchased, that means that more US goods were. Which indicates a stronger USD. I'm not a very good fundamentalist so don't take this too seriously. The recent news of Greece's Credit rating also probably had an effect.

Chart: Trying to find a good size for the chart. So sorry if its still clunky. Today I'm going to focus on the EURUSD.



So on the daily chart I believe the move is down to that heavy black line. If that breaks then I believe then the next step is going to be the 200 MA.

Plan: ATM I'm looking for a retracement to go short. If the retracement goes past 50% Then I won't make a move considering the fact that it would possibly mean the beginning of a new trend.



Conclusion: So focusing on the EURUSD Today.

If the pair starts to go lower than the last candle my bias will be to go short on the lower timeframe, TP will be 1.4500. If it does break above the 50% retracement zone, then might consider a new uptrend and will closely observe the pair.

Review: I was only focusing on the EURUSD today and was preparing for a short entry. Prices moved and things changed since my last post. I had to change up my plan a bit, but thats the market.



So The EURUSD hit its retracement of 50% and then started slipping. I then moved down to the M5 chart for a good entry ponit. I entered short at 1.4641 and 1/2 tp 20 pips Hit the 20 pips, and exited half my position around 1.4620, but then something happened with the british pound. The gbpusd slammed into a support and since cable and the euro usually move in sync I took it into consideration. The cable's support held 2x by my first tp and I've decided that the EURUSD's run was almost over and exited the 2nd half of my position at 1.4620. Then prepared for a re-entry in case I was wrong, but nothing happened and started to feel as if its going to be another range day.

Analysis: I don't know which direction the Euro or the Pound is going to move. It seems like its going to be stuck in rangebound market for a bit. I Hoped for another drop in the EurUsd today, but didn't get it. My longterm bias for both pairs is bull, so I believe that prices will have a better chance of breaking on the up side, but gota wait for something like that to happen.

Chart: Ranged



Ranged, although this chart is from earlier from the day, I came to the conclusion that nothings was going to happen by then. I don't use the tick volume indicator much on MT4, but used it just to check and looks like things are going to be stale until tonight.

Plan: I'm now going to wait until price either breaks up 1.4690 or breaks down 1.4590. Only then am I going to consider entry. But if I'm in the mood, I might practice on my demo account and trade. For now I think doing nothing with real money would be my best choice until a clear trend starts to shape up.

Conclusion: Today I made 20 pips, a good gain, but now I'm going to have to wait for prices to break up or down for me to make a new entry. Not going to make a move until then. Maybe practice trading on my demo in order to hone my skills risk free

Trades:
1 micro lot
Entry type: Short
Entry: 1.4641
1/2 Exit: 1.4620
1/2 Exit: 1.4624
Profit: 19.00$ Woot

Review: Great Day today. EURUSD broke my bottom support I needed it to break before I consider any entry.



Today was a nice day for the EURUSD. It continued the trend after a rangy day yesterday. Prices broke my bottom support which then confirmed my down trend bias, and then waited for a pullback (prefer pullback over throwback). Found the pullback and shorted at 1.4563. 1/2 TP at 1.4537, then exited the rest of my position at 1.4539 after prices failed to break the bollinger band. Then another opportunity for entry arrived on the 2nd pullback. Entered short at 1.4546, but volitility increased spread to 4 pips! 1/2 TP at 1.4536, but then prices couldn't break the bottom band again on the last candle of the img. I then exited my remaining position around 1.4541.

Analysis: The EURUSD is heading south for now. I believe that its going to try and retest the 1.4480 zone and then shoot back up. From the looks of the price momentum and the GBPUSD, I wouldn't be surprised if the EURUSD already hit its limit. Dubai got bailed out and because Europe would NEVER let Greece fail, this downtrend is going to be over soon. The FOMC is also going to talk tomorrow. I don't watch the FOMC talk, but going to wait for an important headline.

Chart: Nice downward trend on the daily chart, but looks like its ending soon.



Hope it bounces back up. Once that happens the direction of the EURUSD is going to be pretty set until it hits 1.509 zone again.

Plan:Trend for the EURUSD is obviously down so preparing another short tonight. Preparing to go short if it breaks another key level, then preparing to go short with a tp of 1.4480. Not going any further than that unless the EURUSD Smashes through it.

Conclusion: Today I made a good profit and hoping for the same tomorrow. Preparing a short, but a very controlled short. I've been waiting to start entering on the GBPUSD, but the pair's still range d.

Trades:

2 Micro Lot
Entry Type: Short
Entry: 1.4563
1/2 Exit: 1.4537
1/2 Exit: 1.4539
Profit: $20.00

Entry: 1.4546
1/2 Exit: 1.4536
1/2 Exit: 1.4531
Profit: $7.00

Review: Decided to move my journal post later in the day. Today wasn't a good day for sure. Moves that I hoped for never really happened and when it did happen, it turned out false. Made 2 trades today both of them long. 1st trade started when my trade broke my key line and I waited for an entry and found one at 1.4558, but hit my tight stoploss of 10 pips. My next entry happened when price pulled back again and entered at 1.4573 after it hit 1.4580, I tightened my stoploss. After the next 10 minutes of going back and forth, I've recognized that the EURSUD developed a doji on the MA200 at the 15 min chart, and exited at 1.4578.

Analysis: Watching the EURUSD Closely. The EUR recently hit its bottom resistence and while typing, hit the MA200 on the daily chart. If this MA200 breaks then who knows. While writing, I also took a trade which I'll review over tomorrow. I believe that the EURUSD will go back up, but I think price is going to straddle along the MA200 on the daily chart for a couple of days like its doing with the GBPUSD.

Chart: Nice move down, but EURUSD Daily hit its MA200. Going to have to wait for how things move until I make an entry. If it continues to break it, then preparing a short, but still can't tell.



Plan: Personally, I don't think I'll be doing anything for today. I'm usually not the type to make a move on the first trend. So I might just sleep and finish it for today.

Conclusion: Today wasn't the best of days. Lost 5 pips, but days like this are normal. Probably going to just stay on the sidelines for today.

Trades: Trades today weren't great, but was still able to limit my losses

1 Micro Lot
Entry Type: long
Entry: 1.4558
Exit: 1.4548
Profit: -$10.00

1 Micro Lot
Entry Type: Long
Entry: 1.4573
Exit: 1.4578
Profit: $5.00

Review: Today was very profitable, but surprising. I never really expected for the EURO to weaken so much. OK, so when I woke up, the EURUSD started moving down pretty fast and broke my key level. So I prepared and entry on the pullback and entered on 1.4461, exited half my position on 1.4454, then exited the next half at 1.4436. Kept in mind that support was on the way and decided to exit earlier than I normally would and stay in the background and see how things play out. My 2nd trade came in when the EURUSD started breaking the previous lows. Prepared 2nd entry and found one around 1.4399, exited half my position at 1.3482, then let the other half run down to 1.4363. Retracement started to develope and went again for another entry at 1.4362, but got timed stop when it didn't move for 20 min. By 20 min it felt more like a gamble so exited out at the next break even point.



Good day for entry, but fear over a reversal prevented me from taking full advantage of it.

Analysis: The EURUSD is not something I would try to short for now unless there is a clear break in certain zones. The EUR hit a good deal of support, but at the same time just incase things are just retracing, not going to take a position until zones are broken.

Chart: These are the 4 zones in the daily chart that was drawn from the past support and resistance.



If one breaks, then the price will fall down to the next level. So waiting on that to happen

Plan: Not shorting unless the 1.4340 zone is broken. Can't define a long location for now.

Trades:

1 Micro Lot
Entry Type: Short
Entry: 1.4461
1/2 TP: 1.4454
Exit: 1.4436
Profit: $16.00

1 Micro Lot
Entry Type: Short
Entry: 1.4389
1/2 TP: 1.4382
Exit: 1.4363
Profit: $16.50

1 Micro Lot
Entry Type: Short
Entry: 1.4362
Exit: 1.4362
Profit: $0.00

Review: Today was my last trading day until Christmas is over. Happy trading for every one and God Bless. Today was lazy day for me. I took things less seriously than usual and slept... and when I finally found an opportunity to trade, the momentum slowed down.

I wasn't going to long for today and only short if price broke below 1.4310 and when it did I waited for a pullback on 5min, found one and made an entry short at 1.4276 and exited half my position 1.4269, but the other half got stopped at break even point.

Analysis: My bias is still short on the EURUSD, but I'm still going to be careful on how things move. The EURUSD is starting to hit a good support zones and although this trend is looking very good, I'm going to take a cautious approah.

Plan: Celebrating Christmas with the family. Merry Christmas!

Trade:

1 Micro Lot
Entry Type: Short
Entry: 1.4276
1/2 TP: 1.4269
Exit: 1.4276
Profit: $16.00