Vicky's Experimental Trade Journal

The question is "Why a journal?" Well three reasons:

1. I am a not a very organized. My friends keep telling me "Take notes, Take notes" and I keep them only to loose it in heaps of data on my desktop, only to be deleted later.

2. Not a very good memory. I keep forgetting why I took a trade especially winning ones.
I remember telling someone abt a bearish Gartley on EU, only to take a bullish trade later on some other idea I had.

Does that make me a bad at organizing or at trading ? A little bit of both I guess.

So, this journal for me is to organize my thoughts. To understand, WTH was I thinking when I took a winner or a loser.

My method?

My method is basically just fibs and some TLs. It is based mainly off:

http://www.forexfactory.com/showthread.php?t=50767

and the TL funda from Jacko the way I see it.

Yesterday while looking at EUR/GBP I was a in a fix whether to take the long or not.
The question inevitably was "To be or not to be".

Points favoring "to be" were:

1. It bounced off the lower TL off the weekly.
2. Going by Bobokus's definition of the bounce of price from the Pivot or the 50% of the fib swing.

Points favoring "not to be" were:

1. The nearest resistance according to my fibs was at 0.8785, there was always a chance the price might not cross it to reach the target level of
2. Bobokus dint quite define number of candles which might form the bounce off the 50%. Here the bounce was formed off only 1 candle.

So, I did what they always say, when in doubt let the trade go. Market is always there, wait for it to come to you.

Edit: Price from 0.90769 - 0.87852 is filled with many levels which tends to cause the price in a range.

http://content.screencast.com/users/...02-09_0847.png

Now this trade is similar to the last one. The whole bounce coming off one single candle. While the last one dint quite give me the reason to go long, the thread title remains "experimental" .

So, an experiment:

Long on EU based on the bounce off the 61.8% and the PB. For safety purposes I am taking at above 1.38

http://content.screencast.com/users/...02-11_0849.png

Now these kind of trades are the precise reason for this thread. I rechecked my book and it seems I was looking at the book upside down. I dont even know what was I thinking when I thought to take this trade. Thank God, it dint trigger.

EG looks heading downwards. My guess would be arnd 0.85

Well lets see...

http://content.screencast.com/users/...02-15_0116.png

Unlike the last trade which is infact a good one , this one is purely experimental. One of the major issues I see in this trade is the double top formation on the lower TF which says a lot abt the selling pressure at 1.080 ish.


http://content.screencast.com/users/...02-15_0121.png