Trading Journal - Focus On The Plan

Hello George,

I just found the time to come back to your journal and I saw all your new posts with joy. The trading technique I am trying to improve my skills on relies on S/R and flips between S <-> R. A tight SL is key to bigger profits is a fact I am convinced about too. So I love to study your trades as I can learn a lot, especially from your comments.



Regards, Jan.

Closed at breakeven and looking to re-enter around the 1.0070 level.

Options for new long opportunities on AU.

A 4th retest of the broken trendline, aggressive entry at 1.5002. When it breaks down, expecting gap to fill and potential move down to the 1.46's.

Moving in our direction now. Trendline is next target and a place to scale out some.

Trade #13, Exit was at 1.4953, -35 Pips. Trade #17 now more than making up for 13 loss. It sometimes takes one or two attempts for the setup to work out.

Decided to exit due to multiple support area, taking a chance it will go higher for another entry for an eventual move down to the 46-47 area. Nothing wrong with banking Pips. Exited at 1.4937, +70 Pips

[quote=APeng;5656366]Hello George,

I just found the time to come back to your journal and I saw all your new posts with joy. The trading technique I am trying to improve my skills on relies on S/R and flips between S <-> R. A tight SL is key to bigger profits is a fact I am convinced about too. So I love to study your trades as I can learn a lot, especially from your comments.

Hi Jan,

I am happy you are enjoying the journal and it is help to your trading. Agree, using a SL certainly is the best way to make the maximum return on your investment due to position sizing. I have used other methods with a wider or no stop and although you can be profitable with those methods, your returns cannot match a successful method using a SL. You will see in the trades, I do use a couple different methods based on the set-up. Sometimes I will wait for a break and a confirmation close on the H1. This does require using a bit more for your stop in terms of risk. Second, I do use a hard stop on some structures because at times they are to the pip or very low over throw on your projected level. Once broken it is best to be out. Post #2 is a good example of a structure which usually holds to the line.

Best of trading to you.

George

After analyzing the charts, found a flag formation on H1. Going to go with the weekly trend and short the break and look for a 3rd retest of lower broken trendline. Target 1 is base and Target 2 would be symmetrical distance with pole.

Entry #1 - 1.0092, Exited #1 - 1.0022, +70 Pips
Entry #2 - 1.0072, Exited #2 - 1.0023, +49 Pips

Significant support with multiple confluences of price structures. If it was not Friday and weekly momentum is strong to the downside, it would be a good place for a long position. Keep on radar for Sunday / Monday next week.

FDF Structure on UCAD, M5 timeframe for intraday play.

Challenging week

4th strike to broken trendline with a strong support structure

Leaving this set-up alone for now. Not liking what I am seeing on the AU, commodities seem very bearish right now. If it can consolidate and show some signs of support, might revisit this trade.

Area of trendline confluence will determine next entry for GCHF. Also, a pretty close mirror image of the GCHF is the EURGBP. Will keep an eye on this instrument as well for opportunities.

3rd retest of broken trendline set-up. Keep an eye on 1.6080 level.

Gap up this evening has pulled the UCHF above and away from the broken trendline. Looking for a retest and long entry.

Uptrend and Downtrend lines in play. Need to wait for a break or retest of one of the lines. Bias remains long on the GJ.

Entry at 128.59 on break of trendlines and retest

Possible trendline break and retest. Bias remains long on JPY pairs.

Looking for a break of trendlines and retest

if I could make a suggestion. seems you like to pick trades that rely on the main trend reversing. perhaps go with the flow and you might get some better results?

Retest of trendline and at bottom section of long term nose structure.

Out of this position at .9950, -47 Pips

Broken trendline and entry at 80.06. Looking add to positions if it can gain momentum after the break.

Entry #2 - 80.40

Continuation trade set-up from breakout on UCAD. Also, nice BCB and hourly pullback structure.

Entry at the retest of the top of the support block, 1.0080

Exited at 1.0114, +34 Pips

Exited both positions at 80.34, Trade #1, +28 Pips, Trade #2, -6 Pips. H1 put in lower low and lower high.