Price Action Trading Journal

I've been trading demo for more than a year and this only 4 months ago I went live. I think publicizing my trading will bring more responsibility and also will be very interesting for other newbies. I trade major instruments and for analysis, I use Price Action strategies. I use S/R to identify entries and exits but I trade those levels differently and in this thread, I will explain how.

hallo, greeting from Indonesia. I'm a newbie too. Been stalking FF thread more than one year and went live for about 2 months.
can't wait to see your position, since i'm trade based on PA and S/R too.

Cheers...

Hey nus, I will be really happy if what I share here will be interesting to you and other newbies.

More about my strategy:

I do a simple research. I go to Monthly and then I narrow timeframes. I identify S/R levels. S/R has to be near round numbers and has to be the most actual so that opening a swing trade will be rational. I trade weekly and monthly timeframe levels with limit orders but for daily levels I need confirming price action.

the example of a weekly S/R
2014-04-24_8-59-56.jpg


Confirming price action patterns:

2014-04-24_9-02-56.jpg


Money management:

Currently I'm having a serious proble with holding a position for longer periods. If you check my trade explorer you'll see that all my winning trades had 2-3x more winning potential. But I decided, that from now I trade only Swing trading setups and I will hold positions until there's potential.

About stop Loss:

Stop loss is 50 for low volatile pairs: EUR/USD, USD/CAD, USD/CHF, EUR/GBP
Stop loss 50-70 for volative pairs: GBP/USD, EUR/JPY
Stop loss is 70-100 for ultra-volatile pairs: GBP/JPY, and other non-majors.

TP target is minimum 2R.

I think this trade has a potential. But I should've taken this trade 75p lower.

Great strategy charizma. I'm usually used Daily TF, sometimes Weekly TF, to marked S/R level and usually open position on Daily or H4 TF.
My favorite PA is Pin Bar (PB), Engulfing Bar and 2 Bar Reversal. I'm still doubt use breakout or continuation (especially with the Inside Bar continuation) since there's to many loses on my demo account before. Still struggling to marked the correct trend line, but here pair that I watched recently.
Any opinion about it?

USDSGD Daily : marked that key area, i'm looking to sell if there's any valid PA.


GBPAUD : still struggling to mark the correct trendline. but i'm looking to sell this pair also.


GBPNZD : in sideways range

Do you put your stop loss below the lowest of the Weekly PB? Or do you manage your SL only based on your "low volatile pairs" criteria ?

Thanks.

Hey nus, Stop loss is 70 pips only (20 pips more than usual).

About GBP/AUD: I don't think it is a short signal. I'm keeping my eye on it but I see bullish rally opportunity.

See the monthly chart below. I missed that great opportunity, I showed something similar in the 4th post (GBP/USD example).

About GBP/NZD: I'm not confident enough, but I think it is a bullish signal. I don't trade because I'm late and I don't have a proper stop loss idea.

XAUUSD

Heya Charizma, do you watch this Gold?
There's bullish engulfing yesterday. I plan to buy limit this pair around 1280.00. SL 1267.5 TP 1325.00.
I plan to adjust my position to BE if price reach 1300.00 or just put my SL on the lowest previous 2 daily candle.
whay do you think?

Hey nus, did you take that trade? Are those slashdot levels target levels?

No. I'm cancelling my order. The price already break higher. That bullish engulfing still valid but the risk is too big for me.
Yes, that slashdot is my pending order, SL and TP level.