{quote} Hi NateSince you offered me some good advice in my corner, I thought I'd try to reciprocate. I think keeping a journal of your trades is a great idea. It has helped me immensely in my journey. If I may, I'd like to suggest when you post the trades you take, post a chart and at least a brief description of your reason for taking them. I have found "for me" this does two very helpful things. 1) It reinforces our thinking for the trade by writing it out. (Sets our reasons in focus) 2) It gives us an invaluable record to "look back" on to...
That being said, I'll lay it out in 3 charts why I took the trade...
1st chart:
I use the weekly chart to establish the overriding trend. Right now, clearly, it is a downtrend.
2nd chart:
This is used to confirm we are not in a period of a retrace, and that the daily agrees with the weekly.
3rd chart:
Finally, the 4 hour chart. The signal came at 7pm central time. I will simply follow the BBands down until the opposite signal occurs. I have an emergency stop at 1.3420 in case things go haywire. That is why I didn't list a stop (although I could have put the emergency stop I guess
) or a TP, because I'm not sure what it is yet. Its literally just another trend following system that I tweaked to fit the way I like to trade.That is really as simple as it is. This system fits the time frame I like to trade in, as normally a trade won't last more than a couple of days, so I don't need to worry to much about swap either way, and its long enough that I don't have to hover over the computer all hours sweating out the trade. No over thinking things... Just let whatever happens, happen.
fest. You can get going either way, any time you like now.
