I don't have a lot of time to put into a journal, but I thought that if I am sitting and analyzing charts, I might as well make notes of what I am doing, in hopes that I will continue to grow into a better trader. The overall concept here is to evaluate the previous weeks weekly bar and use it to determine a trading direction for the next week. Then, wait for good set-ups in the direction it was decided "best" to trade in.
I will start with the EurUsd. Based on last weeks weekly close, I am looking to make short trades on the pair only. I am thinking that around 1.1075 might be a good place to start looking for short set-ups. I will be looking for good candlestick formations/chart formations/consolidation breakout formations in the direction that I am looking to trade.
I was able to make some nice pips short on Friday and only wish that I was still in the trade. This approach with this journal will hopefully help in my decisions like that when it comes to when to stay in a trade when it is moving in my favor. And, help me stay out of trades that might be good set-ups, but against a stronger direction where I should not be trading. We'll see. I should have more pair ideas to come using this method and ideas.
Here is what my EurUsd work space looks like:
I will start with the EurUsd. Based on last weeks weekly close, I am looking to make short trades on the pair only. I am thinking that around 1.1075 might be a good place to start looking for short set-ups. I will be looking for good candlestick formations/chart formations/consolidation breakout formations in the direction that I am looking to trade.
I was able to make some nice pips short on Friday and only wish that I was still in the trade. This approach with this journal will hopefully help in my decisions like that when it comes to when to stay in a trade when it is moving in my favor. And, help me stay out of trades that might be good set-ups, but against a stronger direction where I should not be trading. We'll see. I should have more pair ideas to come using this method and ideas.
Here is what my EurUsd work space looks like:
"Keep your eyes on the helpers" - Mr. Rogers