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Teton's trade journal

  • #1
  • First Post: Edited Feb 6, 2017 8:05pm Jan 25, 2017 8:16pm | Edited Feb 6, 2017 8:05pm
Wanted to start my own trading journal in hopes it will make me a better trader and also to document my journey to 10 k, then 100k +

I use pure price action, support and resistance , daily highs and lows.
I believe I have it in me and am doing this on a real account

I'm not here to teach anyone how to trade, there are much better teachers on FF, plus Ive blown 3 accounts . I have limited time to dedicate to trading but I do want to have a journal.

These are the early days so I am aggressive and want the account to grow and know the consequences of over leverage

My goals are,

1% a day
5% a week
20 % a month

I use both myfxbook and trade explorer

Trying to hit hit my daily/ weekly/monthly targets is my ultimate goal
  • #2
  • Jan 25, 2017 8:22pm Jan 25, 2017 8:22pm
One of the best days Ive had because I let the trade run
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  • #3
  • Jan 25, 2017 8:26pm Jan 25, 2017 8:26pm
The power of just 1% or 10 pips a day
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  • #4
  • Jan 25, 2017 9:46pm Jan 25, 2017 9:46pm
The anatomy of a price swing
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  • #5
  • Jan 25, 2017 11:22pm Jan 25, 2017 11:22pm
Hi,

I also trade the USDCAD so I will follow your journey. I like your honesty.
I shorted at 1.32 and still holding the short.
Let's see if it turns around.
You came here for the truth and let me unveil it for you
  • #6
  • Jan 25, 2017 11:35pm Jan 25, 2017 11:35pm
Hi Ronda I wish you well, both in the ring and in fx

I found that I'm the most consistent with U/C
  • #7
  • Jan 27, 2017 11:36pm Jan 27, 2017 11:36pm
Ok this week proved to be exceptional so looking to finish the month off strong and also heading into NFP next week!
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  • #8
  • Feb 2, 2017 6:47pm Feb 2, 2017 6:47pm
With NFP tomorrow we see a lot of the same price patterns with the different crosses. I only watch the majors but the same price action happens.

Here is an opportunity to trade them.

I like to refer to them and any price spike as the anatomy of a price spike
1. The initial price spike
2. Finds support
3. Second leg higher
4. Return to support
5. Draws back into leg or moves higher

Been watching these for years and have been very consistent price action
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  • #9
  • Feb 2, 2017 6:56pm Feb 2, 2017 6:56pm
U/C price swing , will see what happens during asia then decide higher or lower
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  • #10
  • Feb 2, 2017 7:00pm Feb 2, 2017 7:00pm
This is a great post from Udine a very great trader, I hope he doesn't mind me posting but something for everyone to really think on
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  • #11
  • Feb 2, 2017 7:12pm Feb 2, 2017 7:12pm
Anatomy of a price spike E/U
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  • #12
  • Feb 2, 2017 7:16pm Feb 2, 2017 7:16pm
E/U
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  • #13
  • Feb 2, 2017 7:22pm Feb 2, 2017 7:22pm
We see the same price patters with all crosses, heres AUD/CAD exactly the same
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  • #14
  • Feb 2, 2017 10:21pm Feb 2, 2017 10:21pm
I think you are on to something with this spike pattern. From your studies how often does the price go back to before it spiked? You mention the 1st leg going back to the initial support and the 2nd leg can go back to before it spiked.

for UC I am still holding my short at 1.32
You came here for the truth and let me unveil it for you
  • #15
  • Feb 2, 2017 10:56pm Feb 2, 2017 10:56pm
Quoting RondaRousey
I think you are on to something with this spike pattern. From your studies how often does the price go back to before it spiked? You mention the 1st leg going back to the initial support and the 2nd leg can go back to before it spiked. for UC I am still holding my short at 1.32
What I look for is the second leg retrace back to initial support, that is a key reaction point.

After price has spiked it will hit a resistance, it may just retrace and fill the gap. Its also common for it to build a price fractal then continue higher/lower. Often it will hit the .38 fib extension or even .50 then retrace to the initial support level.

I wouldn't just assume the initial price spike will retrace, it doesn't do that always it might just do this
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  • #16
  • Feb 3, 2017 12:27am Feb 3, 2017 12:27am
Quoting teton
{quote} What I look for is the second leg retrace back to initial support, that is a key reaction point. After price has spiked it will hit a resistance, it may just retrace and fill the gap. Its also common for it to build a price fractal then continue higher/lower. Often it will hit the .38 fib extension or even .50 then retrace to the initial support level. I wouldn't just assume the initial price spike will retrace, it doesn't do that always it might just do this {image}
UC did retrace to 1.303 level. So your idea worked. Nice. Why didn't you short it at 1.325-1.333?
You came here for the truth and let me unveil it for you
  • #17
  • Feb 3, 2017 4:49pm Feb 3, 2017 4:49pm
Quoting RondaRousey
{quote} UC did retrace to 1.303 level. So your idea worked. Nice. Why didn't you short it at 1.325-1.333?
I don't understand when you are referring unless you include the date and time to go along with the level, or a pic. I also find trading short term for 5 - 20+ pips easier and more consistant
  • #18
  • Edited Feb 4, 2017 12:23am Feb 3, 2017 5:00pm | Edited Feb 4, 2017 12:23am
Today A/U.. Anatomy / price spike etc
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  • #19
  • Feb 4, 2017 7:32am Feb 4, 2017 7:32am
Your trading is so far so good. kudos

As for my UC trade I am still holding my short at 1.32. Currently up about 160 pips and holding. Don't plan to go long until I see something has changed.
I don't trade AU as I cannot find a good edge with it.
As for CADCHF, I never thought of trading it. Perhaps you get better spreads than I do.
You came here for the truth and let me unveil it for you
  • #20
  • Feb 5, 2017 6:52am Feb 5, 2017 6:52am
Hi teton - very nice results

here you are showing a screen http://www.forexfactory.com/attachme...8&d=1485402410 with opening new long positions while keeping the initial short position open - can you say a few words about this technique? Do you have some strict rules for closing a trade?

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