So here goes with my trading journal - have looked at Big Mike's recommendations I'll take his word that putting hte stuff down here I'll hold myself accountable and be honest with myself.
So, a little bit about my trading first - you can find details about my history on the introductions section right here:
So my setup: a chart on the DAX 5 min and I sometimes look at 15 or 60 min chart just to get a sense of support/resistance. In general, I'll only look at the 5min dax chart.
Sometimes, when the dax is sideways and boring, I'll look at trading the Bund fut, and I simulate trading the E-mini but I like to stick to what I know and master.
I'm a Price Action trader and much of what I do is based on Al Brook's methodologies and thinking. I've seen a lot of discussion around his Price Action but I personally believe that comes from people not understanding Price Action and now wanting or being unable to learn what is actually thought or meant. Whether or not what he says is true and has reason, when I do what he teaches I make money, and that's what counts for me. If you're making money doing what you do, don't worry the how or why.
I only have a moving average (EMA 20) and volume. I don't use volume at all, but I'd like to look at it when I'm about to take profits. I believe that when I want to take profits at a logical area, a trend has been going on for a long time and suddenly has a exhaustive move with large volume, that is the best point to get out. So that's pretty much the only thing I use volume for.
Day target is 2R - 3R. I tend to want to quit before 14.30 as the Dax often changes its behavior around that time. I've done research on the Dax on the past few years and I really believe that most setups don't work after 14.30. You really have to see the open of the US markets as a new session start on the Dax. I'm cool with taking a 2R or 3R profit at 11:00 morning time and finish the day.
I do have a job as well next to trading which means that on some days I cannot trade.
I'll post a daily log if I have traded for the day explain the reasoning why I took the trade. I'll also try to journal some psychological details. I've chosen for myself 2 to 3 things that I want to focus in for getting better at trading. When I master them, I'll choose new items to focus on.
Right now, my learning points are:
- Waiting to enter when the day makes a trading range open.
- Allow to see the price action first before making the decision to take profits at a new high or low. (letting profits run)
All right, apologies for the long read, let's go trade!