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Ward's EUR/USD spot fx journal


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Ward's EUR/USD spot fx journal

  #11 (permalink)
 
trendisyourfriend's Avatar
 trendisyourfriend 
Quebec Canada
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thewardiknowof, the LTF chart looks much better to my eyes at least. Regarding the exit for part two i agree, there was a much better place to exit to preserve your profit when signs of weakness made their apparition on the sell side. About your S/R lines, how do you proceed to identify these levels ? Are you using swing highs and lows only ? Looking at your longer term chart it's not clear ? With Oanda can you use anything else than minute chart ? Can you use tick or range chart or Point & Figure chart with their main platform ?

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  #12 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
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trendisyourfriend View Post
... About your S/R lines, how do you proceed to identify these levels ? Are you using swing highs and lows only ? Looking at your longer term chart it's not clear ? With Oanda can you use anything else than minute chart ? Can you use tick or range chart or Point & Figure chart with their main platform ?

To identify S/R lines you are correct, I only use swing highs and lows. I do leave the lines in place if price stalls there but does move through them.

As for Oanda's main platform, it is very basic/simplistic. There are only time based charts and even those are rather limited. I have chosen them to use as I learn as I am able to trade live with very, very small size, thus keeping my losses to a minimum while learning and still having some "skin in the game".

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  #13 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
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Two trades today:

Trade one: LONG
Entry:1.32337
STOP: 1.32237
T1: 1.32447
T2: 1.32737

The trend just changed from down to sideways. I used a TST setup noticed on TTF then switched to LTF and used a 123 bottom to trigger my entry. This was a narrow sideways range from about 1.3225-1.3252. The trade began to head up, when I saw on the LTF that it started to reverse (about 9 min into the trade) fear took over me and I moved my STOP to b/e. I then was stopped out for a scratch trade. In hindsight, entry, initial stop and targets were all properly placed. Good trade idea, poor trade management.
RESULTS= 0 pips

Trade two: SHORT
Entry:1.32684
STOP: 1.32810
T1: 1.32558
T2: 1.32334

Price moved up to what I considered TTF resistance and pulled back. Then approached again and I incorrectly determined price was not in an uptrend but a larger trading range from about 1.3225-1.3278. At this point I again used a TST setup on TTF with a lower time frame trigger of doji/double top. I achieved target one(+12 pips) and moved the stop to b/e +1 and was eventually stopped out here (+1 pip). This was done again out of fear and not because of my plan. It is my plan at this point to trail using TTF swing highs and lows. This trade I consider invalid as I misinterpreted the price action and trend while live. In hindsight it would have been a valid counter-trend PB trade in which I would have had only one target again placed at T1.
RESULTS= +13 pips

Any comments, recommendations, or suggestions on better trade management or on my trades /journal in general are welcome and greatly appreciated.

Thanks to @trendisyourfriend for the comments and suggestions. I am grateful for the help.

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  #14 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
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One trades today:

Trade: SHORT
Entry:1.31290
STOP: 1.31470
T1: 1.31120
T2: 1.31050

There was a steady down trend. I used the BPB setup observed on TTF, then switched to LTF and the shooting star followed by a two candle gravestone doji triggered my entry. Withing five minutes
T1 was achieved (+17 pips) and stop moved to 1.31360. After another 21 min, I moved the stop to b/e +1 (not in my plan). Part two of the trade was then stopped out 34 min into the trade (+1 pips).
RESULTS= +18 pips

I stopped trading early today. I really need some sleep as per my trading plan. Will review the weeks trading and post my goal for next week tomorrow, LORD willing.

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  #15 (permalink)
 
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 trendisyourfriend 
Quebec Canada
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thewardiknowof,

I placed some notes on the image attached to this post hoping it might help you in assessing the trend. I have also noted that you may be a bit too quick to identify a change of trend. You may probably consider a break of a Higher Low in an uptrend as a change of trend but the overall context may propose a different reading.

I use the Fibonacci tool to help me when i am unsure if the recent swing just broken is enough to consider a change of my bias from up to down or vice versa. In the present case, the use of a rising trendline was a big help along with finding the middle point between the highest high and the rising trendline to gauge if a change of bias was pertinent at this point in time. I would have considered a change of my bias only if price was unable to be accepted above this middle point.

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  #16 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
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trendisyourfriend,

Thank you very much!! You have gone above and beyond and I truly appreciate your help.

This makes a lot of sense and the image with your notes is very clear. A question I have regarding trend, how do you define and identify sideways ranges? I understand and think how you identify up and down trends and will implement the ideas into my analysis. Very, very helpful.

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  #17 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: MT4, Tradingview
Broker: ThinkForex
Trading: Forex
Posts: 88 since Sep 2011
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Goal for trading week of March 12-16

Implement STOPs according to plan without deviating for every trade, every day this week.

Place the initial STOP two pips beyond previous SH (swing high) or SL (swing low) on TTF. Then adjust or move two pips beyond subsequent TTF SHs/SLs.

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  #18 (permalink)
 
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 trendisyourfriend 
Quebec Canada
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Your welcome. For sideways price action i try to keep it very simple. Price moves in a step ladder fashion making a pause at each step. There is expansion in one direction and a period of rotation develops between two levels (a High and a Low point) where the middle point of this new area of balance gets fat and again expansion occurs in one direction. In short, we have expansion, balance, expansion, balance continuously on all timeframes.

What i usually focus my attention on are GAPS that form between areas of balance (see yellow ovales on image and blue rectangles). I consider a zone of balance is in development right after the most recent GAP is beginning to get filled with price and would mark the boundaries by considering the body of the candles only.

I would consider an expansion has occured only if price can clearly move away from a zone of balance by leaving a GAP behind. Such a GAP should be easily perceptible, that is, the first candle to break outside should have no overlap with subsequent candles up until the first bar that forms in the opposite direction. Hence the name GAP. These GAPs represent a strong imbalance in supply/demand and their boundaries may act as support/resistance. I oftentimes only trade when price revisits these areas of imbalance as they are easier to see on a chart (PnF chart are the best for this) even more so than trying to define regular lines of S/R at swing Highs/Lows which can be tricky at times or just too subjective.

Again, for defining an area of balance i only consider the body of the candles that falls within that zone. I find this approach a bit more permissive than considering a break of a swing High/Low as you do. Also, it prevents me from changing my bias too often without a good reason, ie, a strong reason to believe the forces of supply/demand have created an imbalance scenario important enough to see a potential change of polarity in the order flow.



thewardiknowof View Post
trendisyourfriend,

Thank you very much!! You have gone above and beyond and I truly appreciate your help.

This makes a lot of sense and the image with your notes is very clear. A question I have regarding trend, how do you define and identify sideways ranges? I understand and think how you identify up and down trends and will implement the ideas into my analysis. Very, very helpful.


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  #19 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: MT4, Tradingview
Broker: ThinkForex
Trading: Forex
Posts: 88 since Sep 2011
Thanks Given: 200
Thanks Received: 51

One trade today:

Trade: SHORT
Entry:1.31253
STOP: 1.31353
T1: 1.31053
T2: 1.30553

I saw the a sideways range bound trend for most of the day. In my analysis price broke out to the upside near the end of my trading session. I took a TST setup observed on TTF, entering on an engulfing bar on the LTF for entry. Was stopped out after 28 minutes -20 pips.
RESULTS= -20 pips

Had a hard time getting in tune with the market, never felt comfortable all day.

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  #20 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: MT4, Tradingview
Broker: ThinkForex
Trading: Forex
Posts: 88 since Sep 2011
Thanks Given: 200
Thanks Received: 51


Trendisyourfriend,

I tried marking up my TTF chart with what I learned from your suggestions for trend analysis. Today may not have been the best day for this although I would appreciate your feedback, if and when you have time. Also, I noticed the image you put up was the 15 min. Was there any particular reason? Would you recommend I use my TTF (5 min) to do this? One final question for now, how do you trade sideways days such as today? I look forward to your responses.

Thanks in advance,

Ward

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