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Journal of trading price levels/zones


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Journal of trading price levels/zones

  #11 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93

It would be nice to hear from you any comments about the way I'm trading and does anyone know anyone who is trading similarly?

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  #12 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93

One trade today: sold eur/usd at Asian session low 1,3772 and took profit at 1,3737 for 35 ticks. That took a long time to move but I'm glad that I hold it and didn't put my sl to breakeven because lower highs and no reason to buy that high.

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  #13 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93


Only one trade today also. I sold eur/usd at 1,3757 and hours later I was very close to being stopped out in NY session but the trade worked finally and I just took profit at 1,3730 for 27 ticks. When the trade came back from closely being stopped out to be, the entry level was still ok and the price was more likely to go down, so I didn't close it at be or took small profit - the decision was hard but that's the thing in trading..

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  #14 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93

Bought eur/usd at 1,3718 and the trade is still open. Let's see if it survives Asian session or not. Tomorrow and Friday are going to be volatile..

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  #15 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93


Peke5 View Post
Bought eur/usd at 1,3718 and the trade is still open. Let's see if it survives Asian session or not. Tomorrow and Friday are going to be volatile..

I made a mistake to put this trade to BE at the time of ECB rate decision (unchanged as expected) and usual stop hunt went 1 pip beyond my breakeven SL and later Draghi's press conference shot eur/usd high.. Then I wasn't as ready to trade press conference as I should have been, and managed to make two losing trades before I got the direction right and bought eur/usd but I couldn't hold it the whole move up and ended up making two losing trades more (sold after take profit) in that day. I don't have chart to show those trades anymore as I changed them after that shitty day.

I have sold or bought almost all weekly highs or lows past several weeks and few times managed to make nice profit but too many times I have ended up breakeven or little profit and then I have missed big moves and usually also made losing trades on them (see attachement). My previous chart with session and daily levels had five trading days on it and that's way too few, so I have now two charts: one long term (about 6 weeks of trading days and days are divided at NY open to two trading sessions) and one short term. I'm looking for good levels from long term charts where I want to make trades, which direction and how long I should hold them that I won't tp or be too early (based on short term or anything else, for example fear) when I could have bought weekly low etc. Short term chart has levels which I'll use to take entries and exits. If I see high probability level at long term chart but the price just ignores it and goes further without going past any of those entry levels, I won't make trades "blindly" at those longer term levels.

Third attachement shows my short term chart and my only trade at Friday when I sold eur/usd at the break of the first line and made 38 ticks profit. I made 26 ticks total this week.


Profitable trading is all about making as few mistakes as possible and if a mistake is made, it should be fixed asap.

Another thing that I need to concentrate on is that when strong order flow is going on like at Thursday, price usually goes the same direction the whole session or longer so I should not fight against it.

My next week's goal is to not make any mistakes (losing trades aren't always mistakes). Well that goal is going to be always one of my trading goals, it's that important!

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  #16 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93

A lot has changed again. I'm going to write about my latest epiphanys and this weeks trades here the next weekend. I'm currently short eur/usd from 1,3949 and euro could weaken even more tomorrow. Let's see what happens.

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  #17 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93

I coded few months ago an indicator which paints bars based on bar's time to complete it (see previous post's attachment). Then I coded an indicator to paint different sessions (many examples earlier in this thread). I really like that option to paint bars how you want them to look like and it's more easily to read charts when all of the information (background/context) is on bars than on bars and different price panels.

In recent days I coded more of those paintbar indicators: to paint volume on minute-based bars, to paint volume/time on non-minute-based charts, to paint cci on any chart, to paint maspread on any chart. All of them are really great but the maspread seems to be the best for my style (see the attachement for one of my chart I'm trading off now). Beautiful isn't it?

There is some psychology stuff (it's hard for me to take profits) which holds me back at the moment and that's now what I'm working on. Enough about charts..


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  #18 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93

What a ride, again.. As I said, taking profits has been hard for me and the last trade wasn't exeption. I sold yesterday eur/usd daily high and I should have taken profits for 50 ticks at daily support but I couldn't. Luckily the trade worked finally and I was able to tp it for 120 ticks.

Earlier trades this week have been small loses, winners or breakevens, nothing worth talking about expect exit's have been bad. Last weeks short trade from weekly high was 100 ticks in profit but ended up breakeven on Monday.. If I miss "optimal" take profit level, I still need to act according to probabilities and close or open a trade little higher/lower, no wishful thinking!


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  #19 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93

I should not fight against strong trends and just go for a home-run... 1000 vol chart is now my only chart, I need to see bigger picture all the time, lower timeframes makes me see countertrends much bigger than they really are..


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  #20 (permalink)
 Stops5 
Tampere/Finland
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: Futures
Posts: 91 since Mar 2011
Thanks Given: 302
Thanks Received: 93


I'm definitely going to use this! This week was ok, one big trade and few small winners and losers. The next week I'm going to trade more often and see how it goes..


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