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Ward's EUR/USD spot fx journal
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Ward's EUR/USD spot fx journal

  #1 (permalink)
Elite Member
Edmonton, Alberta Canada
 
Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

Ward's EUR/USD spot fx journal

Purpose:
The purpose of this trading journal is to publicly record my trading journey that both I and others may learn and grow from my mistakes, as well as, provide a form of accountability with other traders. The reason I am trading is for independence, to provide for my family and best use my time, finances, talents and everything God provides to glorify Him.


Goals:
Journal: to post my trades good, bad and missed each trading day with my review and comments. Post a weekly procedure focused goal that I work to achieve each week.
Trading: to consistently pull 35-40 pips out of the market each day.


Brokers, Markets, Instruments and Platforms: for this portion of my journey I am using Oanda for a broker to trade the spot forex markets focusing on the EUR/USD currency pair. My choice of platforms is limited at Oanda to MT4 and fxTrade. Charting will be done on MT4 and trade placement on fxtrade.


Time-frames:
Higher Time Frame (HTF): the four hour chart will be used to define market structure by identifying major areas of supply and demand (S/D). A 15min chart will be used to further mark off areas that may provide intermediate S/D zones.
Trading Time Frame (TTF): For primary trading decisions and identifying setups the 5 min chart will be used. This chart will be used for minor S/D, analyzing the trend and assessing price strength and weakness.
Lower Time Frame (LTF): fine tuning of entries and exits of setups will be done on a 1 min chart.

Risk/Money Management and Exit Strategy:
For risk all trades must have an R: R of 1:1 to the first target (T1) and 1:3 or better to the second target (T2). Trades will be expected to always have two targets, T1 being the first area of expected resistance and T2 the next S/D zone. Stops will always placed with every trade at the area which would prove the trade premise was incorrect.


Strategy and Setups:
Steady trend setups: pullback (PB) and complex pullback (CPB)
Weakening trend setups: CPB & PB if they break a previous swing low (uptrend) or swing high (downtrend). With Caution: counter-trend, test S/D (TST) or breakout fail (BOF) of swing high (uptrend) or swing low (downtrend)
Within a Sideways Trading Range with a clear intra-range trend setups: PB and CPB
Approaching HTF S/R or range S/D, without strength setups: TST
Approaching HTF S/D or range S/D, with strength setups: BOF and breakout pullback (BPB)

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  #3 (permalink)
Elite Member
Edmonton, Alberta Canada
 
Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

March 01, 2012


Two trades, both short for +5.

Trade one was a CPB that I entered at last wholesale price (LWP). I exited after 10 min for a scratch trade as major impact news was coming in about four minutes.

Trade two was a TST of the 15 min supply area, first target achieved +11 and stop moved to pivot high one one minute chart. Was distracted and stopped out on second half of trade -6 for total of +5.

No further trading done for the day. Never took time to review for missed trades or further analysis of my trading session. This will be done in near future for all sessions.

Attached Thumbnails
Ward's EUR/USD spot fx journal-1-15min-tf.jpg   Ward's EUR/USD spot fx journal-1-ttf.jpg   Ward's EUR/USD spot fx journal-1-ltf.jpg  
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  #4 (permalink)
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Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

Friday March 02, 2012

Only one trade today. I entered short at the test of the top of the range on the 5min (TTF) chart. The entry was triggered by a double top on the 1min (LTF) chart.

Part one was exited at T1. Part two is where I had the problem. I am currently trailing my STOP two pips above pivot highs on the TTF. Today this ended up being stopped out for 12 pips profit.

I am thinking this could have been managed better. My problem is, I am unsure how to better manage my trades when profitable like this. When the trade got close to my target I refrained from exiting as I began thinking it might get there. When it returned the second time I was thinking, this time it will go to my target. Something that I need to work on. Any ideas or suggestions would be appreciated.

Total profit 23 pips.

Also, still trying to figure out the best way to mark and post my charts here. If anyone has any suggestions for improvement in this area as well, I would be grateful.

Attached Thumbnails
Ward's EUR/USD spot fx journal-2-ttf.jpg   Ward's EUR/USD spot fx journal-2-ltf.jpg  
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  #5 (permalink)
Elite Member
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Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

Monday March 05, 2012

Two trades today.

Trade one:
Long @ 1.32284
STOP 1.32160
T1 1.32404
T2 1.32884
Weak upward trend. Setup was invalid as I used a PB that had yet to break a previous swing low. Trigger entry used was the two bar rule. Stopped out for -25 pips

Trade two:
Long @ 1.32211
STOP 1.32122
T1 1.32371
T2 1.32911
Weak upward trend. CPB setup was valid, again used two bar rule entry trigger. Achieved T1 +16. Part two stopped out at +1 for total +17.

Total for day -8 pips.

In a weak trend a T2 of next S/D area may be overly optimistic. Take note and consider adjusting plan in this are next trading plan review.

Missed nice CPB into area of resistance at about 10:20.

Attached Thumbnails
Ward's EUR/USD spot fx journal-5-htf-15min-.jpg   Ward's EUR/USD spot fx journal-5-ttf.jpg   Ward's EUR/USD spot fx journal-5-ltf.jpg  
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  #6 (permalink)
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Futures Experience: Beginner
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Broker/Data: ThinkForex
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Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

Tuesday March 06, 2012

One trade today. BPB Short.

Entry was bad (invalid). I entered from the LTF with not price action entry trigger. In review (hindsight being 20/20) I identified a better and best entry point on the LTF and a best entry point on the TTF.

I have difficulty moving to the LTF. I tend to move there to soon and then stay fixated on the LTF. This has been an area I have struggled with for a while. What is the best method to avoid this? I can refrain from moving to the LTF altogether. I can wait until the price gets closer to a point where a price action entry trigger would be more valid. I think it is a fear of not getting the BEST entry. Fear of missing out.

At about 10:07 I moved my targets (T1&T2) to where I would achieve my daily goal of +35 pips and I moved my STOP to b/e +1.

After that, my trade management and exit were also a disaster. Same issue as Friday, March 2. Price came within 1 pip of my target then moved away. Shortly after price again came within about 1 pip of my target, then moved away. All the while I kept feeling, this time it will hit it, and not wanting to exit and watch it go to where my target was.

Trade details:
Entry: short @ 1.31213 on BPB in a down trend having broke S/D
STOP: 1.31402
T1: 1.31013
T2: 1.30563 (not the next demand zone but 00 & 50 I consider strong areas of interest or S/D also)

So I ended up with a +2 pips today when it hit my STOP.

Attached Thumbnails
Ward's EUR/USD spot fx journal-6-htf.jpg   Ward's EUR/USD spot fx journal-6-ltf.jpg   Ward's EUR/USD spot fx journal-6-ttf.jpg  
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  #7 (permalink)
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Futures Experience: Intermediate
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Broker/Data: Stage 5 trading/AMP/CQG
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trendisyourfriend's Avatar
 
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@thewardiknowof,

Congratulation for your journal, questions for you. What period of the day are you trading ? between what and what ? Also, i don't know if it's the quality of your images or not but your data does not look terrible on your LTF. If i compare your charts to the 6E on Ninja, your charts show funny overlapping bars at a few places. Maybe a suggestion, what about using a vertical line to indicate your bias down or up when you consider a change of trend has occured. It would help us to better help you in case you are wrong for whatever reason. Maybe for your TTF a 10 min. interval would be better and 5 min. for the LTF given the quality of your feed.

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  #8 (permalink)
Elite Member
Edmonton, Alberta Canada
 
Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

Thank you for your questions. I trade from 09:30-12:30 EST.

As for the quality of my images, I am unsure how to change that. Do you have any ideas or suggestions? I am new to taking screen shots. I do believe that there is some difference between EUR/USD and 6E as I am sure you are aware. I know today I had to zoom out of the LTF chart in order to fit it all into one image. Perhaps I should take two screen shots of the LTF

Thank you for the suggestion of using a vertical line to indicate my bias and when I consider the trend to have changed, I will implement this. GREAT idea!

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  #9 (permalink)
Elite Member
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Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,697 since Oct 2009
Thanks: 3,041 given, 4,497 received

Don't change anything, your images are OK. i think it has to do with the Oanda datafeed quality which displays little quirks at times.


thewardiknowof View Post
Thank you for your questions. I trade from 09:30-12:30 EST.

As for the quality of my images, I am unsure how to change that. Do you have any ideas or suggestions?


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  #10 (permalink)
Elite Member
Edmonton, Alberta Canada
 
Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

Wednesday March 07, 2012



trendisyourfriend View Post
Don't change anything, your images are OK. i think it has to do with the Oanda datafeed quality which displays little quirks at times.

I finally understood what you were saying. I did not change anything with my images. I did change from taking a screen shot of MT4 to what I actually use for the LTF (fxTrade). I was not using this for screen shots as it's harder to mark my trades on (ex my stop and both targets don't display.

Took one trade today a PB short, entering on LTF with a double top/doji for trigger. Again I feel I mismanaged the trade. I followed my plan, yet I feel it could have been better managed.

I also marked on the charts today the trades I feel I missed on the LTF and TTF charts. On the TTF chart I included arrows to indicate what I viewed the trend as.

Trade details:
Entry: short @ 1.31138 on PB in a down trend
STOP: 1.31220
T1: 1.31038
T2: 1.30538
Results: part 1 +10 pips part 2 -6 pips
Total: +4 pips

Attached Thumbnails
Ward's EUR/USD spot fx journal-7-htf.jpg   Ward's EUR/USD spot fx journal-7-ttf.jpg   Ward's EUR/USD spot fx journal-7-ltf-oanda.jpg  
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