Ward's EUR/USD spot fx journal - futures io
futures io



Ward's EUR/USD spot fx journal


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one thewardiknowof with 59 posts (36 thanks)
    2. looks_two trendisyourfriend with 18 posts (25 thanks)
    3. looks_3 Big Mike with 6 posts (7 thanks)
    4. looks_4 loeser with 3 posts (0 thanks)
      Best Posters
    1. looks_one Nicolas11 with 2 thanks per post
    2. looks_two trendisyourfriend with 1.4 thanks per post
    3. looks_3 Big Mike with 1.2 thanks per post
    4. looks_4 thewardiknowof with 0.6 thanks per post
    1. trending_up 10,845 views
    2. thumb_up 72 thanks given
    3. group 6 followers
    1. forum 89 posts
    2. attach_file 82 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

Ward's EUR/USD spot fx journal

(login for full post details)
  #1 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: cTrader
Broker: ThinkForex
Trading: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

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)

Visit my futures io Trade Journal Started this thread Reply With Quote
The following 7 users say Thank You to thewardiknowof for this post:

Can you help answer these questions
from other members on futures io?
Mack + Order Flow
Emini and Emicro Index
Running two strategies on one chart; Has anyone done it …
MultiCharts
2003 Nymex Symposium
Traders Hideout
Simple code to end my indicator
NinjaTrader
Pause calculation When Position is Open-Backtesting
ThinkOrSwim
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Spoo-nalysis ES e-mini futures S&P 500
58 thanks
Would you share your Holy Grail?
21 thanks
Are you sure that your broker cant spy your trades and w …
19 thanks
Want your NinjaTrader indicator created, free?
15 thanks
Big Mike in Ecuador
14 thanks
 
(login for full post details)
  #3 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: cTrader
Broker: ThinkForex
Trading: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received


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
Click image for larger version

Name:	1 15min tf.jpg
Views:	181
Size:	92.0 KB
ID:	64437   Click image for larger version

Name:	1 ttf.jpg
Views:	175
Size:	84.2 KB
ID:	64438   Click image for larger version

Name:	1 ltf.jpg
Views:	151
Size:	89.5 KB
ID:	64439  
Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #4 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: cTrader
Broker: ThinkForex
Trading: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

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
Click image for larger version

Name:	2 TTF.jpg
Views:	140
Size:	333.1 KB
ID:	64597   Click image for larger version

Name:	2 LTF.jpg
Views:	144
Size:	372.2 KB
ID:	64598  
Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to thewardiknowof for this post:
 
(login for full post details)
  #5 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: cTrader
Broker: ThinkForex
Trading: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

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
Click image for larger version

Name:	5 HTF (15min).jpg
Views:	147
Size:	229.6 KB
ID:	64957   Click image for larger version

Name:	5 TTF.jpg
Views:	160
Size:	244.3 KB
ID:	64958   Click image for larger version

Name:	5 LTF.jpg
Views:	156
Size:	281.2 KB
ID:	64959  
Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #6 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: cTrader
Broker: ThinkForex
Trading: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

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
Click image for larger version

Name:	6 HTF.jpg
Views:	123
Size:	442.8 KB
ID:	65159   Click image for larger version

Name:	6 LTF.jpg
Views:	170
Size:	289.2 KB
ID:	65160   Click image for larger version

Name:	6 TTF.jpg
Views:	135
Size:	247.1 KB
ID:	65161  
Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to thewardiknowof for this post:
 
(login for full post details)
  #7 (permalink)
 trendisyourfriend 
Legendary Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 4,130 since Oct 2009
Thanks: 3,800 given, 5,356 received

@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.

Reply With Quote
The following user says Thank You to trendisyourfriend for this post:
 
(login for full post details)
  #8 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: cTrader
Broker: ThinkForex
Trading: 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!

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to thewardiknowof for this post:
 
(login for full post details)
  #9 (permalink)
 trendisyourfriend 
Legendary Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 4,130 since Oct 2009
Thanks: 3,800 given, 5,356 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?


Reply With Quote
The following user says Thank You to trendisyourfriend for this post:
 
(login for full post details)
  #10 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
Experience: Beginner
Platform: cTrader
Broker: ThinkForex
Trading: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received



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
Click image for larger version

Name:	7 HTF.jpg
Views:	147
Size:	371.6 KB
ID:	65370   Click image for larger version

Name:	7 TTF.jpg
Views:	140
Size:	299.6 KB
ID:	65371   Click image for larger version

Name:	7 LTF-Oanda.jpg
Views:	126
Size:	334.9 KB
ID:	65372  
Visit my futures io Trade Journal Started this thread Reply With Quote
The following 2 users say Thank You to thewardiknowof for this post:


futures io Trading Community Trading Journals > Ward's EUR/USD spot fx journal


Last Updated on May 14, 2012


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts