Here's my brand new journal which I felt inspired to start today as a means to keep disciplined and accountable for my trading. I will be adding entries to this journal everyday as long as I place trades (whether it be live or SIM).
Before I start gotta send a shout out to Mack at PATS because I developed my style from his teachings but had to make a few changes from his methods to fit my personality (I just couldn't get comfortable with 1 point scalps). I really have learn't so much from him though. Also a thank you to michaelleemoore for introducing me to unirenko charts. These charts are so clean and support/resistance levels are so clearly visible in comparison to other chart types.
Ok a quick overview of my methods:
I use a UNI-RENKO chart settings 8-8-16 with a 20 EMA to do my pre-market and intraday analysis. I'm basically watching this most of the time and asking myself- Are we in a bull trend channel? Bear trend channel? Are we bouncing in a range between support & resistance? Where is price in relation to the 20 EMA?
My entry/exit chart is the 1-1-3 UNI-RENKO. I'll only take longs from support on the 1-1-3 chart if price on the 8-8-16 is in a bull trend channel & above the EMA (but not so over-extended from the EMA it looks due for a retracement). The opposite is true for shorts... I'll only take shorts from resistance on the 1-1-3 if the 8-8-16 is in a bear channel & below the EMA.
Here's what happened today in my live account. I placed 2 trades:
We are clearly in a bull trend channel that I've been playing for the last 4-5 days. Today we got a pull back to the lower trendline and EMA
213582
This was my first long I took with 5 tick risk 4 point profit target. I stupidly trailed my stop and it retraced and took me out with a 2 tick loss. If I'd placed the stop 1 tick below my entry swing low the trade would have worked out fine.
213584
This was my second long. I was very concerned about yesterday's all time high (which was breached today) so I took a 2.5 point profit finishing the day with a 2 point profit. :)