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  1. #1
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    My Trading Journal

    dear Mod....

    I will start my trading journal here yak!!

  2. Diamond Member Array William's Avatar
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    Re: My Trading Journal

    If you could share your trading system. Well, at least until an extent where the information is useful for other members, you are more than welcomed to post your trading journal here.

    E.g. why you take the position (based on what decision / indicator / news) and why you close the position.

    Again, if you feel kindda reluctant to share ALL of your trading system, at least share a part of it that other people can use.

    Otherwise it could be considered as spam. Which will of course be deleted

    Regards,

  3. #3
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    Re: My Trading Journal

    Granted... thanx mod!

    It’s been sometime since my last real trade. By real I mean a trade that I prepared before opening a position. Last week I opened many positions randomly. I even raise the contract size. I tried to scalp the market. Well… Eventually on the long term I lost my capital. Now let’s see some real trades.
    Yes!!! Two Bollinger Bands!! This is a trick I read from Boris Schlossberg’s Technical Analysis of the Currency Market book. Two Bollinger Bands will extremely help in trading the range-bound market. The EUR/USD has been in range this week. This afternoon I checked the small TFs (5M, 15M, 30M) and the price has been on the range between 100 - 23.6 Fib on 5M while on 15M between 50 - 0 Fib. I drew the Fib last week on 15 October 2008.

    Ok so the market is on the range. Let’s trade it!!! As with other bands technique, when the bands diverge then the market is contracting. With 2 Bollinger Bands you can see the upper band pointing up and the below pointing down opening a big wide channel and there are four channels inside. The wider the better. Don’t you love when something opening wide? Remind you of something eh? *Evil Laugh* uhukk.. uhukk… ok continue…. There are 5 bands here and 4 channels. Combine with candlestick, on bullish market the candles will be on the upper bands/channel and on the contrary they will be on the lower bands/channel during the bearish market. A picture from Boris’ book on the next post.

    Boris’ picture only showed 4 bands. Well… maybe different charting pack different appearance. Oh… I also used the ol short-long MA technique. You know… when the short MA cut the long MA from above then it’s bearish while the other way around it’s bullish. On 5M I put Stochastic while on 15M and 30M I put RSI. RSI has been giving me good signal so far. Stoch, I’ve ignored it before and regretted myself. This time? I ignored it again with favor to the other indicators. My conclusion? It would be a good indicator during the scalping last week. Next? I’m not really sure yet.
    As I defined myself as day trader I open my position using the small TF that is 5M. Before opening the position I checked the higher TF those are 15M and 30M. Sometimes I check even to 1H, 4H even 1D just to confirm the trend. But then… I got confused. hehehhe So let’s just focus on 3 TFs just like ol Uncle Alder said.
    Below is a picture when I opened the first position

    [url=http://server6.theimagehosting.com/image.php?img=10-20-2008%205-38-07%20PM.png][/url]

    My first position was sell on 1.3474. The candles were on its early way on the lower channel. As you can see the legs.. ehhmm… I mean the bands were pointing up and down opening big channel. The short MA just cut thelong MA from above meaning the market is going down. Checked the higher TF and they all confirming that the market is indeed going down. RSI on 5M and 30M also pointing down. As usual I ignore the Stoch on 5M but hey!! It’s small TF so the movement in the Stoch should not bother me much. So I opened a 0.1 lot position aiming 20 pips. The target is actually slightly above the 61.8 Fib on 5M but the indicators on other TF also giving same signals so I get on it. And it hit!!! The first target was hit a few minutes after it. I wait to confirm that the price would move below the 61.8 Fib then I opened the second position on 1.3453 with TP 1.3435.
    Before the second position was hit I opened another position on 1.3436. The second position was hit and the third was hit on 1.3405. I waited and checked the higher TF and gladly found that the channel was opening wide on 15M and 30M. I opened my fourth position and raised the trade to 0.2 lot. The TP was 1.3400 and it was hit again.
    I opened another position on 1.3403 and… the internet is down!! internet down!! abandon ship!! abandon ship!!! I guess I shall wait until tomorrow to see what’s the result. Before the internet went down, the candle was a bullish one on 15M, RSI pointing up on 15M down on 30M, channels were started to glide down on 5M and 15M. Fortunately the channel was just start to open on 30M. Not really good signals but last position was target only 13 pips.
    uh oh
    The channels were converging on 5M, candles moving to the no man’s land area on 15M, and I still (am) hoping the price will slide down to hit my TP. It’s time to go home and call the Missus. Just to feel safe I decreased the TP to 10 pips only on 1.393 and SL on 1.3430.
    Usually I target 20 pips per position. But at good times when I think I already study the charts carefully I used the Fibs lines or low and high points in the wave.

    trade time: 20 October 2008 started 17.00 WIB - 21.00 WIB

  4. #4
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    Re: My Trading Journal

    This is the picture from Boris' book
    [url=http://server6.theimagehosting.com/image.php?img=10-20-2008%206-32-35%20PM.png][/url]

    I evaluated the trade this afternoon.
    I do still have problem in my exit strategy. Just like I said, usually I put 20 pips target. Then I check if the trend is continuing or not. If it's continuing then I opened another position. Yesterday I opened six position, that means they cost me 18 pips.
    The 3 TF system also helps me a lot. This is indeed a good system.

    oh ya mod... need no worry. I'm a novice with little experience and knowledge. whatever I can share I will surely share. I did not get a lot of help and I almost gave up on learning to trade knowing that there's no affordable trading course or training.

  5. #5
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    Re: My Trading Journal

    The wider the better. Don’t you love when something opening wide? Remind you of something eh? *Evil Laugh* uhukk.. uhukk… ok continue….
    :lol:

    I did not get a lot of help and I almost gave up on learning to trade knowing that there's no affordable trading course or training.
    If i'm not mistaken, you are from Lampung aren't you. Well, I can tell you that most of forex training courses which cost tens of millions of rupiahs here in Jakarta, are not really worth the money. Most of them are just a rehearsed of the system inside ebooks or free trading system out there. The good news are, we have many great free ebooks & trading systems here. It's like finding a gold mine.

    Well, as a newbie myself, I would like to say: Stick with it! Don't give up. You success is only one step apart.

    And... Many thanks for the sharing.

    Regards,

  6. #6
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    Re: My Trading Journal

    I am from Lampung but I stay there only during the weekends and holidays.

    I always thought that I need to learn from a class. that I need someone to tutor me. well... the books give me a lot of headache. heuheuheuehueh I have a pile of books that I downloaded and printed.

    a newbie, are you? LoL usually people admitting him/her self as a newbie on the net is the most experience one. that's why i class myself as a novice.

  7. #7
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    Re: My Trading Journal

    I started the trading session 15 minutes early today. A friend from far away wanted to show me the inside bar. He also gave several links about trading system in a famous forex forum. well... I dont really like to read pages of thread.

    anyhoo.... I still use the same trading method; bollinger bollinger bands and same pair EUR/USD. however.... the fibbo lines I drew on 15 October are no longer valid. heuheuheueh got me confused now that I couldn't determine the resistance. Even when I moved up higher to 1H. There is obviously a strong resistance on 1.3200. I and my friend were cheering and arguing where is the price will move. My setting keep saying that it will still go down. I even opened the 4H to confirm my prediction. Here's a picture.

    [url=http://server6.theimagehosting.com/image.php?img=10-21-2008%208-05-22%20PM.png][/url]

    So.. I opened only 3 positions today. This time with confirmation of the same setting on higher TF, I have confident that the trend is quite long. So far I made from 103 pips 2 positions .

    I'm leaving the third with TP to 1.3140. Gotta go enjoying soto ceker near Sarinah with a friend

  8. #8
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    Re: My Trading Journal

    Last position closed

    downtrend continues.....


    I opened another position this morning... :"> the channel is still wide on H4

  9. #9
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    Re: My Trading Journal

    okayy.... so I opened another then another then another with bigger lot.

    there was a very bearish candle on the H4.... theeennn.... retracement... haizzz

    the legs are still wide opened on M30, H1, H4 though they are closing on D1. M5 and M15? they've been ranging today... and I don't well.. maybe just not ready to trade the H1!! I got 2 positions trapped on a retracement. dunno yet when it will be closed. hopefully... tomorrow :evil:

  10. #10
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    Re: My Trading Journal

    are you still documenting?

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