WhiteForex price action journal
Page 1 of 503 123 LastLast
Results 1 to 10 of 27

Thread: WhiteForex price action journal

  1. #1
    Welcome to my diary
    that I will attempt to post here my daily eur/usd transactions and predictions.

    Simple price action (chart and candlestick patterns) is something that inspires me largely. Price action itself is the method for me.

    I'm daytrader searching for the main movement of the afternoon. Of time frames daily, 4h and 1h are important for me personally, as they're quite often telling me what to expect next. While I know what to expect I'm shing to reduce time frames 30min, 15 min (my favourite) and 5min looking for opportunity to enter.

    My basic trading formulation is as fallows:

    Lengthy signals:
    1) following the sight of bullish candlestick like: morning star, hammer, bullish piercing or bullish engulfing rejecting at least for another time s/r level
    two) following the initial light candlestick finish (engulfing) a bullish flag consolidation or symmetrical triangle consolidation or rectangle consolidation, or bullish wedge.

    Short signals
    1) following the sight of a bearish candlestick pattern like: day star, shooting star, hanging man, bearish engulfing or dim blur rejecting at least for another time s/r level
    two) following the initial dark candlestick finish (engulfing) a bearish flag consolidation or symmetrical triangle consolidation or rectangle consolidation or bearish wedge.

    Exit egy:

    Initial S/L is depending on the time frame, but I don't feel comfortable to place larger stops than 30 pips that is why I'm finding entry point with 15 min charts (or 5 min sometimes). Most of the time that my SL is 20 or even 25pips.

    - When I'm scalping then my minute. SL is -10pips and minute TP 10 pips
    - If I see possibility of bigger movement then my SL is greatest 30 pips.
    - When price goes minimum 10 pips in my direction I'm tightening my SL and seriously contemplating placing it in B/E point.
    - When Price goes 20 pips in my direction I definitely place SL in B/E point.
    - when price reaches closest S/R level I shield 1/4 of my profits by shing SL
    - If I open few places simultaneously I shut a number of them at different S/R levels.
    - If I open one place only I'm trailing it using kijun-sen (3-5 pips under it if going long). When price is going quickly I utilize kijun-sen from 5 minute chart and when price is going lazily I utilize kijun-sen out of 15 minute char.
    - In the event I open only one position usually my transactions are shut by SL but sometimes I'm shutting them when I have no beliefs that price will go more in my favor or they're closed by predefined target level (TP order) when it is achieved first.
    - I always attempt to calculate goals using price action and fibo but I don't always place TP order.

  2. #2
    080408 Tuesday
    7 trades: 0; 0; -10; 2; -10; 0; -10;
    it was difficult day for me personally.

  3. #3
    080409 Wednesday
    afternoon of two consecutive triangles followed by powerful breakout.
    8 trades; 0; 0; 10; -10; 10; 10; 0; 2;
    tomorrow we can see evaluation of 1.59

  4. #4
    My adventure with FX started some 4 decades back. I was studying, demo trading, analyzing, hunting, etc... but I never exchanged real money for long enough to say I'm experienced trader. After loosing something such as 5% or 10 percent of initial account I just stopped trading. The stress and fear of loosing more than that was just unbearable.

    What I am presenting here is my third trial with live account. This account is funded with the money I was collecting for one year working hard in London as a barman and van driver. This makes my method of trading more serious than ever before I think.

    My main problem with real trading is and has at all times been stress and negative emotions associated with trading. My aim therefore is to find a means to eliminate stress during trading.

    After fourteen days of trading I must acknowledge that this experience again was very stressful for me especially during next week when I was scalping almost like a blind guy...

    Because of this I chose to take week of rest to unwind and make some corrections to my trading formula.

    According to theory I believe that devoid of stress trading = healthy money management clearly defined entry point clearly defined exit egy.

    So, how are these items looking like in my own situation?

    Money management: I'm not risking more than 3% of my account on one trade. 10 pips is 1% of capital and I am familiar with this.

    Definitely defined entry point: This is a problem in my situation because the machine I'm trading is very optional and nothing is clearly defined, but I would love to alter it, simplify the system and also help it become more mechanical. Also I would not like to open more than 3-4 trades daily

    I think that this really is the remedy.

    After specifying potential price movement predied on higher timeframes analysis I shall enter long at the close of 15min candle only if:
    1)osma gt;= 0
    2)tenkan sen gt;=kijun sen
    3)shut gt;= tenkan sen
    4)close gt;= ema55
    ideally price action should look like beginning of 3rd or 5th Elliot Wave

    This really is my most favourite sign. Trading it only will not give me more than 3-4 entry points a day (during which range day). Normally that signal seems once or twice every day.
    This sign of course must fulfill also one of the conditions described in article no1.

    So this will be my only entry point for next coupe of months - unless something extraordinary happens and I will be unable to keep my hand away from the mouse

    handling open trade -- this is my weakest point. I have serious issues with patience and stress while the trade is open and price is not moving as fast as I would like it to proceed in my own direction. I want to fix that problem.

    Right now I don't have any answer to this problem, but I strongly believe that in due course of time the answer will be reviled to me personally. I want just more real trading expertise.

    Whish me luck please

  5. #5
    I utilize PA too but on longer timeframes, the sole indior I sometimes use is that the MACD just for divergence. I look forward to determine how you will trade using PA.. Fantastic luck in your journal

  6. #6
    Thank you for kind words my friend

    080401 Tuesday

    It was nice trending day.
    I made 4 transactions; 84; 6; 2; -9.
    First entry was appropriate reaction on strong bearish signal from 15min chart.
    Three other entries were some sort of 5min open scalping (with no TP) with expect to ch another wave. They weren't successful. Day, after those four transactions I ended my trading. Later on the next two 15min signals appeared.
    Tomorrow we may see consolidation or perhaps some continuation of south movement.

  7. #7
    080402 Wednesday

    large scale ranging day
    3 trades; 0; 6; 4;
    I was occupied with other obligations today and I should not actually trade but once I saw my favorite signal in the morning I couldn't say no. I was stopped at BE since I moved SL too early. I didn't reenter as I normally try to do since I was going to leave my dwelling.
    Once I came back few hours later I chose to open-scalp on just a little flag break. I stopped trading before Bernankie's address.
    Technically It was quite interesting day that's not over yet as today it looks like ABCD fibo if trying to form on 1h chart...
    Tomorrow anything can happen as Mr Bernankie is talking again and we're approaching to first Friday of the Month.

  8. #8
    080403 Thurdsday

    another huge scale ranging day
    4 transactions; -10; 10; 10; 0;
    I don't feel comfortable during such days. If I don't see my preferred conditions and setup I prefer to return.
    The very first transaction now was a mistake. I jumped on a rapid volatility growth and that I neglected the rule of waiting till candle closes.
    Three immediately following transactions were made after viewing double bottom (15min and 5min).
    This was it for now. I did not feel comfortable to exchange more.

  9. #9
    080404 Friday
    0 transactions

    Overview of the week
    15 transactions ( 143pips):
    - 10 winners ( 162)
    - 3 be (0)
    - 2 losers (-19)

  10. #10

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners more information