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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
    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

  3. #3
    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.


  4. #4
    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.


  5. #5
    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.


  6. #6
    080404 Friday
    0 transactions

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

  7. #7

  8. #8
    Quote Originally Posted by ;
    080403 Thurdsday

    another large scale ranging day
    4 transactions; -10; 10; 10; 0;
    I do not feel comfortable during such days. If I do not see my preferred conditions and setup I like to return.
    The first transaction today was a mistake. I jumped on a rapid volatility growth and that I failed the rule of waiting till candle closes.
    Three immediately following transactions were created after viewing double bottom (15min and 5min).
    This was it for today. I did not feel comfortable to exchange more.
    What charts are these? Oanda?

  9. #9
    thanks Rosco_P
    Yes, all these really are oanda charts. They seem slightly different because I am working on mac.
    Looks like triangle or wedge consolidation is forming a daily.

    Tomorrow I might not be trading due to other duties.
    Regards

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

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