s Trading Journal

[Mjyl]

I'm Back, if you are still intriguing, go here in 2011

https://www.nigeriaforextrading.com/bitcoin-talk-and-cryptocurrencies/120-trend-future.html

This diary is ending on 31 December 2010, visit this:

https://www.nigeriaforextrading.com/trading-system-and-egies/222-readthemarket-supply-demand-price-action.html

Thank you visitors here over the year, best wishes to all

________________________________________


That is open for daily list of my FX trading. Any positive constructive comment is welcome. Then simply ignore it, if this thread isn't your cup of tea.

Happy trading
City

The basic trading style (trend riding):
https://www.nigeriaforextrading.com/trading-discussion/25-daily-egy-euro-test-support.html

My trading method is mostly come from one of the great traders ~ Sho (Trade Price). All appreciations go to him. His thread is here:
https://www.nigeriaforextrading.com/bitcoin-talk-and-cryptocurrencies/114-decrase-minimum-trailing-stoploss-fxpro.html
and here's his trading area https://www.nigeriaforextrading.com/trading-discussion/195-gbp-aud.html, come to join the celebration

The manner of Sho's trading (zone attack), see this connection https://www.nigeriaforextrading.com/trading-discussion/51-posting-trades-weblogger.html

___________________
My trading rules, refer to article #2

___________________

PS - As I want to make it like a fresh start, a new trading a/c (ECN) is now in appliion process. Should be prepared before mid-June 2010, so now I should have sufficient time to put my trading principles and other major stuff in next couple of pages before actual trading.

Edit on 20-6-2010
Struggling with several ECN brokers, now I have target on a single that match my need. However, the planning to trade live with this broker will be deferred as a few family stuff need to settle down first. So it should be delay not before mid-Aug 2010. In order keep in my trading routine but with min risk (to not affect the bigger plan), I'll switch to my miniature a/c with IB until everything is settle down. My article 2, the capital investment on the new ECN a/c needs to be corrected with min. US1000 the moment it begins.
_________________

Some useful links:

1. My template and indiors: https://www.nigeriaforextrading.com/trading-system-and-egies/217-expanding-grid.html

2. If you want to play more pairs, here's your proposal out of Sho
https://www.nigeriaforextrading.com/forex-brokers/86-broker-multiple-mt4-micro-demo-accounts.html



_______________
This is my chart installation (white backdrop )
As at 27-7-2010: a few minor shift (light grey background)
https://www.nigeriaforextrading.com/attachments/15281438941408990379.jpg
https://www.nigeriaforextrading.com/attachments/1528143851.jpg

[Mjyl]

Can I ch some prior to the Unemployment news? Chicken out with 7, small s/r level right there and news is coming, can be a sudden change of directionhttps://www.nigeriaforextrading.com/attachments/1528196492.png
https://www.nigeriaforextrading.com/attachments/1528196524207765148.jpg

[zoylom]

WOOOOOOO!! Go eric!!!!!!!

All the best mate, is that your trip to full time fx?

[Mjyl]

WOOOOOOO!! Go eric!!!!!!!

All the best mate, is this your trip to complete time fx? Sim,

You are my 1st mate , and also more than welcome. Not yet complete time, however this is used as revision and recording purpose.

Cheers
City

[zoylom]

,

You are my 1st mate here, and also over welcome. Not yet complete time, but this is used as recording and revision purpose.

Cheers
City Thank you bro! You toooo. .

All I will say for others is if you want to observe an agressive trader make money, stick around! isn't'just another scalper' https://www.nigeriaforextrading.com/attachments/1528143852.png

[Mjyl]

Keep watching out the s/r amounts, have been there for months
https://www.nigeriaforextrading.com/attachments/1528143896385281668.jpg

[Mjyl]

Watch out the s/r level, particularly the 110.5 level.
https://www.nigeriaforextrading.com/attachments/15281438981283286042.jpg

[ge]

My trading method is chiefly come from just one of the great traders ~ Sho (Trade Price). All appreciations go to him. His thread is here:
https://www.nigeriaforextrading.com/bitcoin-talk-and-cryptocurrencies/154-help-script.html

Thanks for the wonderful words.but I'm not that great.just an avarage person.
I am glad you have started your journal.good fortune with that. Https://www.nigeriaforextrading.com/attachments/1528143855.png
clean and nice rules.i love simple stuff.i will probably be a very reguler visitor here.

TO all. (who's seeing his thread)
keep seeing citys journal. (his name is Eric but I call him City with his permissionhttps://www.nigeriaforextrading.com/attachments/1528143855.png)you will learn that a lot.specially if you're seeking to learn short term trading.
He's a very humble,helpfull person to others.
And carefull -make sure his jokes doesnot make you foolhttps://www.nigeriaforextrading.com/attachments/1528143855.png



Keep watching the s/r levels, have been there for months nice analysis cityhttps://www.nigeriaforextrading.com/attachments/1528143855.png.

[Popypop]

Eric,

Congratulations with the start of your Diary.
Post #2 is excellent!

Good luck for this https://www.nigeriaforextrading.com/attachments/1528143855.png

Rob

[Mjyl]

Look who's coming, our Master Sho.

Tks Sho, please kick my thick head if I am doing anything mad https://www.nigeriaforextrading.com/attachments/1528143855.png

To all, I am still learning from him, but we can share with one another on different trading egy.

Happy trading to all
Cityhttps://www.nigeriaforextrading.com/attachments/1528143855.png


Thank you for the nice words.but I am not that great.just an avarage individual.
I am glad that you have begun your journal.good fortune with that. Https://www.nigeriaforextrading.com/attachments/1528143855.png
nice and clean rules.i love simple stuff.i will probably be a very reguler visitor here.

TO all. (who's visiting his thread)
keep visiting citys journal. (his name is Eric but call him City with his permissionhttps://www.nigeriaforextrading.com/attachments/1528143855.png)that you are going to learn that a lot.specially if you are seeking to learn short term trading.
He is a really humble,helpfull individual to others.
[I][b][color=crimson ]and...

[Mjyl]

Thanks Rob,

You are the one to let us know (at least for me) how significant to analysis the higher time frame, we only enjoying the M15 price action.

For Post 2, I trust I'd definitely need a little more fine tune when I learn more from you guys. Https://www.nigeriaforextrading.com/attachments/1528143856.jpg

Cheers
City


Eric,

Congratulations with the start of your journal.
Post #2 is fantastic!

Good luck with this particular https://www.nigeriaforextrading.com/attachments/1528143856.jpg

Rob

[Mjyl]

- Testing out of ECN a/c
- Testing out of SMA 10 21 (SMA 10 - the same sense of KC, SMA 21, don't go again this direction)


1. EJ - fashion is still in up movement, but near the r/n, seems slow down, so sharp cut;

2. GU - bar formation not so great (seems the start of down momentum), and near the r/n, so cut small profit.
https://www.nigeriaforextrading.com/attachments/1528143856.jpg
https://www.nigeriaforextrading.com/attachments/1528143857.jpg

[Mjyl]

Notes for reference.

My sense as a real Asian, generally Mon is a silent market (the time I composed this is London 0630 / US 0130 / my time is 1330), may be the big boys (from these 2 markets) are still in sleeping. https://www.nigeriaforextrading.com/attachments/1528143858.jpghttps://www.nigeriaforextrading.com/attachments/1528143858.jpg

[Mjyl]

Worth to remind myself

- Entrance because of DT formation; below equally SMA 10 21; two hooks (the 2nd one initially was pin, then doji at last)
- sl set right over the r/n
- however the resent support (flat green) seems to be quite strong;
- didnt get out since the DT was valid;
- finally stop out from the sudden movement of green pub broke from the r/n
https://www.nigeriaforextrading.com/attachments/1528143858.jpg

[bllxa]

Congratulations my friend with this bold measure.

I know that with specialist traders such as Sho,Sm and Rob to encourage you, you'll be prosperous.

I will be quite a regular visitor.

Might the pips continue following you.

https://www.nigeriaforextrading.com/attachments/1528143859.jpg

[Mjyl]

Still testing of new a/c

Seems 123 formation, 2 pins on the top (the 2nd one, blended green more red), split the recent support, got powerful resistance at 1.475 level, go with brief. Place sl just over the green line

But sounds no more down ward force, stall with 8p, then sharp cut.
https://www.nigeriaforextrading.com/attachments/1528143859.jpg

[Mjyl]

Caught 1st 17, 2nd one still in run

Entrance - head down, broke the green resistance but pull back again (the previous pin). Put 2 entrances.

Secured 1st profit 1st, let another one move....

2nd edit: wor... 2nd -2p, better caught 10 before
https://www.nigeriaforextrading.com/attachments/1528143860.jpg

[Mjyl]

Tks for the visit Matlobien, let's discuss our trading egy. May be we can learn something from one another.

Cheers
City


Congratulations my friend on this daring measure.

I know that using specialist traders like Sho,Sm and Rob to encourage you, you will be successful.

I will be quite a frequent visitor.

May the pips continue following you.

https://www.nigeriaforextrading.com/attachments/1528143861.jpg

[Mjyl]

Test this for many hours. One critical point can't be sorted out, that is the leverage. I can not actually play aggresive while there's minimal room on free margin with a $500 a/c. Appears I don't have any choice but to stick to Alpari.... Https://www.nigeriaforextrading.com/attachments/1528143861.jpg

Alright, then do some a/c adjustment 1st. Will take two to three days to sort it out.

Enough time to clear my monitoring list.

[Mjyl]

Dont expect too much in Asia session, classic setup, do it fast
https://www.nigeriaforextrading.com/attachments/15281439071824692334.jpg

[Mjyl]

1st exchange today. 10https://www.nigeriaforextrading.com/attachments/1528196478.jpg
https://www.nigeriaforextrading.com/attachments/15281965001700910575.jpg

[Mjyl]

As pic

London: 1253: arrived!! Be patient.... London 1302: not yet, looks a 200m/s train....

Additionally, divergence is forming....
https://www.nigeriaforextrading.com/attachments/15281965021390791688.jpg

[Mjyl]

London 1302: not yet, seems a 200m/s train....

Additionally, divergence is forming.... Look like a one way tickethttps://www.nigeriaforextrading.com/attachments/1528196480.png...

[Mjyl]

It compensated mehttps://www.nigeriaforextrading.com/attachments/1528196481.jpg

Edit: target 1:2, now a 40 streak gt; 1:5:rolling_on_the_floor_laughing:

Should well aim on the lowest support level!!

Shit lot over that now!! (a 90 operate in 4 bars)
https://www.nigeriaforextrading.com/attachments/15281965041887682782.jpg
https://www.nigeriaforextrading.com/attachments/1528196507436438905.jpg
https://www.nigeriaforextrading.com/attachments/15281965091498186201.jpg

[Mjyl]

. .
Edit: ch some in my testing a/chttps://www.nigeriaforextrading.com/attachments/1528196484.jpg

However learning how to play larger commerce based on s/r.... keep learning
https://www.nigeriaforextrading.com/attachments/1528196511736088562.jpg
https://www.nigeriaforextrading.com/attachments/1528196485.jpg

[Mjyl]

Its my time almost 2400, stop trading now, not bad.... https://www.nigeriaforextrading.com/attachments/1528196486.jpg

[Mjyl]

Sometime if we get lost, we actually need to return the fundamental of market, that drives the market / price, where are these buyers / sellers are here are 2 links from FXstreet which show us exactly what is Supply (resistance) and demand (support) really are.

Http://www.fxstreet.com/eduion/learning-center/unit-1/chapter-4/supply-and-demand-still-abstract-for-you/

http://blogs.fxstreet.com/postcards/2009/01/16/the-secret-to-finding-support-resistance-levels/

Of course, there are some good articles from Sam Seiden also, search it out of FXstreet also, could be quite a good reinforcement.

Cheers
Eric https://www.nigeriaforextrading.com/attachments/1528196486.jpg

[Mjyl]

A pending order at 1.5340 about, will visit....
https://www.nigeriaforextrading.com/attachments/1528196513781811722.jpg

[Mjyl]

A pending order at 1.5340 around, will see.... Never get there.... Such a horizontal markethttps://www.nigeriaforextrading.com/attachments/1528196487.jpghttps://www.nigeriaforextrading.com/attachments/1528196487.jpg

[Mjyl]

Watch pic, look for r/n about 108https://www.nigeriaforextrading.com/attachments/1528196487.jpg
https://www.nigeriaforextrading.com/attachments/15281965151184455824.jpg

[Mjyl]

See pic, look for r/n about 108https://www.nigeriaforextrading.com/attachments/1528196488.png I'm going to bed, let the future, byehttps://www.nigeriaforextrading.com/attachments/1528196488.png

[Mjyl]

See pic, start looking for r/n about 108https://www.nigeriaforextrading.com/attachments/1528196488.png Yes, she really hitted my TP about 108, but after the tiny kiss on BE 1sthttps://www.nigeriaforextrading.com/attachments/1528196489.jpg
https://www.nigeriaforextrading.com/attachments/1528196517168208281.jpg

[Mjyl]

Guys,

You can't miss this informative article from Rob (Priceaction), if you're a fan of Sho's method.

http://www.consult-fx.com/?p=833

Cheers
Eric

[Mjyl]

Could I ch a few prior to the Unemployment news?
https://www.nigeriaforextrading.com/attachments/15281965221712574079.jpg

[Mjyl]

I have participated innigeriaforextradingfor annually and this journey has been very meaningful for me (in terms of trading knowledge gained). I am very fortunate here as there are several traders who edued me a lot, Sho (Trade price), Rob (Price action), and many othershttps://www.nigeriaforextrading.com/attachments/1528196493.pnghttps://www.nigeriaforextrading.com/attachments/1528196493.pnghttps://www.nigeriaforextrading.com/attachments/1528196494.png. These traders all transaction in various methods somehow, but after all, they all brought me into the new world of Price Action trading. I believe every trader would develop his own trading style based on his personality eventually, for example me. And this is essential procedure out of a newbie becomes a trader.

Talking about different trading methods, I loe tendency riding is the simpler way to learn and embrace. But I picked counter trend trades in many events, despairing https://www.nigeriaforextrading.com/attachments/1528196494.png. For trading time frame, M15 is my lover as well as also the major s/r levels form H4 and above is my favorite. Sometimes I'd switch down my trading TF into M5 while the market is dead slow. Lately, I even find my s/r levels from monthly / weekly charts for stronger confirmation. You see I am such a mad old man and'm still creating my own designation.

But I really do have some thing sure, to get a short-term trader searching to get 10 or 20 pips per transaction, the most crucial thing is the immediate price action, and take alert on these major s/r from higher TFs. For me, while I am in trading, I'd rather stick to my trading time frame (M15), instead of scroll back and forth between different higher and lower TFs, this approach could make me simpler to decide on the immediate market heartbeat. Well this is the best lesson out of Sho and really works for me in short-term play.

Haha, why I am currently looking at higher TFs for example monthly or weekly, since I want to see how strong of my chosen s/r levels are in my trading TF. And I want to develop a much better skill in more term trading, it is the next major topic for me in 2011.

By the end of 2010, I really did slow down trading and wrap up my trading program, well those comparable things as every trader does, the approach on currency management on compounding, risk a trade, trade direction for different installments, a health life for better trading outcome, constantly optimistic myself in the beginning of trading day etc.. It's the best year for me following the revision on my trading results over the years (at least positive expansion, the 2009 and before were all in negative, what a bad old man!! Https://www.nigeriaforextrading.com/attachments/1528196494.png) Another matter would be to trim my trading A/Cs into 2 only. One for short-term trading function as usual (MBT), and the other one is major for analyzing and more duration trading (Onada). Both trading A/Cs simply offer you the usual leverage (US law) without a hedge allowance, therefore it may restrict my trading maybe not in such competitive manner ~ always risk first.

I have enough rambling however, the final thing I want to say would be to prevent this diary from this stage, since I want to concentrate more on my trading and receive a better balance on my daily life. For certain that I will still participate other threads but more likely be a silent member. May be sometime after I will open another thread for trading document purpose but maybe not decide yet (I have tried to utilize blog / own website etc. but FF's thread is the most suitable approach for me personally ). You know, keep our trading record daily is the best way for self advancement, as we must review our trading system, do more which works for you and eliminate those bad habits.

Best wishes to every traders.

Never give up if you excited on this business. If you are still a failure, the only one you can blame is youself, not learn sufficient / researched too much but maybe not adhere to one suits you or the worst case would be stop studying. I choose keep on studying but decide on those suit my trading style. https://www.nigeriaforextrading.com/attachments/1528196494.png

[mimumgo]

I've participated innigeriaforextradingfor a year and this journey has been very significant for me (regarding trading knowledge gained). I'm very fortunate here since there are so many traders who taught me a lot, Sho (Trade price), Rob (Price action), and many othershttps://www.nigeriaforextrading.com/attachments/1528196494.pnghttps://www.nigeriaforextrading.com/attachments/1528196494.pnghttps://www.nigeriaforextrading.com/attachments/1528196494.png. These traders all trade in different methods , but after allthey brought me to the new world of Price Action trading. I feel every trader would develop his own trading style according to his character eventually, including me. And this is a must process from... Hey Eric!
Although its sad to see your leaving the diary supporting it's completely understandable, our main focus after all is making money! I have definitely picked up some fantastic things from you that's helped my trading, so im very grateful for your donation https://www.nigeriaforextrading.com/attachments/1528196494.png

I wish you the very best of luck my friend but I do not think you'll need it https://www.nigeriaforextrading.com/attachments/1528196494.png You're going to kick ass in 2011 im sure!

[semma]

I've participated innigeriaforextradingfor annually and this travel has been very meaningful for me (regarding trading knowledge gained). I'm very lucky here as there are so many traders who edued me a lot, Sho (Trade price), Rob (Price action), and lots of other people https://www.nigeriaforextrading.com/attachments/1528143913.pnghttps://www.nigeriaforextrading.com/attachments/1528143913.pnghttps://www.nigeriaforextrading.com/attachments/1528143913.png. These traders all transaction in various methods , but after allthey all brought me into the new world of Price Action trading. I feel every trader would develop his own trading style according to his character eventually, for example me. And this is essential process from... Eric, you have showing me more than hundreds trade e.g and also as your analysis. This is surely the ideal journal using master's method.At the same time directing loser like me to many eduional links. Thanks to you.
Since you consider trading higher time frame incorporating Sho's method you can open your following journal purely for higher time frame. Trading higher time frame you've got more time for yourself, pretty wife, lovely kids,family members, friends and....cyber friendshttps://www.nigeriaforextrading.com/attachments/1528143914.png
The diary you have can be inherited into your children.
You're planting the seed and then nurture them into big tree. Your generation could have discuss the shady tree also.
All of the best

[Alfmego]

A very happy new year to , Master Sho and all mates here.

Sorry to hear your news to prevent this particular journal. It's very helpful for many traders who trade according to Sho methood and price action. I'm also one who take advantage from this,thanks to everything man. Https://www.nigeriaforextrading.com/attachments/1528143914.png Look forward to seeing your new thread soon.

Regards

[Mjyl]

I'm back, if you are still intriguing, go herehttps://www.nigeriaforextrading.com/attachments/1528143914.png


https://www.nigeriaforextrading.com/forex-brokers/198-ic-markets-true-ecn-australia.html

[Mjyl]

This will be revised from time to time, if there's necessary amendment.

My current play is just revolve around intraday trading. Occasionally only last for couple of minutes, but largely within an hour.


Chart Set up:
The easy the best
1. M15 Candle / bar Chart (identify the price momentum by way of spontaneous and corrective movement, bar formation and pattern etc;
2. Keltner Channel (for general trend identifiion);
3. Stoch 5/3/3 (look for divergence, depart intention );
4. Major support resistance zone from H4 / / D1 / weekly;
5. Trendline
6. Round Numbers
7. Pairs to trade: EJ and GU, both give a good mix on anytime trading (Asia session, do not play GU unless a good setup)

Under monitoring:
1. Whether use lower TF stoch for improved entry and exit
2. SMA21 theres no trading against this MA

Entry principle:
Always trade with the trend, counter trend trade on DB/DT/123 formation just


Always consider the risk 1st
Every trade must equip a sl. Sl is about 20p (for me intraday trading's principle )or near the s/r (where the s/r is place from preceding several bars near, or a major s/r plotted from H4 / D1), below or above the confirmation bar;


Trend trading
1. Based on KC, which acts as fashion signal and s/r. Flat trend no trade;
2. Check the momentum, outline the implusive and correcive move, simply trade with implusive move;
3. Pub / candle formation is the 3rd to be considered, once we see the implusive move, check out if there's very good support (such as uptrend) for the bar, an hangman, ob or ib then split out (upward ) in an uptrend can be a great signal, vice versa, an odd invert pin in an uptrend can be an exit signal.
3.1 If it is an ob long bar in uptrend, following the completion of this very long bar and await retracement (can be 50%, 61% Fib) then enter;
3.2 If it is an ib at uptrend, place the sl beneath the ib then enter in another bar if up proceed.
3.3 If it is a pb in an uptrend, then enter at the next bar (if up move), place the sl beneath the pin or inside the tail if the tail is too long;
3.4 if no pb / ib / ob, however a good support is place (in an uptrend), nevertheless can go for extended and place the sl below the support line / zone.
4. Check the M15 stoch, no divergence 1st, even it is in the oversold / overbought place, no hesitation to go. Cos major move constantly place on the over area. For conservative egy, then we will need to wait around for the same trend of stoch price trend, there might be plenty of good trade being missed but secure.


Counter fad trade
1. I used to perform DB / DT or 123 formation for a number of occasions (major coz once I have enough time to perform, generally the ending of major trend ~ the London session is half gone). But it is still higher risk then fad riding, so keep even tight the sl, loss is loss. It is possible to re-enter any moment, but just don't allow your loss even worst by moving the sl way far away.

Do not even think to include more trade to a losing trade (Difficult principle )
End a losing trade and take a better one is better


Exit principle:
Monitor the trade once open, and shut the trade once momentum is against you personally

1. If the price is on your direction, following the end of 1st bar (the bar you enter), and there's enough space to move your sl into BE (approximately 10p), then proceed the sl about BE.
2. No, do not even think to move larger your sl, it will definitely become a tragedy. Tread the sl as an ending of terrible trade, there are always better entry in the corner, so do not waste all the opportunity to take care of a lousy trade and keep moving the sl larger and larger. You simply missed other very good setups.
3. RR is approximately 2:1, or less when the entry is following 2 implusive moves in a trend.
4. Close your trade after 3 pubs even with loss, unless there's good forming of trend on your direction
5. Close your trade if there's divergence place;


SL TP:

SL - 10 to 20 pips, depends on the entry place
TP - 20 to 40 pips, watch the move if in momentum or maybe not;
BE - place to BE while there's approximately 10p gained, allow the trade run;
TSL - no for this moment
Always allow 2 to 3 pips as spreads



Trading Time:
Play inside my time 1800 to 2400 (through day saving) just, no disturb my real work (but cannot trade with the major move of London opening https://www.nigeriaforextrading.com/attachments/1528143852.png, I dont really like this, but I have to confront the fact at the moment!!)



Money Management:
Normally every trade risks with two% capital
Monthly target at 15% capital growth

But because I prepare to begin a new trading a/c with a new broker (in ECN manner ), so that I rather put a little capital on it first, if I am familiar with this, then leading up the capital later. Therefore, I will just put $500 as first capital. But seems that this broker simply allows the minute play 0.1 lot (ought to be 10k), and no 0.11, 0.12 etc.. So it would be higher risk initially as mentioned above, hopefully I will consistantly maintain the capital growth before the risk level above. Additionally, I have to jump from 0.1 lot to 0.2 lot directly if everything fine, so it may be a long way to go with 0.1 lot. Wait and watch.


Capital as at ?? June 2010: US$500 (new ECN a/c)

[albinooxmlinlapaygom]

Hi city good to see you back, good luck and I already know you're a really good trader, and that means you will suceed. https://www.nigeriaforextrading.com/attachments/1528143914.png