My Trading Journal
Im back into trading after a substantial break and will notice my transactions here daily.
Notes on my trading and recording
All times are GMT
I use fibbonnaci, macD, REI, RSI and moving averages as my most important indiors.
I use timeframes of 15, 3 and 1 min
I use 3 min for scalpel transactions (approx 1 min - 10min transactions
I use 15 min on longer transactions (15min - 1 hour)
I'm normally in and outside of my transactions within 5 - 15 mins
I trade 4 days each week and wont trade over 4 transactions in 1 session
My practice is through fxmeduction at Australia
This diary is a declaration of my trading. It keeps me edued and aids in self assurance for trading.
I will not pass information taught to me by fxmeduion.
Wednesday 20th August 2008
Trade 1
Currency GBP/USD
Trade type - scalpel
Entered long 9:21 on 3 minute candle at 18595
Exited 9:30 at 18631
Impact 36 pips
Trade direction
I watched 3 min for my exit, drew a trend line on the upswing. If any candle had opened under the blue moving average I would have left if blended with a drop in Mac D and dip below my 3 min trend line.
Exit Forged
Price on 3 min chart hit on the pivot line along with also the pink moving average. Pink and black REI up high and turnng downwards. Price hit Pink MA on 15 min chart too. Additionally announcement could result in volatility.
Opted to lock in profit
Trade 2
Currency GBP/USD
Trade type - scalpel
Entered short 10:59 on 1 minute candle at 18564
Exited 11:01 at 18554
Impact 10 pips
Trade direction
Entered after watching cross pink and yellow moving average on both two and 1 min. High position of pink REI and Red RSI on two minutes chart. I min chart RSI and REI heading down and saw announcement which went against GDP. Notice I often use 2 min chart when scalping as I find it provides accurate results on these short transactions.
Exit Reason
Indiors on 1 min heading upward, stall at downward price, Not confidnet long term it will continue moving short as 3 min indiors are low and Mac d is not favoring a brief trend. ed in profit.
Daily total 46 pips
Running score
Winning Trades 2
Losing Trades 0
Total trades 2