Thread: Petes Forex Trading Journal

I liked to attempt to start my own journal on demand and supply, or basically support and resistance because it's often known in the trading world.

About me? I started trading possibly a year and a half ago and initially I started about the indior route like most novices. And like most I blew a couple of accounts, not big but enough to be more decide to be successful.

Where am I now? Well, I'm basically trading support and resistance taking from notions from Sam Seiden, I just like the idea of why price moves and putting 1 1 collectively, basically means why price magically moves from support and resistance 'regions'. I trade with the trend and also I take counter trades also. I look at several time frames beginning from monthly functioning down to smaller for example 5 minutes or 15 minutes to for entry and I usually wait to get h4 to shut before I take any action.

How am I doing? I believe I'm doing fine but I get the impression my trading is not efficient enough and I believe my schooling is missing a few essential holes. On average I take 20-40 pips a day but actually I want to take trades that run and run. This is the actual reason for me to start this diary and hopefully a few experts onnigeriaforextradingcan help point out my many flaws.

Originally Posted by ;

Well, that sounds just like me. I will keep an eye on this and comment if I believe I could add anything helpful, but as we're following the same path I understand that you have found the answer to the puzzles of life.

Good trading.

Hello Peter, I have recently read your helpful threads here onnigeriaforextradingand I feel far more comfortable you're about. Thanks you

As a additional note of what I wish to achieve, I'm taking these bounce trades from SR areas for x number of pips intraday but what I'd love to get are transactions that high prob wins low risk transactions that run. Now, I don't hold on for over a day but perhaps it is time I must change my mindset, wait for a trade, trading one or two times a day. Still lots of room.

I shall get some charts in a couple of hours to demone how I setup.

Originally Posted by ;

Hi Peter, I have recently read your useful threads here onnigeriaforextradingand I feel much more comfortable you are around. Thanks you
As a additional notice of what I want to attain, I am taking these rebound trades from SR areas for x amount of pips intraday but what I would like to get are trades which high prob wins low risk trades that operate. I don't continue for more than a day but maybe it's time I must change my mentality, wait for a trade, trading once or twice a day. Still lots of room for advancement.
I will get some charts in a few hours to show...

Only a couple of hints as I am unashamedly some new furrows myself.

With-trend trades, target long term; contra-trend trades, target short term. I know that sounds obvious but until recently I exchanged together with the trend (based on the Daily charts primarily) and am only just starting to think about contrarian trades.

I am testing these new types of trades (contrarian) on demonion to get a feel for this type of stops I want to keep me in decent retracements but in the same time preventing a lot of loss if the trend takes control. Only for now I play those with minimum positions irrespective of what amount of lots my MM informs me I could utilize. This way I am keeping the pressure off while getting a sense of a new manner of trading for me personally.

I know a lot of people mark up SR lines by looking at history and marking areas where price turns. I still haven't mastered this and to tell you the truth I'm not sure what to look out for when I did this. Sometimes I will leave up a level if I view price is powerful there or whatever.

Everything I do is a little different. What I find interesting is why price would suddenly drop or jump out of a certain point, keeps falling then reverses to check the fall or jump area again before reunite on it first breakout direction. So I conclude and also from Sam's vids that there is a sudden dash of demand or supply for that currency (or whatever market since it is essentially the same principle).

So it is logical for me to mark up these areas since these areas are highly probable areas the market will come back for testing, this area is where many traders are in profit.

What is testing? Well I've got some theories

1. Markets are controlled by gawd knows that, testing is imperative to shake traders and to check if there are buyers (or sellers) to sell in an increasing market (for greater profitable prices) and vice versa.

2. To see who's in profit after a breakout (breakout traders mostly move stops to BE straight away) and zero them out before moving in the first breakout direction

Sorry if all of this is old news to you guys and I certainly did not want to make this a lesson. I only wanted you guys to understand if I'm thinking on the right lines

Originally Posted by ;

Only a couple of suggestions as I am unashamedly some new furrows myself.

With-trend transactions, target long duration; contra-trend transactions, target short term. I know that seems obvious but until recently I exchanged together with the tendency (based on the Daily charts mostly) and am only just starting to consider contrarian trades.

I am analyzing these new kinds of transactions (contrarian) on demo to get a feel for the sort of stops I need to keep me in adequate retracements but at precisely the same time preventing too great a reduction if the tendency takes control. Only for now...

Thank you Peter, yes it is logical to hold longer for trends and not as for contrarian trends (that for some reason that I get greedy and typically become burnt).

A couple more charts. Self explaining. I tomorrow when I get some time and I'll post more.

BTW a few of these ideas aren't mine and credit due to all the guys who selflessly spent some time demoning what they know. Thanks!

I made a wreck of the counter trend trade yesterday, I was searching for longs but turned out to be a short moment.

Someone told me that greater TF is king but that I paid too much focus on the h4 trend. I should have paid attention to the daily then picked the short direction to exchange.

Still need to find out more and be on the ball differently I might too pack it in duh

Mmmm I know why Experts ask you to write trading journals, if I wrote what I watched yesterday, the way to trade could have been as clear as day and upward 100 bizarre pips by today . . Could have, should have baaa

Time for me to run out and buy a blank journal

The chart shows my analysis and also how I get my prejudice everyday. It's a monthly but it does not matter as it occurs on most of TF. Should be self explanatory.

Last but on how I trade. Again it does not matter on the TF since it's all relative.