Today my trading was successful as I traded for +20 pips on one trade during the NY Session. I have included a screenshot of my trading journal I just started sharing this information on this blog last week. I wanted for traders to understand the importance of a trading log. All traders should have a trading log so they can figure out if their trading strategy is working.
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In my system I do not trade everyday only when I get the right signals. I know this is cheating but I use charting software, I do this because when I was a new trader I tried it and it helped me become a better trader so it works and I don’t change it. I have enough trading skill now that I don’t need the charts but why change what works? I believe that whether a trader is using a tool or not traders should still learn to trade and the follow his own rules.
- The charts cover all pairs but I only trade Eur/Usd to keep it simple.
- The price must be beyond all moving averages on the chart.
- The candle must be a bright painted color Red or Green.
- There must be a red or green arrow.
- There must be a white dot on the charts.
- You must be clear of any support or resistance levels.
- I only trade in the first 2/12 hours of any market session open. (NY, Asian, London)
- Keep my risk at %2 of total account value.
- Have a target of 55 pips and do not exit trade unless I hit target or stop.
- Open two lots and close my 1st lot at 55 pips and let the other lot ride.
- Move my stop to break even once I am at +15 pips
- Move my stop +20 when I am at +40 pips.
- Keep all trades in a trading log.
That is it that is my system I follow it and it works. I will be posting each trade I make and the results. This seems boring but this is what I do so that is a recipe for success. I think I was not clear in the past about how I trade. So now when you see my trades you will know exactly what I am doing.
Eur/Usd Trade Setup
The pair was back and forth today yesterday we mentioned a possible pullback and we started out in that direction. The pair broke through the 1.4650 support level and shot down to 1.4611 the battle for the trend is going on strongly. The Euro has not wanted to give up any of the strength it gained recently.
I still have on the Fibonacci Retracement levels and we did not get a pullback at all today so I believe that we may still see a pullback before more bullish activity.
There is two trendlines to watch on the 4hr chart.If any of those get broken look to enter a trade in the direction the trend line was broken.
4hr chart *note clicking on the chart shows a charting system
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