Chart Analysis And Trading diary

[Okane]

Hi, I thought it would be a good idea to share some of what I'm doing.
Unfortunately I have trouble using Trade & Share since I'm trading shorter expiry times.
Besides I like explaining the thought behind my trades and I welcome any feedback .
Another reason is that it's helpful to have a trading diary!

Everyone is welcome to share their ideas, give feedback or just laugh at my silly mistakes I'll be making .

[Okane]

Had been waiting the entire weekend for the market to open so I could trade EUR/USD.
Watched basically all the time frames and looked like it was pretty much oversold.
The pair also had touched my "Support 1" line and it held.
But I was waiting for yet another touch as my strategy implied there was a good chance it crashed down again.
Gave the pair to around 2:30 and the bulls finally showed up! (2:30=3:30 on MT4)

Here is a picture:

Line #1 in accordance with Line A was my first entry for 15 minutes.

Line #2 in accordance with Line B, here is where my newbie stupidity kicked in,
I got nervous and CLOSED (YES CLOSED) my trade right before the big juicy green bullish candles...
Then I panicked and took a position DOWN and lost. I deserved that one.

Line #3 in accordance with line C, here I was more confident and I immediately saw
that the same thing that happened at Line 2 was probably going to happen again.
So I doubled up and made up for my losses and also made some profit.

Notice how stoch/rsi look quite the same at B and C. Gives a great confirmation of what's about to happen next.
Of course, it's still just a probability!

[Okane]

EUR/JPY today 20140120

The pair broke support 1 and looked oversold on different time-frames.

Waited for a good entry on the 1-minute chart for a 15min Call Option.
Executed the trade at the Arrow, the Star is the expiration.


Firs yellow line from bottom to top is a new support which was a previous
resistance where price touched before if you look back. The break was a good confirmation.

[Okane]

So a couple of losses.
The strategy I use gave a couple of good entries, on EUR/USD and USD/CHF
but I ignored them, instead I news traded USD/CAD.

USD/CAD:
News traded. Went against the trend, didn't wait for confirmation.
I hope I never do that again.

The EUR/USD and USD/CHF would have both won.

So in conclusion: Stick with confirmation and strategy...

[Okane]

Took a weekly Call on EUR/USD that I totally forgot about!
Just found out it ended up ITM.

Entry: GMT +23:20:33 Date: 19/01/14 Price: 1.35345
Expiration: GMT +1 17:10:00 Date: 24/01/14 Price: 1.36773

[Martin Kay]

Hi Okane, just saw your new thread on General discussions room and I wish I would've seen it before!
This is a great thread you've started here and I feel this Daily Trading Tips room will attract the right attention for this discussion. This room is all about trading, live, everyday, so Im glad you joined.

Lately we are seeing more and more traders opening their own Trading Journal with live analysis, Signal providers with free signals and trading room on CommuniTraders. I'm very happy to see our members contribute such vital information. Cheers for that!!

[Okane]

Hi Okane, just saw your new thread on General discussions room and I wish I would've seen it before!
This is a great thread you've started here and I feel this Daily Trading Tips room will attract the right attention for this discussion. This room is all about trading, live, everyday, so Im glad you joined.

Lately we are seeing more and more traders opening their own Trading Journal with live analysis, Signal providers with free signals and trading room on CommuniTraders. I'm very happy to see our members contribute such vital information. Cheers for that!!

Hi!
Thanks Martin. Glad to hear!

[Okane]

The pairs I currently trade using the 15-30min strategy or just trading the news:

-EUR/USD
-EUR/JPY
-USD/CHF
-GBP/USD

-AUD/USD
-NZD/USD

It's much easier to trade fewer pairs.
NZD/USD and AUD/USD tend to behave like each-other so basically you can see them as "one pair".

[Michael Hodges]

I agree, trading fewer assets is better, they don't all act alike and if they did you would only need to trade one anyway. It's less confusing and recomended for newbies.

[Okane]

GBP/USD
Waiting to see if the support line holds like it did yesterday or not.