Forex Trading Journal

15 Nov 2021

12 Nov 2021 (Trade Example): EURCAD

EURCAD short trade

- EURCAD now reach an area of previous sign of weakness, if price unable to penetrate that trigger number it may fall.

- I hesitate to consider this as there was a sign of strength below as marked by blue arrow no (2).

- I was confused at that day whether to take sign of strength or sign of weakness.

- Entry for a short trade as shown above. The reason was an upthrust bar appear and it supported by a down trend as shown on the trending system chart below.

- The reason why I did not take this trade was I confused on both sign of weakness and sign of strength appear both one at the top another at the bottom.

- This made me stay aside.

- However this short trade can give profit around 4.58R max.

- I should keep an open mind the short trade still can happen on previous trigger number from weakness.

11 Nov 2021

11 Nov 2021: AUDJPY

AUDJPY short trade on 11 Nov. 2021

Pre-Analysis:-

- AUDJPY on a downtrend mode.

- Pullback started on 10 Nov. 2021

- Weakness appear probably no result from effort sign.

- Price broke below the trigger bar as shown on the chart.

- Wait for pullback toward the trigger bar and further sign of strength on 15 minutes chart.

Entry:-

- Entry on no demand bar (approx. 2 pips below)

- Time of entry 10:20am

- Risk 1% out of account balance

- Target at 83.00 (roughly 3R profit)

- Trending system also show downtrend (as seen on the chart below)

Post Analysis:-

- Update, at 4:00pm the trend system still show downtrend. I decided to hold onto the trade.

Update:- (12/11/21)

- Trade finally close for $161.80 profit at 6:08pm (11/11/21)/

- This trade I took with confident.

- I saw the no demand setup after breakfast, and continue to monitor for entry.

- At around 6:00pm I feel that this price may not drop any further and decided to close the trade without wait for my original profit target.

- This prove to be correct decision as price did not move much until the next day.

- I will revert back to take profit at 2R for the next trade until I reach profit target of 10% from original account value to pass this FTMO challenge.

- This trade also cover entire loss of my previous trade.

10 Nov 2021

9 Nov 2021 (Trade Example): NZDJPY

NZDJPY short trade

Pre-Analysis:-

- Possible sign of weakness on NZDJPY, looking for short.

- It shows potential buying climax with widespread up bar closing in the middle. Volume ultra high.

- Price broke the lower part of climatic bar and retest it back that area on 9 Nov 2021.

- Find an entry that shows sign of weakness in 15 minutes timeframe.

Entry:-

- Probably a no demand up bar appear as shown on the chart. Next bar was an upthrust.

- Entry when price drop below the upthrust bar.

Post Analysis:-

- The first entry did not do much, price stayed around entry for quite a long period. This may entice me to close the trade or move the stop to breakeven.

- Then during NY session another no demand bar appear this time with low volume and accompanied by an upthrust bar after that.

- Trade can be taken at lower than upthrust bar.

- In this case max profit around 3.79R.

- Another information to support this trade was trending system shows it is in downtrend so it possible to take a short trade. Trending system shows on the chart below.