My Forex Trading Journal #10 (July 30, 2019)

This trading journal is composed of three parts:

• the trades I have made in a particular day (either win or lose)
• the lessons I learned
• the things I can do to improve my strategy

Important Notes:

• I update the zones of my tradingview charts every morning.
• I make daily zones (green boxes) and 1h zones (blue boxes).
• I am a scalp to swing trader. I often look at the following timeframes: 15m, 1H, 4H, 1D.
• I only observe/trade two Forex pairs: GBPAUD (British Pound vs Australian Dollar) and XAUUSD (Gold vs US Dollar).
• I journal both my losing and winning trades.
• I don’t claim myself as a guru. I am still working on refining my strategy. Thus, whatever you read here shouldn’t be taken as a piece of financial advice.

My Forex Trading Journal for July 30, 2019

GBPAUD (British Pound vs Australian Dollar)

TRADE EXECUTION	EXECUTION INSIGHTS	HOW TO IMPROVE / LESSONS LEARNED
Entered LONG(BUY)	The overall trend is obviously downtrend, but I did a counter trend trade with this one after seeing that the price rejected the major daily zone (green box). I set my target price at the nearest resistance and the price just went down right after hitting the nearest resistance! Right now, it is hitting another attempt on the resistance. If it rejects both the minor and major zones, then the price will continue its overall bearish trend.	This is a good trade. It is good that I set my TP on the nearest resistance. Doing counter-trend trades is a little bit risky, but if you get acquainted with the price movements, you will have an idea where the price might go. Still, I have to be extra careful when it comes to counter-trend trades as the price might not hit the nearest support/resistance.

Note: A zone is a premium price area in which no one wants to give up the price. Zones usually serve as strong areas of support and resistance. Therefore, the price is expected to move from one zone to another.

PS: The reasons why I am having this online journal can be found here:

Officially Documenting My Trading Journal Online

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