My Forex Trading Journal #9 (July 29, 2019)

smaeunabs (62)in #steempress • 5 years ago (edited)

This trading journal is composed of three parts:

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.

GBPAUD (British Pound vs Australian Dollar)

TRADE EXECUTION	EXECUTION INSIGHTS	HOW TO IMPROVE / LESSONS LEARNED
Entered SHORT(SELL)	I went short for this trade after seeing that the price failed to reach the previous resistance. See the yellow area. I was actually a few hours late when I took this trade. The breakdown already occurred. That's the good thing though since the breakdown just confirmed the continuation of the overall downtrend of GAUDAUD. Still, what's important is I was able to ride the trend and eventually had some good gains. I placed my target price to the nearest support and it was hit in less than an hour!	This was actually a good trade. However, I should learn to let my profits run especially if the trend is already confirmed. Just look at how the price went down further. I should've doubled my profits for this one. Maybe I will exercise to put 2 orders. One for having short-term profits and the other one for swing.