Trading Journal #12: Getting Ready for Next Week's Trading

in #steempress • 5 years ago (edited)

The last trades I took last week did not end so good. But this upcoming week, I am looking forward to having better trades. In this post, I will show you my last week's vs this week's trade assumptions. 

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.

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.

My Forex Trading Journal for August 4, 2019

XAUUSD (Gold vs. US Dollar)



XAUUSD Price Assumption last week



XAUUSD Assumption for this week

My assumption last week was realized. The price did go up, and now, it is hitting another attempt on the previous resistance. The price, however, fell short in hitting the previous resistance.

Still, it was a successful retest and if the price breaks its current daily zone (green box), then we'll expect for an overall bullish trend continuation. Otherwise, there's a tendency that it will create a double top and a bearish movement if it fails to sustain its bullish momentum.

GBPAUD (British Pound vs Australian Dollar)



GBPAUD Price Assumption last week



GBPAUD Assumption for this week

As expected, the price went up after hitting a strong support zone. Still, the price failed to reach the previous resistance last week so it might continue to go down further and hit the bottom-most daily support zone. 

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

Officially Documenting My Trading Journal Online


Posted from my blog with SteemPress : [https://pinayteenvestor.com]
#philippines #cebu
5 years ago in #steempress by
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     5 years ago 

    I'm trading sometimes we lose sometimes we gain that's normal control our emotion

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     5 years ago 

    Waaa talaga po. Sa PSE po ba kayo nagtretrade? True. Emotion talaga yung isa sa pinka importante. Noon, isa to sa weakness ko. But as time goes by, mas nacocontrol ko na yung emotional and psychological aspects. Malaki ring tulong yung pag jojournal para ma overcome ko yan.

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       5 years ago 

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