Trading Journal #15: Riding Gold's bearish trend
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.
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.
XAUUSD (Gold vs US Dollar)
XAUUSD at 1H timeframe
After seeing that the price failed to reach the previous resistance (first yellow circle), I placed a SELL order. The price was also rejected on the current zone (blue box), so the momentary bearish movement was just confirmed. After an hour of placing my first order, the price went up, so I placed another order as I was certain it will still go down afterward.
True enough, the price went down and hit my target price. I just placed my target price at the recent support. It may have gone down further but I am happy with my gains already. When you are trading, it is important to know your targets and be happy if you reach it. Gain is gain after all.
The price went up and as of this writing, it is starting to go down once again. But no, I won't enter any trades right now. I've had enough for today. I can always look for other entries tomorrow. It is also important to know when to stop. I am practicing not to be greedy and be contented with what the market has given to me. I had a negative history of overtrading so I want to avoid it as much as I can.
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]
Idola 1hour rani mamding? :O
6 hours chuck, before na reach ang target. Pero bitaw no, ako nya ibutang sunod pila ang time gi take to reach my TPs. Normally, within the day ragyud mahit nang target. dali ra kaayu haha
Hello ate nice to see you blogging your trades :)
Thanks @ankarlie! Nagtrade ka ng crypto ngayon dba? Pashare nman ng tips <3
Yes @smaeunabs I am trading crypto right now. I am not really in to doing TA I just like to hear the TA of other people. But there is always a first time I might consider doing it when I find the time and confidence to do it. 😂
Amazing! so more on funda talaga no. Actually sa crypto yan din ang thinking ko eh more on funda. That's great! if you like to study about basic TA i suggest yung book ni jason cams na the trading code. Applicable to any type of markets yan.
Thanks for the advice Ate I will try to look for in e-book sana avail.
Great trading strategy
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Thank you po <3
Thank you for this miss Sheila. I want to study also trading. But first, i must familiarize the basics. 🙂
Yaaay thank you @jayg17! Hopefully soon I can blog about trading's basics. But now, you can utilize Rayner Teo's youtube channel and learn about support and resistance. Are you holding some stocks right now?
I will check it out @smaeunabs. I'm currently holding few stocks in PSE. I'm still studying PSE basics though. Forex trading will be my next milestone. I'm looking forward for your next blogs soon. 🙂
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Yaaaaay happy to hear that! Keep pushing lang and just take your time learning PSE. It took me a year or more din before ko nag shift to forex. Good luck nato! :D