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  1. #1
    Junior Member dhira's Avatar

    dhira's Trading Journal !!!

    OK time to humiliate myself and go public,if I don't do it now I never will... And hopefully iron out my bad habits so my trades stop looking like the dogs dinner. Please hit me with suggestions/corrections

    Sticking with EUR/USD.

    When I first started a few months back I came across a newbie strategy that used bollinger bands and stochastic. It was meant for ranging markets. And the idea was that when a candle broke the outer limits of the bollinger bands you would put a 5 min expiry hoping that the candles would move back to the centre of the BB's.

    I liked it a lot but kept getting caught out by trends. A candle would break out of the BB's but instead of coming back to the center line it would just start trending and hug the edge of the BB's, and I kept losing trades!

    So about 2 weeks ago I started studying support and resistance lines, trends & trend lines and I have found that my accuracy with this strategy has now dramatically improved. I now have much more confidence about when the direction of the candles will change. I'm not really applying the strategy the way the guy intended anymore, but it was a good place to start.

    My first week using the strategy in connection with S&R lines etc and I'm on 70% ITM(18 out of 24 trades won). I had been stuck on less than 50% for weeks before. All credit to the pro's on here who I have been learning from and the school has also helped tremendously. I loved the section on trend lines.

    I try to have at least three confirmations to enter a trade, but how good a confirmation they are due to my newbie status I’m sure is debatable...Some of my charts have so many lines they look like a spider's disco, so sorry for the mess.

    I'm using EMA 99 & 200. Stochastic 5,3,3. Bollinger bands , Set at 50.

    1st trade Time 15.25 30.3.16, M5

    Its in an up trend, looked like a higher low.

    Candle closed on EMA which I took as support confirmation.

    Candle touched my M5 s&r line

    It came way out of the bollinger bands and was over sold.


    2nd trade Time 16.25 30.3.16, M5

    Looked like a higher low, bit iffy on that one though.

    Closed very near EMA and touch my m5 line

    Bollinger band break

    pin bar.

    Oversold on M15 and M30

    3rd trade Time 17.45 30.3.16 M5

    It had been coming back in from the bollinger bands for half an hour or so and touched my H1 line.
    Over bought on M15 & M30.

    I was thinking this was a higher high..

    Click image for larger version. 

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  2. #2
    Legendry Member willyw's Avatar
    HI dhira, a good start for you. It would be best to have a clean chart. With several lines will hinder your vision and analysis. If you were to use several indicators overlapping each other, I suggest you split the indicators into 2 charts.
    When prices break the upper or lower Bollinger Bands will not neccessary rebounds. Prices will only rebounds when in a ranging market. When the trend is strong it will rebounce and willcontinue it's direction.

  3. #3
    Active Member Schizz's Avatar
    Yes I found this a few years ago when trading the bands same as you were, it worked sometimes but then the chart would start trading sideways making the breakout useless.

    I think you defo need to have a trend indicator, also flick through all the different timeframes on the chart before making a decision so you can visually see where the currency is going.
    Will give you an idea of the trend. I suggest MACD indicator also.

    I'm still noob so my suggestions are probably noobish, but you know, I help when i can lol
    Last edited by Schizz; 04-07-2016 at 06:27 PM. Reason: Cos im a bloody noob, told ya already ;)

  4. #4
    Junior Member dhira's Avatar
    Hey thanks a lot willyw, its great to meet the legends!

    Thanks for the input I just removed the BB's. So far I have all lines and indicators on one chart and it is getting very cluttered. After your advice I will keep all my higher time frame lines on one chart and then just bring over the relevant lines to a fresh chart and draw what ever trend lines I need to for that day.

    Hi Schizz

    Thanks for MACD tip. For some reason it only shows one moving average(dotted red line) when I insert it on MT4?

  5. #5
    Legendry Member milos's Avatar
    Hello Dhira!

    I think Stochastic and EMA will be enough for the beginning.

  6. #6
    Legendry Member Okane's Avatar
    Hey, glad you decided to open your own diary .

    I agree with willy, split up the indies, Stoch + BB for example
    and another chart for EMA's and try to actually draw Support and Resistance lines!
    Find "significant areas" on higher timeframes and set a line. You can see how I do it
    in some of the YouTube videos I have uploaded. Keep us updated!
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  7. #7
    Junior Member dhira's Avatar
    Hi Milos thanks for saying hello and sorry for late response.

    Thanks Okane I will, lines definitely rock!!!

    I have been in the dark ages for a few weeks in terms of strategy but think Im starting to see what works and what doesn't for me now.

    I was getting annoyed and impatient with trading and was reverting to quick fire scalping, then things just got worse in that state of mind! So yesterday I decided to try and harmonize myself with the good old saying that patients is a virtue. So basically I am ditching the scalping and will just take a fresh clean monthly chart everyday and try and draw the best line or lines for that day and just work it like that. There won't be many trades per day but I feel much more confident about the ones there will be.

    This is one from yesterday. I drew the line on the monthly chart then adjusted it down to the H1. Then just waited, when it got close I jumped on the M1 checked for oversold and it was all the way up to H1. It was also nearly half past the hour too which I have learnt is a good time to take trades on eur/usd. I wanted a 10 min expiry but with Markets World I can't always get the expiry I want so I had to settle for 15mins, but It worked out. I was quite happy with the analysis of this trade but I later found out from Okane that I was lucky with this one as it was right before a big news release! Anyway early days still learning.Click image for larger version. 

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    Same kind of thing with this one. Drew a monthly line fine tuned it, was oversold. Just waited for the touch and went in. I had the choice of 7 or 20 min expiry so went for 7.

    Click image for larger version. 

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  8. #8
    Legendry Member Okane's Avatar
    Well done, nice and clear pictures and good explanation
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  9. #9
    Junior Member dhira's Avatar
    Thanks, I'm just ripping off your style here! hope you don't mind

  10. #10
    Junior Member dhira's Avatar
    Two trades I took on EUR/USD. It was about 19.30 for me in Costa Rica but 04.30 in Europe, Im not sure that this is a good time to trade so I am making an experiment with trades at this time for a couple of hours. I feel like I miss a lot of the early action with EUR/USD because Im still in bed! Hence the experiment.


    First trade 28.4.16, 04.20am, call option

    Reasons for trade

    EUR/USD is in an up trend on higher time frames, so I would be going with the trend.

    Price came and touched my weekly line with lots of volume at 1.13019.

    Higher low

    the stochastic was over sold up to the H1


    2nd trade 28.4.16, 04.51am, put option

    Reasons for trade......almost none.......

    Yeah not happy with this one it was a reaction to winning the first one. That winning feeling came over me and I just thought well the price just hit 1.13019 so now it will retrace and come back down to 1.13019 again (which it did).

    So I just need to find where the retracment stops before it heads back again. So I looked at the H1 chart and saw resistance history at 1.13096 and thought that's where it will turn back and it did.

    But reflecting I don't want to take trades from weaker lines like that especially when the stochastic was only overbought on the M1! I just totally contradicted my trading style there. I'm writing this out to remind myself not to do it again!!! (even though it won )

    Also I need to get into the habit writing my journal while the trades are still fresh in my mind. These were a few day ago now and I have a memory like a gold fish so easier to write them fresh.Click image for larger version. 

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