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  1. #1
    Junior Member

    Sheen's Trading Diary !!!

    Alright I have decided to start a trading diary in order to get some feedback and ask some questions about trading. So as I have just started i decided on just focusing on the EURUSD asset to trade for now. Due to school I am only able to trade from 12-14/15 GMT on most days,tho i heard that this is a pretty good time for the EURUSD with high volatility. I will probably be using the communitrader demo trading when i do start (I have made 2 trades on it but they were not taken seriously and honestly pretty risky and bad. Although it has long expired it shows me that it is still an open trade, not sure if that is a bug).

    Today is the first day and i have drawn some trend lines as well as S/R lines on the EURUSD chart based on all the timeframes (From M5 to Monthly).


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    ^^That is the H1 chart for EURUSD.

    I came on at 12.15 GMT today and saw that i may have missed a potential entry from the large bullish candlestick with its wick touching my trend line.

    Here is the M15 charts.

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    As you can see there was a doji green candlestick which touched my trend line. I came on around half an hour after that and say this big bullish candlestick. The stochastic for the M15 were oversold and H1 were still undersold but i though it was because the candlestick hasn't closed yet (im not that sure actually correct me if im wrong) and so i thought thats wasn't a good entry since pice already raised quite a lot.

    After that i continued to monitor my charts as i did my school assignments XD and was wondering if price would fall back to the trend line/support which i drew again but price was sideways for the rest of my time monitoring the charts, so I did not get to place any trades on my first day. Since nothing really happened after that i started wondering if that doji cnadlestick was a good entry. Stochastic on M5 were hovering around 30-35 for the 3 candlisticks of the doji M15 candle, and for M15 i dont really know how to explain it, H1 was oversold. At times like this i'm not sure how much i should rely or trust the stochastic so i would like some explanation on this since i really wasn't sure about what to think about the stochastic here. I was leaning towards taking that trade but was not sure about the expiry also so it would be nice to hear some opinions on this.

    That's it for the first day thanks in advance for everyone helping me (also pretty curious about how the candlesticks will develop while i am asleep/at school)
    Last edited by SheeNigami; 02-22-2017 at 02:28 PM.

  2. #2
    Junior Member
    Hmmm pictures are saved at 2556x1328 on my computer but not sure why i can't seem to figure out why the pictures are so low quality here.....

    Edit: It was in png haha Here are the pics

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    Also looks like price is retracing quite a bit but its getting pretty late now
    Last edited by SheeNigami; 02-22-2017 at 02:37 PM.

  3. #3
    Moderator Kolyo's Avatar
    Good chart with very well visible trend line. However on 1min chart trends are often short living and reversing especially if they are approaching a support zone on higher time frame, exactly what looks like on your 15 min chart.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  4. #4
    Legendry Member milos's Avatar
    You did the great job. Nice charts and downward trend line.

  5. #5
    Master Member Okane's Avatar
    Charts looking great
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  6. #6
    Junior Member
    So today i actually placed a trade on a demo account over here. It was a put option

    ATTACH=CONFIG]6634[/ATTACH]

    However i realised it was a really risky trade as it was placed at a resistance which might be broken instead of coming back down. Trade expiry was 11.15 GMT +8. It ended up barely in the money but i realised that it was not a good trade and also learnt from okane's yt livestream he drew a much better trend line leading him to a won trade.

    Edit: seems like after messaging him on skype a bit he said that my trade was fine, i guess people just see different trend lines. Will continur working hard
    Attached Thumbnails Attached Thumbnails Screenshot_2.jpg
    Last edited by SheeNigami; 02-23-2017 at 03:34 PM.

  7. #7
    Senior Member Annovdbos's Avatar
    Hey Sheen. First of all, welcome! I didn't catch you anywhere else in forums yet, but good you started your own trading diary! It will help you a lot along the trading journey!

    About your trades. They are pretty good and they can of course be made. But I've always been told the well-kown phrase: "The trend is your friend". I don't know if this sounds familiar? What I want to say is that both of your trades were bets against the trend. In the first trade you make a trade in the opposite direction of the downtrend. (The downtrend line you drew proves the trend is bearish right?) You could of course trade that reversal and in this case it worked out great, but I also learned trading reversals is much harder than trading with the trend. So, I'd stick to trading with the trend, but that's up to you of course.

    On your second trade you did the same thing, except the other way around. You placed a put while price is in an uptrend. So, I looked up the chart you analyzed and I've made some analysis on that part too. I will show it to you and hopefully you will learn something from it. It's also good for myself, because I learn too when I get to analyze charts like this . I learned all these things from pros like Okane, WillyW, Ronnel, Michael Hodges, Bogdan etc. But also from fellow members in earlier stages of their trading journey who keep a trading diary. So, my advice to you is also to take a look at other trading diaries in the war room. You can learn a lot from fellow traders!

    First of all a tip: If you place a trade and show it in your diary, please clearly mark the entry and expiry. Something like this:

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    Place an arrow at the entry and a cross at the expiry. If you don't open your trade on the close of a candle, then write the entry price in the chart or in your post.

    So now I'll show you the analysis I made of your chart. (Please note that trendlines can be drawn differently, other people might draw them in another way). This is how I drew them. I zoomed out on the M5 chart and drew three trendlines like this:

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    Note: Sometimes you can see these patterns if you only zoom out, but sometimes you can also see patterns on higher timeframes and draw them there and then scroll down to lower timeframes.

    Then in the following picture you can see the yellow line is the trendline you drew and the red ones are the ones I drew. You see the difference?

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    Then at the yellow arrows you can see possible entry points if you trade WITH the trend instead of against it. You can see stochastic is oversold and heading up at all three entry points. Also on all three points you can see some sort of price action in the green circles. The first one is a large engulfing candle, this means the bullsih candle fully covers the previous or in this case the previous two candles, which is a good signal. In the second case you can see a couple doji candles before touching the trendline, which means the bearish movement is exhausting and a bullish movement might follow. In the third case you see a "hammer" candle and the new bullish candle engulfs the previous candle.

    BTW: I don't know what your stochastic settings are, it's pretty hard to see in your image. Mine are 14,3,3. If yours are different your stochastic might differ from mine.

    What I'm trying to say is: study how to draw trendlines and look at the greater picture by zooming out or using higher timeframes. Also try to trade with the trend instead of against it. If anything is unclear, please ask. Hope this helps a bit!
    "You think I ain't worth a dollar, but I feel like a millionaire!" - Queens of the stone Age

  8. #8
    Junior Member
    Quote Originally Posted by Annovdbos View Post
    Hey Sheen. First of all, welcome! I didn't catch you anywhere else in forums yet, but good you started your own trading diary! It will help you a lot along the trading journey!

    About your trades. They are pretty good and they can of course be made. But I've always been told the well-kown phrase: "The trend is your friend". I don't know if this sounds familiar? What I want to say is that both of your trades were bets against the trend. In the first trade you make a trade in the opposite direction of the downtrend. (The downtrend line you drew proves the trend is bearish right?) You could of course trade that reversal and in this case it worked out great, but I also learned trading reversals is much harder than trading with the trend. So, I'd stick to trading with the trend, but that's up to you of course.

    On your second trade you did the same thing, except the other way around. You placed a put while price is in an uptrend. So, I looked up the chart you analyzed and I've made some analysis on that part too. I will show it to you and hopefully you will learn something from it. It's also good for myself, because I learn too when I get to analyze charts like this . I learned all these things from pros like Okane, WillyW, Ronnel, Michael Hodges, Bogdan etc. But also from fellow members in earlier stages of their trading journey who keep a trading diary. So, my advice to you is also to take a look at other trading diaries in the war room. You can learn a lot from fellow traders!

    First of all a tip: If you place a trade and show it in your diary, please clearly mark the entry and expiry. Something like this:

    Click image for larger version.

Name:	Expiry.jpg
Views:	64
Size:	10.1 KB
ID:	6637

    Place an arrow at the entry and a cross at the expiry. If you don't open your trade on the close of a candle, then write the entry price in the chart or in your post.

    So now I'll show you the analysis I made of your chart. (Please note that trendlines can be drawn differently, other people might draw them in another way). This is how I drew them. I zoomed out on the M5 chart and drew three trendlines like this:

    Click image for larger version.

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Views:	63
Size:	94.0 KB
ID:	6638

    Note: Sometimes you can see these patterns if you only zoom out, but sometimes you can also see patterns on higher timeframes and draw them there and then scroll down to lower timeframes.

    Then in the following picture you can see the yellow line is the trendline you drew and the red ones are the ones I drew. You see the difference?

    Then at the yellow arrows you can see possible entry points if you trade WITH the trend instead of against it. You can see stochastic is oversold and heading up at all three entry points. Also on all three points you can see some sort of price action in the green circles. The first one is a large engulfing candle, this means the bullsih candle fully covers the previous or in this case the previous two candles, which is a good signal. In the second case you can see a couple doji candles before touching the trendline, which means the bearish movement is exhausting and a bullish movement might follow. In the third case you see a "hammer" candle and the new bullish candle engulfs the previous candle.

    BTW: I don't know what your stochastic settings are, it's pretty hard to see in your image. Mine are 14,3,3. If yours are different your stochastic might differ from mine.

    What I'm trying to say is: study how to draw trendlines and look at the greater picture by zooming out or using higher timeframes. Also try to trade with the trend instead of against it. If anything is unclear, please ask. Hope this helps a bit!
    Hey man thanks for the advice u actually helped me a lot for today's trade, reminding myself that trading with the trend is important and a lot easier. Your charts are very nice but the trend lines are a bit hard to draw live since they hardly touch. For example the first trade u highlighted it would have been hard to figure out how to draw that trend line without seeing the rest of the chart and pulling of the trade. However the other trend lines and chart was very well drawn! Thanks for the sample, about the stochastic mine is 5,3,3. I havent ahd the chance to read more about stochastic so it would be nice if u could recommend me a few articles to read. Thanks for the reply!

  9. #9
    Junior Member

    Day 3 !!!

    Today i got to trade a bit earlier than usual and got in 2 trades before me dinner time. Pretty proud of these trades

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    The first trade was a bullish engulfing candle that bounced off a support line which i had drawn yesterday as you can see from my previous diary entry. Stochastic was oversold on M5 and M15. I decided to take only a 5 min trade on this because it was approaching a resistance line which i had also drawn yesterday (The IQoptions demo i use also gives 89% payout for 5 min expiry, tho i initially wanted a 15 min trade IQ options had limited expiry times and only had a 8 min expiry,77% payout, and one around 22 mins) Trade went in the money (expiry was same the candle close) and i was pretty proud of myself.

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    ^^misclicked 1 dollar so i made one more trade immediately after i realised

    The next trade was a bounce off a previous resistance line which i drew yesterday and it also went below my trend line which i also used for the first trade. Predicting the resistance might become support, i went in after the red candle closed near the S/R line. My expiry was ~25 mins and trade was in my favour.

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    Pretty satisfied with these trades and im not sure how to make it better, so if u guys find something that could be improved please tell me!

  10. #10
    Senior Member Annovdbos's Avatar
    Quote Originally Posted by SheeNigami View Post
    Hey man thanks for the advice u actually helped me a lot for today's trade, reminding myself that trading with the trend is important and a lot easier. Your charts are very nice but the trend lines are a bit hard to draw live since they hardly touch. For example the first trade u highlighted it would have been hard to figure out how to draw that trend line without seeing the rest of the chart and pulling of the trade. However the other trend lines and chart was very well drawn! Thanks for the sample, about the stochastic mine is 5,3,3. I havent ahd the chance to read more about stochastic so it would be nice if u could recommend me a few articles to read. Thanks for the reply!
    Yep you are absolutely right, that first one is quite impossible to see when live. But that's not really my point. My point is that you should see the bigger picture and draw your lines in that bigger picture, then zoom in and analyse further. I used a different example now, because the channel we drew on the EURUSD broke.. So, I used a channel currently on the USDCHF. This is the Hourly chart, that's where I drew these first two lines:

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    You see how easy it is to spot a channel then? You see a nice downgoing trend.

    Then when we zoom in to for example the M5 timeframe we get this picture:

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    I added a line in the middle now. It's not necessary, but sometimes it will give you more opportunities to enter. So, at all the yellow arrow there were possible entry points. Note: I placed the arrows and looked where price touched the trendline and stochastic was overbought. So, that's only two signals, you always need three or more signals to make a trade. So if the candlesticks would be giving a signal too (doji candle, shooting star, engulfing etc.) than you have three signals.

    But to my point: you can use these patterns where already have been a lot of opportunities to look for new opportunities. So forget the previous opportunities and focus on what's coming. You know price is in downtrend, so focus on a possible put entry. You can see price is making it's way to the middle trendline at the moment (the orange circle). If it reached the orange circle there are two possibilites: 1) Price will break the middle trendline and head for the red circle, but I wouldn't trade that because stochastic is nowhere near overbought and you can see on the previous history that price broke the middle line a few times earlier and it's unclear how long the break will be. Sometimes it reaches the lowest trendline and sometimes it just lasts for a couple candles, so it's not safe to trade there. Possibility 2 is: Price finds support on the trendline and maybe it will reach for the green circle. But to take a call there is also very risky, because were in a downtrend. So, if it finds support on the orange circle wait until price reaches the green circle and take a put if you the candlesticks are in your favour, if the stochastic is overbought and if the trendline holds.. It also might break there and make a new uptrend or go in range. You obviously don't know, that's why we need multiple signals to confirm a down or up movement..

    I personally find this way of drawing better, because a long term trend is stronger than a small trend on the M5 which reverses a lot.

    About the stochastic: I really liked this explanation of the stochastic:

    Hope this helps you. If you have any questions feel free to ask
    "You think I ain't worth a dollar, but I feel like a millionaire!" - Queens of the stone Age

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