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    Thread: mikehenley's trading journal

    1. #1
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      Default mikehenley's trading journal

      Hi to the community,

      I would like to share also my journey on achieving success through the forex world,
      I am glad that I have started my journal and share also what I have learn over the months of Trading..

      Basically I am a PRICE ACTION Trader with no indicator involves, just a bare clean price action chart.
      I do apply a Sniper Trading Approach and Highly Respect the 50% Retracement Levels, Price Action Bars and the Head and Shoulder Patterns.

      Still Newbie here and need lot more to learn,
      But through this journal, It will help me monitor my progress,

      This are my rules of trading that I have develop and will continue to practice to make it consistently profitable:

      "ON ANALYZING THE CHART"
      ANALYZE USING DAILY CHART TIME FRAME ONLY
      DRAW MAJOR SUPPORT AND RESISTANCE LEVEL "DAILY, WEEKLY OR MONTHLY"
      OBSERVE THE TREND AND CHECK THE PRICE ACTION, "HH,HL;LH,LL"
      ZOOM IN AND ZOOM OUT TO VIEW THE OVERALL TREND
      CHECK THE CONDITION OF THE BARS
      ALWAYS CHECK THE POSSIBLE HEAD AND SHOULDER SIGNAL OR OTHER PRICE PATTERNS
      IF YOU CAN'T TELL WHAT IS HAPPENING ON THE CHARTS QUICKLY, IT IS USUALLY BETTER TO STAND ASIDE UNTIL YOU CAN SEE A CLEAR SIGNAL FORMATION

      "ON ENTERING TRADE"
      LOOK FOR THE "VALUE AREA" - BY LOOKING FOR THE PRICE TO RETRACE ON THE SUPPORT OR RESISTANCE LEVEL
      "REMEMBER THAT PRICE WILL ALWAYS RETRACE ON A SIGNIFICANT OR KEY SUPPORT AND RESISTANCE LEVEL"
      CHECK THE 1HR OR 4H CHART FOR POSSIBLE ENTRY AND WATCH IT CLOSELY
      ENTER ONLY IF THE CANDLE ARE ALREADY CLOSED (EITHER FROM 1HR, 4HR OR DAILY)
      "DO NOT EVER CHASE THE MARKET AFTER MISSING A TRADE, INSTEAD WAIT FOR THE 2ND CHANCE ENTRY"



      "ON SETTING STOP LOSS, TAKE PROFIT TARGETS"
      PLACE THE STOP LOSS ABOVE OR BELOW THE WICKED OF THE PREVIOUS "DAILY CANDLE"
      "CHECK IF THERE IS A NEAREST SUPPORT OR RESISTANCE BEFORE SETTING STOP LOSS"


      PLACE THE TAKE PROFIT ON NEAREST DAILY SUPPORT AND RESISTANCE LEVEL
      " NEAREST SUPPORT AND RESISTANCE LEVEL CAN BE USED AS THE TAKE PROFIT TARGET"
      " SET THE TAKE PROFIT BASE FROM RISK:REWARD RATIO"


      "ON EXITING TRADE"
      LET THE MARKET STOP THE TRADE
      LET THE MARKET HIT THE STOP LOSS
      EXIT MANUALLY BECAUSE THE PRICE ACTION FORMS A SIGNAL AGAINST THE POSITION
      EXIT A TRADE WHEN ALREADY HAVE A RESPECTABLE PROFIT, RATHER THAN WAITING FOR THE MARKET TURNS AROUND AND COME CRASHING
      TAKE PROFIT, DO NOT WORRY FOR NOT CATCHING THE WHOLE MOVE AND DON'T REGRET IT, THERE WILL ALWAYS BE AN OPPORTUNITY
      AVOID EXITING OUT OF FEAR
      "CUT BAD TRADES AS SOON AS POSSIBLE", "IF YOU FEEL NOT CONFIDENT ON OPEN POSITION, BETTER TO CUT LOSS EARLY"
      REMEMBER TO PROTECT THE CAPITAL AT ALL COST, THERE WILL ALWAYS BE AN OPPORTUNITY

      I know some of you also adopt the Price Action and Clean Chart for analysis,
      I would appreciate if i could hear some feedback from the veterans,

      I know I have a lot of work to do to profit consistently, but mark this day as the journey of sniper trader started..

      I will start to post my snipe trade and those that I've been watching on later...

      "ALWAYS REMEMBER THAT PATIENCE IS A VIRTUE"


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    3. #2
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      Quote Originally Posted by mikehenley View Post
      Hi to the community,

      I would like to share also my journey on achieving success through the forex world,
      I am glad that I have started my journal and share also what I have learn over the months of Trading..

      Basically I am a PRICE ACTION Trader with no indicator involves, just a bare clean price action chart.
      I do apply a Sniper Trading Approach and Highly Respect the 50% Retracement Levels, Price Action Bars and the Head and Shoulder Patterns.

      Still Newbie here and need lot more to learn,
      But through this journal, It will help me monitor my progress,

      This are my rules of trading that I have develop and will continue to practice to make it consistently profitable:

      "ON ANALYZING THE CHART"
      ANALYZE USING DAILY CHART TIME FRAME ONLY
      DRAW MAJOR SUPPORT AND RESISTANCE LEVEL "DAILY, WEEKLY OR MONTHLY"
      OBSERVE THE TREND AND CHECK THE PRICE ACTION, "HH,HL;LH,LL"
      ZOOM IN AND ZOOM OUT TO VIEW THE OVERALL TREND
      CHECK THE CONDITION OF THE BARS
      ALWAYS CHECK THE POSSIBLE HEAD AND SHOULDER SIGNAL OR OTHER PRICE PATTERNS
      IF YOU CAN'T TELL WHAT IS HAPPENING ON THE CHARTS QUICKLY, IT IS USUALLY BETTER TO STAND ASIDE UNTIL YOU CAN SEE A CLEAR SIGNAL FORMATION

      "ON ENTERING TRADE"
      LOOK FOR THE "VALUE AREA" - BY LOOKING FOR THE PRICE TO RETRACE ON THE SUPPORT OR RESISTANCE LEVEL
      "REMEMBER THAT PRICE WILL ALWAYS RETRACE ON A SIGNIFICANT OR KEY SUPPORT AND RESISTANCE LEVEL"
      CHECK THE 1HR OR 4H CHART FOR POSSIBLE ENTRY AND WATCH IT CLOSELY
      ENTER ONLY IF THE CANDLE ARE ALREADY CLOSED (EITHER FROM 1HR, 4HR OR DAILY)
      "DO NOT EVER CHASE THE MARKET AFTER MISSING A TRADE, INSTEAD WAIT FOR THE 2ND CHANCE ENTRY"



      "ON SETTING STOP LOSS, TAKE PROFIT TARGETS"
      PLACE THE STOP LOSS ABOVE OR BELOW THE WICKED OF THE PREVIOUS "DAILY CANDLE"
      "CHECK IF THERE IS A NEAREST SUPPORT OR RESISTANCE BEFORE SETTING STOP LOSS"


      PLACE THE TAKE PROFIT ON NEAREST DAILY SUPPORT AND RESISTANCE LEVEL
      " NEAREST SUPPORT AND RESISTANCE LEVEL CAN BE USED AS THE TAKE PROFIT TARGET"
      " SET THE TAKE PROFIT BASE FROM RISK:REWARD RATIO"


      "ON EXITING TRADE"
      LET THE MARKET STOP THE TRADE
      LET THE MARKET HIT THE STOP LOSS
      EXIT MANUALLY BECAUSE THE PRICE ACTION FORMS A SIGNAL AGAINST THE POSITION
      EXIT A TRADE WHEN ALREADY HAVE A RESPECTABLE PROFIT, RATHER THAN WAITING FOR THE MARKET TURNS AROUND AND COME CRASHING
      TAKE PROFIT, DO NOT WORRY FOR NOT CATCHING THE WHOLE MOVE AND DON'T REGRET IT, THERE WILL ALWAYS BE AN OPPORTUNITY
      AVOID EXITING OUT OF FEAR
      "CUT BAD TRADES AS SOON AS POSSIBLE", "IF YOU FEEL NOT CONFIDENT ON OPEN POSITION, BETTER TO CUT LOSS EARLY"
      REMEMBER TO PROTECT THE CAPITAL AT ALL COST, THERE WILL ALWAYS BE AN OPPORTUNITY

      I know some of you also adopt the Price Action and Clean Chart for analysis,
      I would appreciate if i could hear some feedback from the veterans,

      I know I have a lot of work to do to profit consistently, but mark this day as the journey of sniper trader started..

      I will start to post my snipe trade and those that I've been watching on later...

      "ALWAYS REMEMBER THAT PATIENCE IS A VIRTUE"
      Welcome to the trading journal section bro. It is good that your trading method is price action based which brings success most of the time.

      Don't forget to share entry and exit points of your trades with screenshots. Best of luck


    4. The following 3 users say Thank You to Star_amin for this useful post.

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    5. #3
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      A very big welcome to you mikehenley!

      It's your first post and first thread in the forum and here in the journal section, you made it happen! amazing!

      Wow, you got a very detailed method with your strategy. If you follow your rules you will certainly go a long way in the forex world! Wish you success in your journal and more with your trading as well. All of us here can learn from each other's journal in daily basis for sure!

      Welcome to the forum and cheers for your bright future in forex trading!
      Am still hibernating, will wake up one day, all depends on fate. Hope to see you all-soon! Miss you all friends!


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      Quote Originally Posted by mikehenley View Post
      Hi to the community,

      I would like to share also my journey on achieving success through the forex world,
      I am glad that I have started my journal and share also what I have learn over the months of Trading..

      Basically I am a PRICE ACTION Trader with no indicator involves, just a bare clean price action chart.
      I do apply a Sniper Trading Approach and Highly Respect the 50% Retracement Levels, Price Action Bars and the Head and Shoulder Patterns.

      Still Newbie here and need lot more to learn,
      But through this journal, It will help me monitor my progress,

      This are my rules of trading that I have develop and will continue to practice to make it consistently profitable:

      "ON ANALYZING THE CHART"
      ANALYZE USING DAILY CHART TIME FRAME ONLY
      DRAW MAJOR SUPPORT AND RESISTANCE LEVEL "DAILY, WEEKLY OR MONTHLY"
      OBSERVE THE TREND AND CHECK THE PRICE ACTION, "HH,HL;LH,LL"
      ZOOM IN AND ZOOM OUT TO VIEW THE OVERALL TREND
      CHECK THE CONDITION OF THE BARS
      ALWAYS CHECK THE POSSIBLE HEAD AND SHOULDER SIGNAL OR OTHER PRICE PATTERNS
      IF YOU CAN'T TELL WHAT IS HAPPENING ON THE CHARTS QUICKLY, IT IS USUALLY BETTER TO STAND ASIDE UNTIL YOU CAN SEE A CLEAR SIGNAL FORMATION

      "ON ENTERING TRADE"
      LOOK FOR THE "VALUE AREA" - BY LOOKING FOR THE PRICE TO RETRACE ON THE SUPPORT OR RESISTANCE LEVEL
      "REMEMBER THAT PRICE WILL ALWAYS RETRACE ON A SIGNIFICANT OR KEY SUPPORT AND RESISTANCE LEVEL"
      CHECK THE 1HR OR 4H CHART FOR POSSIBLE ENTRY AND WATCH IT CLOSELY
      ENTER ONLY IF THE CANDLE ARE ALREADY CLOSED (EITHER FROM 1HR, 4HR OR DAILY)
      "DO NOT EVER CHASE THE MARKET AFTER MISSING A TRADE, INSTEAD WAIT FOR THE 2ND CHANCE ENTRY"



      "ON SETTING STOP LOSS, TAKE PROFIT TARGETS"
      PLACE THE STOP LOSS ABOVE OR BELOW THE WICKED OF THE PREVIOUS "DAILY CANDLE"
      "CHECK IF THERE IS A NEAREST SUPPORT OR RESISTANCE BEFORE SETTING STOP LOSS"


      PLACE THE TAKE PROFIT ON NEAREST DAILY SUPPORT AND RESISTANCE LEVEL
      " NEAREST SUPPORT AND RESISTANCE LEVEL CAN BE USED AS THE TAKE PROFIT TARGET"
      " SET THE TAKE PROFIT BASE FROM RISK:REWARD RATIO"


      "ON EXITING TRADE"
      LET THE MARKET STOP THE TRADE
      LET THE MARKET HIT THE STOP LOSS
      EXIT MANUALLY BECAUSE THE PRICE ACTION FORMS A SIGNAL AGAINST THE POSITION
      EXIT A TRADE WHEN ALREADY HAVE A RESPECTABLE PROFIT, RATHER THAN WAITING FOR THE MARKET TURNS AROUND AND COME CRASHING
      TAKE PROFIT, DO NOT WORRY FOR NOT CATCHING THE WHOLE MOVE AND DON'T REGRET IT, THERE WILL ALWAYS BE AN OPPORTUNITY
      AVOID EXITING OUT OF FEAR
      "CUT BAD TRADES AS SOON AS POSSIBLE", "IF YOU FEEL NOT CONFIDENT ON OPEN POSITION, BETTER TO CUT LOSS EARLY"
      REMEMBER TO PROTECT THE CAPITAL AT ALL COST, THERE WILL ALWAYS BE AN OPPORTUNITY

      I know some of you also adopt the Price Action and Clean Chart for analysis,
      I would appreciate if i could hear some feedback from the veterans,

      I know I have a lot of work to do to profit consistently, but mark this day as the journey of sniper trader started..

      I will start to post my snipe trade and those that I've been watching on later...

      "ALWAYS REMEMBER THAT PATIENCE IS A VIRTUE"
      welcome, mate, to the journal section of the forum. we are all learners and every journal owner has one or two things to give to others as well as gain from others. wish you lots of greens!
      ''Too many times we settle into a set way of thinking and accept limitations that need not be placed on us'' -John C. Maxwell

      Hedging Edge: Heading For $6 Million!


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    9. #5
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      @ the journal owner: sniping is basically scalping, i guess? my favorite way of trading but most times i lose the trades. will like to learn some tricks from you. best of luck with your trades.

      My Trading Journal: The Senior Newbie Journal


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      Snipers should be very much accurate in thier analysis and for that i feel that you have to get the proper target price with less drawdown ,it would be defintely interesting how you will tackle the whole thing in a proper manner ,welcome board


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      Quote Originally Posted by mikehenley View Post
      Hi to the community,

      I would like to share also my journey on achieving success through the forex world,
      I am glad that I have started my journal and share also what I have learn over the months of Trading..

      Basically I am a PRICE ACTION Trader with no indicator involves, just a bare clean price action chart.
      I do apply a Sniper Trading Approach and Highly Respect the 50% Retracement Levels, Price Action Bars and the Head and Shoulder Patterns.

      Still Newbie here and need lot more to learn,
      But through this journal, It will help me monitor my progress,

      This are my rules of trading that I have develop and will continue to practice to make it consistently profitable:

      "ON ANALYZING THE CHART"
      ANALYZE USING DAILY CHART TIME FRAME ONLY
      DRAW MAJOR SUPPORT AND RESISTANCE LEVEL "DAILY, WEEKLY OR MONTHLY"
      OBSERVE THE TREND AND CHECK THE PRICE ACTION, "HH,HL;LH,LL"
      ZOOM IN AND ZOOM OUT TO VIEW THE OVERALL TREND
      CHECK THE CONDITION OF THE BARS
      ALWAYS CHECK THE POSSIBLE HEAD AND SHOULDER SIGNAL OR OTHER PRICE PATTERNS
      IF YOU CAN'T TELL WHAT IS HAPPENING ON THE CHARTS QUICKLY, IT IS USUALLY BETTER TO STAND ASIDE UNTIL YOU CAN SEE A CLEAR SIGNAL FORMATION

      "ON ENTERING TRADE"
      LOOK FOR THE "VALUE AREA" - BY LOOKING FOR THE PRICE TO RETRACE ON THE SUPPORT OR RESISTANCE LEVEL
      "REMEMBER THAT PRICE WILL ALWAYS RETRACE ON A SIGNIFICANT OR KEY SUPPORT AND RESISTANCE LEVEL"
      CHECK THE 1HR OR 4H CHART FOR POSSIBLE ENTRY AND WATCH IT CLOSELY
      ENTER ONLY IF THE CANDLE ARE ALREADY CLOSED (EITHER FROM 1HR, 4HR OR DAILY)
      "DO NOT EVER CHASE THE MARKET AFTER MISSING A TRADE, INSTEAD WAIT FOR THE 2ND CHANCE ENTRY"



      "ON SETTING STOP LOSS, TAKE PROFIT TARGETS"
      PLACE THE STOP LOSS ABOVE OR BELOW THE WICKED OF THE PREVIOUS "DAILY CANDLE"
      "CHECK IF THERE IS A NEAREST SUPPORT OR RESISTANCE BEFORE SETTING STOP LOSS"


      PLACE THE TAKE PROFIT ON NEAREST DAILY SUPPORT AND RESISTANCE LEVEL
      " NEAREST SUPPORT AND RESISTANCE LEVEL CAN BE USED AS THE TAKE PROFIT TARGET"
      " SET THE TAKE PROFIT BASE FROM RISK:REWARD RATIO"


      "ON EXITING TRADE"
      LET THE MARKET STOP THE TRADE
      LET THE MARKET HIT THE STOP LOSS
      EXIT MANUALLY BECAUSE THE PRICE ACTION FORMS A SIGNAL AGAINST THE POSITION
      EXIT A TRADE WHEN ALREADY HAVE A RESPECTABLE PROFIT, RATHER THAN WAITING FOR THE MARKET TURNS AROUND AND COME CRASHING
      TAKE PROFIT, DO NOT WORRY FOR NOT CATCHING THE WHOLE MOVE AND DON'T REGRET IT, THERE WILL ALWAYS BE AN OPPORTUNITY
      AVOID EXITING OUT OF FEAR
      "CUT BAD TRADES AS SOON AS POSSIBLE", "IF YOU FEEL NOT CONFIDENT ON OPEN POSITION, BETTER TO CUT LOSS EARLY"
      REMEMBER TO PROTECT THE CAPITAL AT ALL COST, THERE WILL ALWAYS BE AN OPPORTUNITY

      I know some of you also adopt the Price Action and Clean Chart for analysis,
      I would appreciate if i could hear some feedback from the veterans,

      I know I have a lot of work to do to profit consistently, but mark this day as the journey of sniper trader started..

      I will start to post my snipe trade and those that I've been watching on later...

      "ALWAYS REMEMBER THAT PATIENCE IS A VIRTUE"
      We got another price action trader with naked chart, Welcome bro in journal section, i am really interested to see your trading progress, because i always like to see price action trader how to they make consistent profit.. currently i am practicing with price action, i hope in future i will use this on my trade..


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    15. #8
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      Quote Originally Posted by mikehenley View Post
      Hi to the community,

      I would like to share also my journey on achieving success through the forex world,
      I am glad that I have started my journal and share also what I have learn over the months of Trading..

      Basically I am a PRICE ACTION Trader with no indicator involves, just a bare clean price action chart.
      I do apply a Sniper Trading Approach and Highly Respect the 50% Retracement Levels, Price Action Bars and the Head and Shoulder Patterns.

      Still Newbie here and need lot more to learn,
      But through this journal, It will help me monitor my progress,

      This are my rules of trading that I have develop and will continue to practice to make it consistently profitable:

      "ON ANALYZING THE CHART"
      ANALYZE USING DAILY CHART TIME FRAME ONLY
      DRAW MAJOR SUPPORT AND RESISTANCE LEVEL "DAILY, WEEKLY OR MONTHLY"
      OBSERVE THE TREND AND CHECK THE PRICE ACTION, "HH,HL;LH,LL"
      ZOOM IN AND ZOOM OUT TO VIEW THE OVERALL TREND
      CHECK THE CONDITION OF THE BARS
      ALWAYS CHECK THE POSSIBLE HEAD AND SHOULDER SIGNAL OR OTHER PRICE PATTERNS
      IF YOU CAN'T TELL WHAT IS HAPPENING ON THE CHARTS QUICKLY, IT IS USUALLY BETTER TO STAND ASIDE UNTIL YOU CAN SEE A CLEAR SIGNAL FORMATION

      "ON ENTERING TRADE"
      LOOK FOR THE "VALUE AREA" - BY LOOKING FOR THE PRICE TO RETRACE ON THE SUPPORT OR RESISTANCE LEVEL
      "REMEMBER THAT PRICE WILL ALWAYS RETRACE ON A SIGNIFICANT OR KEY SUPPORT AND RESISTANCE LEVEL"
      CHECK THE 1HR OR 4H CHART FOR POSSIBLE ENTRY AND WATCH IT CLOSELY
      ENTER ONLY IF THE CANDLE ARE ALREADY CLOSED (EITHER FROM 1HR, 4HR OR DAILY)
      "DO NOT EVER CHASE THE MARKET AFTER MISSING A TRADE, INSTEAD WAIT FOR THE 2ND CHANCE ENTRY"



      "ON SETTING STOP LOSS, TAKE PROFIT TARGETS"
      PLACE THE STOP LOSS ABOVE OR BELOW THE WICKED OF THE PREVIOUS "DAILY CANDLE"
      "CHECK IF THERE IS A NEAREST SUPPORT OR RESISTANCE BEFORE SETTING STOP LOSS"


      PLACE THE TAKE PROFIT ON NEAREST DAILY SUPPORT AND RESISTANCE LEVEL
      " NEAREST SUPPORT AND RESISTANCE LEVEL CAN BE USED AS THE TAKE PROFIT TARGET"
      " SET THE TAKE PROFIT BASE FROM RISK:REWARD RATIO"


      "ON EXITING TRADE"
      LET THE MARKET STOP THE TRADE
      LET THE MARKET HIT THE STOP LOSS
      EXIT MANUALLY BECAUSE THE PRICE ACTION FORMS A SIGNAL AGAINST THE POSITION
      EXIT A TRADE WHEN ALREADY HAVE A RESPECTABLE PROFIT, RATHER THAN WAITING FOR THE MARKET TURNS AROUND AND COME CRASHING
      TAKE PROFIT, DO NOT WORRY FOR NOT CATCHING THE WHOLE MOVE AND DON'T REGRET IT, THERE WILL ALWAYS BE AN OPPORTUNITY
      AVOID EXITING OUT OF FEAR
      "CUT BAD TRADES AS SOON AS POSSIBLE", "IF YOU FEEL NOT CONFIDENT ON OPEN POSITION, BETTER TO CUT LOSS EARLY"
      REMEMBER TO PROTECT THE CAPITAL AT ALL COST, THERE WILL ALWAYS BE AN OPPORTUNITY

      I know some of you also adopt the Price Action and Clean Chart for analysis,
      I would appreciate if i could hear some feedback from the veterans,

      I know I have a lot of work to do to profit consistently, but mark this day as the journey of sniper trader started..

      I will start to post my snipe trade and those that I've been watching on later...

      "ALWAYS REMEMBER THAT PATIENCE IS A VIRTUE"
      Welcome to this wonderful community of like minds who are here to cheer you to success, price action is a very good trading strategy as long as one is patience enough to take only the setup that meets his requirements at all times, I wish you successful trading as you update us regularly.
      Check Out My Journal My Ichimoku+200 EMA Strategy

      Jesus Loves You;Jesus Saves!


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      Thanks brother Adewale for sharing your trading experience about your sniper trading system,initially ,i thought you were talking about sniper contest which i took first position in my first year of my forex trading,in fact you are right for taking you signal from Daily while you get your entry from one or 4hour,however the only fearful thing for newbie in this system is high retessmenent, beside that everything about your system is right.


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      adewale (09-15-2017)

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      Welcome mikehenley to trading journal section and MT5 Forum I see you are a new member in our community and I am really happy you have decided to start your journey on MT5 Forum in trading journal section.
      I wish you success and I hope all your dreams and targets will come true in here. Good luck!


    20. The following 3 users say Thank You to dzin4aans for this useful post.

      adewale (09-15-2017), kkk30 (09-22-2018), simisola (09-15-2017)

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