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    Thread: mikehenley's trading journal

    1. #271
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      Quote Originally Posted by mikehenley View Post
      good morning to all, about 5:35am here in the philippines, morning routine before I prepare to work is to check my trade every morning and below is my current update for the EURUSD pair,
      I put a buy limit order yesterday near the 50% level which was the nearest support from Feb 26 and Feb 23 daily close candle.
      I will still keep this trade until my 2R target were hit, I will not aim for 3R since I am seeing a previous trendline that could be a resistance. Whatever happens today it will depend again on tomorrow close candle if I have to close my trade or not.

      Attachment 74796
      Quote Originally Posted by mikehenley View Post
      Got my bonus credit to my account today! Yey! Thanks Instaforex and MT5 Community,
      I've started this Month of March to also grow my Bonus Account and hopefully I can also withdraw some profits just like many others here.
      I will keep updating my current result over time using my Sniper Approach and Price Action Strategy.

      Attachment 74802
      Quote Originally Posted by mikehenley View Post
      Appreciate your information buddy, I will try to check and consider whether I have to Take Profit already.

      ---------- Post added at 03:25 PM ---------- Previous post was at 03:08 PM ----------



      Looking forward to meet some Filipino members here, and also you buddy. A good timing to have chat with some of the veterans like you, maybe I could learn some other helpful stuffs.



      Appreciate it buddy, I will try my very best to share my result on this journal and be an inspiration and a part of this growing community.



      Yes buddy, I am trading naked, with clean price chart, without fancy indicators, a simple lines to draw a significant S/R which I consider as my "kill zones". I preferred to be clean and not complicated with the used of candle sticks or bars, like Inside Bars, Pin Bars, some of Fakey Bars. And as part of my trading management, I used a fixed $ Risk and used a FIBO to determine my Stops and Reward targets,

      ---------- Post added 03-08-2018 at 08:28 AM ---------- Previous post was 03-07-2018 at 03:25 PM ----------

      A great morning to the community, just this morning, I closed my open trades, just observed that the market direction is confused due to some significant news today and tomorrow. I've seen also a an inside bar forms from several pairs like AUDUSD, NZDUSD and GBPUSD, which means that the yesterday bars failed to break the previous day high. Inside bar could either be a continuation or a reversal, with this I will just wait to see today candle closed before I jumped in again. Additionally, a bullish PIN bar forms from USDJPY signifying that it could be a possible reversal already and buyers are in control now.
      Fixed dollar risk? Nice Some great traders such as Nial F. also use that money management style.
      Hahaha... I do have a lot of information (and maybe too much that it hindered me from my growth lolz ) but there are those who are much much better than me but they rarely show up in the forum.

      Ok then, I have a nice naked trading thread that I can follow now. Keep it updated mate! and enjoy your weekend!

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    4. #272
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      Quote Originally Posted by PhantomTrader79 View Post
      Fixed dollar risk? Nice Some great traders such as Nial F. also use that money management style.
      Hahaha... I do have a lot of information (and maybe too much that it hindered me from my growth lolz ) but there are those who are much much better than me but they rarely show up in the forum.

      Ok then, I have a nice naked trading thread that I can follow now. Keep it updated mate! and enjoy your weekend!
      Haha, I know you have a lot of information, and I have an idea what you are talking about buddy, but honestly, I am not a member of any schools or courses teaches by some great traders out there, I am proud to be a self taught and self develop trader. But definitely I follow some of the great traders, those market wizards. And my current style is you know already..haha, anyway buddy glad to hear that you are also a naked trader, I will try my very best to share my thoughts and plan, still not yet an expert though, but is just a small step away.
      My Trading Journal: Journey of a Sniper Trader

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    6. #273
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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"
      wow many many thanks my dear friend.
      you are sharing your strategy with us so it is very good way to learn forex business.
      first you shared "one analyzing the chat" daily chart is very important for for this business so you upload this thread for helping us.
      "on entering trade" you showing us good entering method for this business.
      "On setting Stop loss and Take profit" stop loss and take profit both are very important tools for this business so you showed good way to setup it.
      "On exiting trade" it is very important for every trader. forex market is very critical to predict the market so if we can make any mistake in this business then it cant give us good result so we should exit bad trades as soon as possible.

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    8. #274
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      Quote Originally Posted by chakrabarty View Post
      wow many many thanks my dear friend.
      you are sharing your strategy with us so it is very good way to learn forex business.
      first you shared "one analyzing the chat" daily chart is very important for for this business so you upload this thread for helping us.
      "on entering trade" you showing us good entering method for this business.
      "On setting Stop loss and Take profit" stop loss and take profit both are very important tools for this business so you showed good way to setup it.
      "On exiting trade" it is very important for every trader. forex market is very critical to predict the market so if we can make any mistake in this business then it cant give us good result so we should exit bad trades as soon as possible.
      thanks for the appreciation friend, although the above pointers and my strategy I've shared is on the general context, I will try my very best to show it on actually and share it to the community as I progress my way to earning profits consistently. Have a great day ahead friend and more profits this week.
      Ps. I've ready your journal about the GOLD, I am trading GOLD also, I am looking forward to learn some helpful information about the pair in the near future..
      My Trading Journal: Journey of a Sniper Trader

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    10. #275
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      11-Mar 2018 Update with the USDJPY as I previously commented last saturday, I've entered a blind entry shorting USDJPY aiming at least 2R profit. Hope it goes well, I will then check tomorrow for the closing candle.

      Name:  USDJPY 11-Mar 4hr Entry.png
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      My Trading Journal: Journey of a Sniper Trader

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    12. #276
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      Quote Originally Posted by mikehenley View Post
      11-Mar 2018 Update with the USDJPY as I previously commented last saturday, I've entered a blind entry shorting USDJPY aiming at least 2R profit. Hope it goes well, I will then check tomorrow for the closing candle.

      Attachment 75030
      Bearish candle due to the fundamental of the jpy. But you have taken nice trade but its a either makeout or breakout level from which the trend of the pair will set. So make proper changes whenever necessary as you may get trapped in it. Give update about your trade later.

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    14. #277
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      Quote Originally Posted by mikehenley View Post
      11-Mar 2018 Update with the USDJPY as I previously commented last saturday, I've entered a blind entry shorting USDJPY aiming at least 2R profit. Hope it goes well, I will then check tomorrow for the closing candle.

      Attachment 75030
      Woah you entered a a nice spot there buddy, right at that turning point!
      Even if you risk smaller I think there is a high chance that you will bank a lot from the ninjas lolz
      Keep us updated with this thing, ok?

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    16. #278
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      Quote Originally Posted by PhantomTrader79 View Post
      Woah you entered a a nice spot there buddy, right at that turning point!
      Even if you risk smaller I think there is a high chance that you will bank a lot from the ninjas lolz
      Keep us updated with this thing, ok?
      Here is my update buddy, still keep my position, I know that it is valid until the trend line has not been broke, there is a possibility that it will retrace at around 106.632 ~ 106.713, and if that happens, I will try to put another short lot position, but depending on what will be the close candle at the 4hr.

      Name:  USDJPY 12-Mar Daily.png
Views: 22
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    18. #279
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      And one of the plan trades for this week that I have recently posted is for GOLD, I see a nice pin bar from the 9-March close candle,
      I put a pending order on the near 50% retracement of that pin bar, and it was filled, below is the current update, it forms again a pin signifying that still buyers don't want to sell GOLD. Set Up is still valid until the 9-March candle holds and not broke.
      Name:  XAUUSD 12-Mar Update.png
Views: 20
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    21. #280
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      Quote Originally Posted by mikehenley View Post
      And one of the plan trades for this week that I have recently posted is for GOLD, I see a nice pin bar from the 9-March close candle,
      I put a pending order on the near 50% retracement of that pin bar, and it was filled, below is the current update, it forms again a pin signifying that still buyers don't want to sell GOLD. Set Up is still valid until the 9-March candle holds and not broke.
      Attachment 75084
      As we can see there is hammer formed. So we know that there is big buyer in there. So we can make buy position and set TP at 50 pips and above. I do believe this candlestick pattern will be helpful. Apart from that, we can see that the trend is still uptrend. So we just need to find buy opportunities. Wish you the best buddy.

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