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    Thread: Mez Da Whiz's trading journal

    1. #1
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      Post Mez Da Whiz's trading journal

      Hello everyone, I'm mEz DA WHIZ.
      I've decided to open a trade journal like several other people here, and my reason is simple. I want it to challenge me to be more focused, and I'll always have a reason to visit this forum.

      MY STRATEGY
      The strategy I'll be using is the price action, where I'll trade based on the naked price movement on the chart, applying supports and resistance lines where appropriate.

      MY BELIEFS ABOUT THE PRICE ACTION
      The totality of orders placed in the forex market creates the candle patterns we see in charts. These orders may be called "order flow" and the candle patterns, "price action". The order flow determines the price action. One cannot successfully trade against the order flow, hence, the real work is to determine the order flow from which the price action follows. But since it's practically impossible to determine the order flow, we can study the price action and then decide when and where to place our trades.

      SUPPORT AND RESISTANCE LINES
      My supports may be fixed or dynamic. Dynamic supports would be both the 20 EMA and 200 EMA, both applied to close.

      My resistance lines would also follow the above.

      ENTRY AND EXIT STRATEGY
      I plan to enter my trades from S/R zones, going long or short according to my current bias. I'll place pending orders in most cases with a minimum of 2:1 RRR. My typical stop loss is 50 pips, which may be more or less depending on prevailing circumstances.

      FOREX PAIRS AND TIME FRAMES
      Any pair with a reasonable spread will be traded.
      I'll trade mainly the daily time frame, 4 hour and 1 hour time frames. I'll occasionally trade 5 minute time frame

      I'll post all my trades, whether successful or not.

      At this time, I'm trading as a hobby with little capital and micro lots, the focus being more on the strategy than actual amount gained in profits.

      I'll post my trade ideas with charts where applicable and I hope to get better with each new trade.

      Here's a sample trade idea using the weekly EUR/GBP time frame (chart attached below)

      The chart shows the pair ranging, with clear areas of rejections where price bounced off support and resistance zones, marked black. The red arrowheads indicate the rejections. We are that each time price got to either of the zones, it reversed. Those zones would be a good place to every a trade.
      The strategy here would be to go to a lower time frame and every the trade. For example, in the chart, price is at support. I'll simply seek an opportunity to go long on either the 1h or 4h time frame depending on how long I intend to hold the trade.

      Thank you all for reading.
      Attached Images  
      Last edited by Mez Da Whiz; 03-27-2018 at 11:45 PM. Reason: Attach chart
      Come Alive!
      Proudly Nigerian


    2. The following 13 users say Thank You to Mez Da Whiz for this useful post.

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      welcome to your own trading journal, it's wise decision to open a trading journal where you can share your trading ideas and communicate with your interlecutors about trading the forex market, I see that you have a good trading plan using price action, I wish you success in your trading course.


    4. The following 6 users say Thank You to tahiri for this useful post.

      balut (03-28-2018), bigearners (03-28-2018), FxBD (06-05-2018), sniper2050 (03-31-2018), sonibark (03-28-2018), Unregistered (1)

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      Quote Originally Posted by Mez Da Whiz View Post
      Hello everyone, I'm mEz DA WHIZ.
      I've decided to open a trade journal like several other people here, and my reason is simple. I want it to challenge me to be more focused, and I'll always have a reason to visit this forum.

      MY STRATEGY
      The strategy I'll be using is the price action, where I'll trade based on the naked price movement on the chart, applying supports and resistance lines where appropriate.

      MY BELIEFS ABOUT THE PRICE ACTION
      The totality of orders placed in the forex market creates the candle patterns we see in charts. These orders may be called "order flow" and the candle patterns, "price action". The order flow determines the price action. One cannot successfully trade against the order flow, hence, the real work is to determine the order flow from which the price action follows. But since it's practically impossible to determine the order flow, we can study the price action and then decide when and where to place our trades.

      SUPPORT AND RESISTANCE LINES
      My supports may be fixed or dynamic. Dynamic supports would be both the 20 EMA and 200 EMA, both applied to close.

      My resistance lines would also follow the above.

      ENTRY AND EXIT STRATEGY
      I plan to enter my trades from S/R zones, going long or short according to my current bias. I'll place pending orders in most cases with a minimum of 2:1 RRR. My typical stop loss is 50 pips, which may be more or less depending on prevailing circumstances.

      FOREX PAIRS AND TIME FRAMES
      Any pair with a reasonable spread will be traded.
      I'll trade mainly the daily time frame, 4 hour and 1 hour time frames. I'll occasionally trade 5 minute time frame

      I'll post all my trades, whether successful or not.

      At this time, I'm trading as a hobby with little capital and micro lots, the focus being more on the strategy than actual amount gained in profits.

      I'll post my trade ideas with charts where applicable and I hope to get better with each new trade.

      Here's a sample trade idea using the weekly EUR/GBP time frame (chart attached below)

      The chart shows the pair ranging, with clear areas of rejections where price bounced off support and resistance zones, marked black. The red arrowheads indicate the rejections. We are that each time price got to either of the zones, it reversed. Those zones would be a good place to every a trade.
      The strategy here would be to go to a lower time frame and every the trade. For example, in the chart, price is at support. I'll simply seek an opportunity to go long on either the 1h or 4h time frame depending on how long I intend to hold the trade.

      Thank you all for reading.
      Welcome to trading journal brother!

      Its to good to see that lots of newbie are becoming part of journal and great idea of trading with EUR/GBP pair, which traders rarely do as bigger timeframes of 4H and 1H gives more accurate result as well as better analysis.

      Using SL in your trade is great choice. Best of luck for your trading
      Keep learning to reach the success

      Visit the learning blog


    6. The following 4 users say Thank You to bigearners for this useful post.

      balut (03-28-2018), kashifrehman (03-29-2018), Mez Da Whiz (03-29-2018), sonibark (03-28-2018)

    7. #4
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      Quote Originally Posted by Mez Da Whiz View Post
      FOREX PAIRS AND TIME FRAMES
      Any pair with a reasonable spread will be traded.
      I'll trade mainly the daily time frame, 4 hour and 1 hour time frames. I'll occasionally trade 5 minute time frame

      I'll post all my trades, whether successful or not.
      Welcome to trading journal mate. You have an excellent choice of time frames which is similar to mine. Nice chart regarding EURGBP and I hope that you will continue to share of your trading setup soon. Good luck.


    8. The following 5 users say Thank You to balut for this useful post.

      bigearners (03-28-2018), Mez Da Whiz (03-29-2018), sniper2050 (03-31-2018), sonibark (03-28-2018), Unregistered (1)

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      Quote Originally Posted by Mez Da Whiz View Post
      Hello everyone, I'm mEz DA WHIZ.
      I've decided to open a trade journal like several other people here, and my reason is simple. I want it to challenge me to be more focused, and I'll always have a reason to visit this forum.

      MY STRATEGY
      The strategy I'll be using is the price action, where I'll trade based on the naked price movement on the chart, applying supports and resistance lines where appropriate.

      MY BELIEFS ABOUT THE PRICE ACTION
      The totality of orders placed in the forex market creates the candle patterns we see in charts. These orders may be called "order flow" and the candle patterns, "price action". The order flow determines the price action. One cannot successfully trade against the order flow, hence, the real work is to determine the order flow from which the price action follows. But since it's practically impossible to determine the order flow, we can study the price action and then decide when and where to place our trades.

      SUPPORT AND RESISTANCE LINES
      My supports may be fixed or dynamic. Dynamic supports would be both the 20 EMA and 200 EMA, both applied to close.

      My resistance lines would also follow the above.

      ENTRY AND EXIT STRATEGY
      I plan to enter my trades from S/R zones, going long or short according to my current bias. I'll place pending orders in most cases with a minimum of 2:1 RRR. My typical stop loss is 50 pips, which may be more or less depending on prevailing circumstances.

      FOREX PAIRS AND TIME FRAMES
      Any pair with a reasonable spread will be traded.
      I'll trade mainly the daily time frame, 4 hour and 1 hour time frames. I'll occasionally trade 5 minute time frame

      I'll post all my trades, whether successful or not.

      At this time, I'm trading as a hobby with little capital and micro lots, the focus being more on the strategy than actual amount gained in profits.

      I'll post my trade ideas with charts where applicable and I hope to get better with each new trade.

      Here's a sample trade idea using the weekly EUR/GBP time frame (chart attached below)

      The chart shows the pair ranging, with clear areas of rejections where price bounced off support and resistance zones, marked black. The red arrowheads indicate the rejections. We are that each time price got to either of the zones, it reversed. Those zones would be a good place to every a trade.
      The strategy here would be to go to a lower time frame and every the trade. For example, in the chart, price is at support. I'll simply seek an opportunity to go long on either the 1h or 4h time frame depending on how long I intend to hold the trade.

      Thank you all for reading.
      this is a very good ranging trend you get their mate, and its going to be a very long term trade for any trader that wish to trade it, i dont really use to trade eurgbp i would have love to trade it. i really wish you good luck on the trade, and i hope you use a very good money management because, this kinda of trade is something we cannot afford to take too much of a risk


    10. The following 4 users say Thank You to sonibark for this useful post.

      balut (03-29-2018), kashifrehman (03-29-2018), Mez Da Whiz (03-29-2018), sniper2050 (03-31-2018)

    11. #6
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      Default Trade setup for USD/CAD

      I just spotted a trade opportunity for USD/CAD.

      Before I continue, I'll like to thank tahiri, bigearners, balut and sonibark for reading and their kind comments.

      The setup was spotted on the daily chart (see image 1 below). We see price bouncing off the medium term support at 1.2826 on two occasions after breaking it when it was a resistance level.

      On the weekly chart, (image 2) we see price breaking out and pulling back to the said support. Now, price is climbing again. The bulls are clearly in charge, having climbed all the way from 1.2275 and broken a key level.

      My entry will be on the 4 hour chart (image 3) at 1.2935 and I'll target the next mini resistance at 1.3000 and my SL at 1.2900 for a modest 2:1 RRR.

      I may consider moving my TP upward depending on how the market behaves.

      So guys, that's it!
      Wish me well as I trade this setup!!!
      Attached Images      
      Come Alive!
      Proudly Nigerian


    12. The following 3 users say Thank You to Mez Da Whiz for this useful post.

      GENERAL (03-30-2018), kashifrehman (03-29-2018), taifon (05-18-2018)

    13. #7
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      Quote Originally Posted by Mez Da Whiz View Post
      Hello everyone, I'm mEz DA WHIZ.
      I've decided to open a trade journal like several other people here, and my reason is simple. I want it to challenge me to be more focused, and I'll always have a reason to visit this forum.

      MY STRATEGY
      The strategy I'll be using is the price action, where I'll trade based on the naked price movement on the chart, applying supports and resistance lines where appropriate.

      MY BELIEFS ABOUT THE PRICE ACTION
      The totality of orders placed in the forex market creates the candle patterns we see in charts. These orders may be called "order flow" and the candle patterns, "price action". The order flow determines the price action. One cannot successfully trade against the order flow, hence, the real work is to determine the order flow from which the price action follows. But since it's practically impossible to determine the order flow, we can study the price action and then decide when and where to place our trades.

      SUPPORT AND RESISTANCE LINES
      My supports may be fixed or dynamic. Dynamic supports would be both the 20 EMA and 200 EMA, both applied to close.

      My resistance lines would also follow the above.

      ENTRY AND EXIT STRATEGY
      I plan to enter my trades from S/R zones, going long or short according to my current bias. I'll place pending orders in most cases with a minimum of 2:1 RRR. My typical stop loss is 50 pips, which may be more or less depending on prevailing circumstances.

      FOREX PAIRS AND TIME FRAMES
      Any pair with a reasonable spread will be traded.
      I'll trade mainly the daily time frame, 4 hour and 1 hour time frames. I'll occasionally trade 5 minute time frame

      I'll post all my trades, whether successful or not.

      At this time, I'm trading as a hobby with little capital and micro lots, the focus being more on the strategy than actual amount gained in profits.

      I'll post my trade ideas with charts where applicable and I hope to get better with each new trade.

      Here's a sample trade idea using the weekly EUR/GBP time frame (chart attached below)

      The chart shows the pair ranging, with clear areas of rejections where price bounced off support and resistance zones, marked black. The red arrowheads indicate the rejections. We are that each time price got to either of the zones, it reversed. Those zones would be a good place to every a trade.
      The strategy here would be to go to a lower time frame and every the trade. For example, in the chart, price is at support. I'll simply seek an opportunity to go long on either the 1h or 4h time frame depending on how long I intend to hold the trade.

      Thank you all for reading.
      It means you are using very simple charts without adding multiple indicators and only relying on the price action along with support and resistance. This is proven one, i believe that if one follow all the rules and regulations then you can make decent money with it and its easy to follow because of simplified rules. Your journal will be a good addition for members.


    14. The Following User Says Thank You to kashifrehman For This Useful Post:

      Mez Da Whiz (03-30-2018)

    15. #8
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      Post Update on my USD/CAD trade

      My order got triggered by a crazy spike (red box in chart 1, 4H) around 1500 GMT on 29/03/18 and my SL was almost hit. I had to quickly adjust the SL to give the setup room to play out

      So far, the trade pulled back and is currently approaching my opening price (chart 2 4H). Let's hope it continues to my TP.
      Attached Images    
      Come Alive!
      Proudly Nigerian


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    17. #9
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      Quote Originally Posted by Mez Da Whiz View Post
      I just spotted a trade opportunity for USD/CAD.

      Before I continue, I'll like to thank tahiri, bigearners, balut and sonibark for reading and their kind comments.

      The setup was spotted on the daily chart (see image 1 below). We see price bouncing off the medium term support at 1.2826 on two occasions after breaking it when it was a resistance level.

      On the weekly chart, (image 2) we see price breaking out and pulling back to the said support. Now, price is climbing again. The bulls are clearly in charge, having climbed all the way from 1.2275 and broken a key level.

      My entry will be on the 4 hour chart (image 3) at 1.2935 and I'll target the next mini resistance at 1.3000 and my SL at 1.2900 for a modest 2:1 RRR.

      I may consider moving my TP upward depending on how the market behaves.

      So guys, that's it!
      Wish me well as I trade this setup!!!
      that does look like a very good entry, I wish you luck with it. By the way, be careful with that resistance level on the weekly chart. Notice the last bearish candle in the weekly chart you posted ( that high of that candle matches a previous support that turned resistance after being broken)
      My Trading Journal: GENERAL trading Journal - New Trading System In The Making


    18. The Following User Says Thank You to GENERAL For This Useful Post:

      Mez Da Whiz (03-30-2018)

    19. #10
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      Quote Originally Posted by GENERAL View Post
      that does look like a very good entry, I wish you luck with it. By the way, be careful with that resistance level on the weekly chart. Notice the last bearish candle in the weekly chart you posted ( that high of that candle matches a previous support that turned resistance after being broken)
      Thank you so much for pointing that out.
      It's something easily overlooked!
      But I noticed it and placed my TP just before that S/R level you just pointed out.

      Your power of observation is great!
      Thank you.
      Come Alive!
      Proudly Nigerian


    20. The following 2 users say Thank You to Mez Da Whiz for this useful post.

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