This trading journal is composed of three parts:
- the trades I have made in a particular day (either win or lose)
- the lessons I learned
- the things I can do to improve my strategy
Important Notes:
- I update the zones of my tradingview charts every morning.
- I make daily zones (green boxes) and 1h zones (blue boxes).
- I am a scalp to swing trader. I often look at the following timeframes: 15m, 1H, 4H, 1D.
- I only observe/trade two Forex pairs: GBPAUD (British Pound vs Australian Dollar) and XAUUSD (Gold vs US Dollar).
- I journal both my losing and winning trades.
- I don’t claim myself as a guru. I am still working on refining my strategy. Thus, whatever you read here shouldn’t be taken as a piece of financial advice.
Note: A zone is a premium price area in which no one wants to give up the price. Zones usually serve as strong areas of support and resistance. Therefore, the price is expected to move from one zone to another.
XAUUSD (Gold vs US Dollar)
XAUUSD at 1H timeframe
After seeing that the price failed to reach the previous resistance (first yellow circle), I placed a SELL order. The price was also rejected on the current zone (blue box), so the momentary bearish movement was just confirmed. After an hour of placing my first order, the price went up, so I placed another order as I was certain it will still go down afterward.
True enough, the price went down and hit my target price. I just placed my target price at the recent support. It may have gone down further but I am happy with my gains already. When you are trading, it is important to know your targets and be happy if you reach it. Gain is gain after all.
The price went up and as of this writing, it is starting to go down once again. But no, I won't enter any trades right now. I've had enough for today. I can always look for other entries tomorrow. It is also important to know when to stop. I am practicing not to be greedy and be contented with what the market has given to me. I had a negative history of overtrading so I want to avoid it as much as I can.
PS: The reasons why I am having this online journal can be found here:
Officially Documenting My Trading Journal Online
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