StackingPIP - Trade Journal

Discussion in 'Trading Journals' started by StackingPip, Jan 25, 2014.

  1. StackingPip

    StackingPip Active Member

    Joined:
    Jul 13, 2013
    Messages:
    34
    Hello Folks,

    Today I am launching of my trade journal. It is something I wanted to do since I joined this forum in the past July.

    I have been around ICT tools & technique since a few years back. My objective now is to tie up these concepts together and start trading for real.

    Therefore, I will share the experience with the FXGears community.

    I can consider myself as a novice trader with very limited time for trading. Keeping this premise in mind, I will not place a trade every day. Most of my entries are done through Limit order. Sometimes I have the opportunity to sneak peek at the NY session through my mobile. Therefore I can sometime take live trades also.

    I am looking forward to do 2 posts in this thread per week.

    1 post will resume my trading week.

    1 post will be my market analysis for the upcoming week.

    I will concentrate my trading on the Fiber. As I go along I may had the Cable.

    Note that I am open to constructive comment. So feel free to comment on this thread.

    With this being said,
    Let’s get to work!! ;)
    Seb
     
  2. StackingPip

    StackingPip Active Member

    Joined:
    Jul 13, 2013
    Messages:
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    Week of the 26th January

    StackingPIP Weekly Market analysis Week of 26 January

    Fiber:
    Daily T/F Market Bias: Bear (1 candle missing for calling a HH)

    4H Market Bias: Bull

    1H Market Bias: Bull

    Key Level under the Scope:
    • 3700
    • 3720
    • 3650
    • 3680
    • 3620

    Observation:
    SELL OTE on Daily T/F at 1.3726 Stabbed by Friday candle

    Conclusion:
    I have not given up on the Bear perspective that I had last week.

    COT data : Commercial as increase net long position.

    There are a few fundamentals that I will watch closely.
    • Durable Goods USD
    • FOMC USD
    • Advance GDP USD
    • CPI EUR

    I really think that the Friday daily candle may be some sort of fake rally up. However, I will definitely be a seller if the markets reach the 3720 level. Profit objective for me would be at the 3480 level on a long swing trade.

    It will be interesting to see how the USD will react to the FOMC statement. Is the Fed will be reducing their pace on asset purchase again?

    Overall, I will sit on my hand Monday. I do not trust the recent change in market structure. 4H & 1H T/F

    I may place a few trades in the NY open session if we retrace to the level in scope.

    Have a nice Trading week. ;)
    Seb
     
  3. StackingPip

    StackingPip Active Member

    Joined:
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    Trade Journal Week of the 26th Jan.

    Trade Recap:

    Well first of all, I want to say that I had always tough that a trading journal was long to do and I would lose my time doing ‘it… Unfortunately, I think that I was totally wrong!! I would say that I can consider this as one of my best trading tool so far.
    Since this was my first week that I was really looking at the market on an everyday basis, the journal really help me to understand how the markets unfold and actually, where was the trade that I would have taken.

    Ok.. This week for me was a little bit painful. At the beginning of the week, I felt that I was running for trade setup that I could not find easily. And as the days go by, my initial plan seems to unfold but I was not able to hop ‘in the train…

    Monday:

    I had decided to sit on my hand since the market was ranging at higher T/F. I really find ‘it hard to trade in a ranging environment. Note that I am not in front of my PC for trading. I am almost 100% mobile for intraday trade. Price almost retrace to the level 3720 that I had been looking for being short LO. In fact, price retrace to level 3716. I would have missed this entry anyway. However, I will definitely do some homework on how I can capture these LO trade on Limit order.

    Tuesday:

    Since I missed the train from the 2 last LO trade opportunity, I tried to trade le NYO in my mobile device. I found a little retracement that I pulled my fib from and I tried to go short. Anyway, I was lucky in my bad luck!! I mix ‘up my stop lost & TP level as I was entering my trade. Therefore, I received an error message and the trade did not get executed. However, I would have been run over by the market. My idea behind this trade was to get in sync with the LO down swing. But it did not work as the market pulled back into a ranging day.

    Wednesday:

    I was starting to get mix up on my daily bias. I was now thinking that we may go long!! So I pulled a fib from Tuesday LO low To Wednesday LO Hi. Got a level and I went long at 8 o’clock am EST. The market chewed me up very quickly and got stopped out.
    I have a rule in my trading plan that says after 2 consecutive losing trade stay sideline for the rest of the week and evaluate what went wrong and how you can improve for not repeating these errors.

    Thursday & Friday:

    According to the plan I stayed sideline. I did watch back a few video from ICT. The power of 3, trading NYO, Trading LO & LC.
    This definitely, got me thinking on a few things I want to have in my plan.

    For conclusion:

    I am very happy to have started this journal. I think I will really improve my trading with ‘it. In fact, it will definitely help me to review the market and open up my eyes on what I missed and what went good.

    My homework for this week end is to review charts for a couple of month back and look for the relation between the LO kill zone & the NYO kill zone. I want to see how many time the NYO retraced into the sweet spot from the LO HI & Low. Also, how many times we can see the HI of the day being made in LO and then the profit release phase happen to reach NYO.

    So this week result:

    Winning trade: 0
    Losing trade: 2

    With all this being says,
    Let’s get to work!! ;)

    Seb
     
  4. StackingPip

    StackingPip Active Member

    Joined:
    Jul 13, 2013
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    Weekly Market analysis Feb. 2th

    StackingPIP Weekly Market analysis

    Fiber:
    Daily T/F Market Bias: Bear

    4H Market Bias: Bear

    1H Market Bias: Bear

    Key Level under the Scope:
    Upside:

    • 3500
    • 3515-23
    • 3535-42-55
    • 3576-80
    Downside:
    • 3440
    • 3400
    • 3320
    • 3300

    Observation:
    The bears made money in the last 3 days. Therefore I am anticipating a fractal to be form this week on the daily T/F. This would cause a retracement in price. This will give me the level to go short again from the daily chart and confirm the downside level.

    Conclusion:

    COT data: Commercial as decrease net long position.

    There are a few fundamentals that I will watch closely.
    • Unemployment rate USD
    • NFP USD

    I may stay sideline at the beginning of the week. I like to see what the market is heading for prior to jump in the arena. I will continue to make my statistic on the relation between the price making the HH or LL of the day within the first 5 hours of the day. I think this will payoff (the power of 3)

    I am stepping ‘in the market with a Sell bias for the week. However, I am anticipating a pull back.

    Have a nice trading week! ;)
    Seb
     
  5. StackingPip

    StackingPip Active Member

    Joined:
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    Recap Week of 3rd Feb.

    Trade Recap:

    This week was my first good week. Overall it is a 47 PIPS gain in my account. My market bias was good. However, I still struggled with my entry and this has lead me to question my decision making process. Therefore, I know I can improve on this aspect.
    I felt that I was chasing price instead of just pulling my fib. and find a retracement.
    Never the less I had a rush for trading…

    Monday:

    I wanted to sit on my hand and see what the LO was giving me. Therefore I place a buy limit entry prior to go to work at level 3483. When I arrived at work, I took a sneak peek to my cell. And I was not too sure any more about that limit entry. So I canceled the order. In the NYO session, I notice that the price was reaching my targeted level. I took a buy entry and ride a 26 pips trade.

    Tuesday:

    Since we were in a ranging market, I tried to by dips. I wanted to see the price moving higher. Overall I found that I was more rolling dice… Win pips, lose pips. Still came out on a positive note. However, it was labor intense for only 7 pips..

    Wednesday:

    Again, same scenario like Tuesday. I really had to control myself. 2 trades.. Win pips / Lose pips.. Overall 6 PIPS over

    Thursday:

    I really tried to follow my plan based on my analysis. In the morning I looked up what the LO kill zone gave me as a bias. I was also anticipating the news release. I place a limit order to go long at 3520. As I was driving to work, I notice that my entry got triggered. I was not expecting ‘it to happen prior to the NYO kill zone. Anyway, the market stop me out 30 PIP lost. I that point I really question myself… What do I do? I decide to trust my analysis and I re-entered the market with a buy order. I was the able to ride the news release.. Wow great feeling. 39 PIPs gains.

    Friday:

    I tried to trade the news. I found ‘it very strange. The market moved 5 minutes prior to my news feed gave me the NFP result. My goal was to look at the result and then take a trade. I bought the fiber when the news got release. However, the momentum was gone and I lost 1 pips on this trade.

    As a conclusion:

    I am very happy of my week. When I look back at my charts, I realize that I must trust my pattern. Monday & Tuesday we had nice retracement for long in NYO. Obviously it is an after fact observation. However, I think they were predictable.
    I also need to control myself. As soon as I was a few PIPs in profit, I felt a rush & addicted to my phone… I need to find a way to control this.

    So this week result:

    Winning trade: 5

    Losing trade: 3

    With all this being says,
    Let’s get to work!!
    Seb
     
  6. Tansen

    Tansen Well-Known Member

    Joined:
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    Messages:
    890
    Pretty good week I'd say, just remember NFP is something people have calculated in advance. Therefore any large scale moves you see occurring before could be many things because institutions have the same people who do the same math for the government. So that in mind they have an edge that they can nearly predict what the number is most of the time.

    If you see it move in advance it's sometimes an anticipation, a panic move, or it could well be something of a ruse in an attempt for them to lure people in one way to make them believe the momentum is to that one side and reverse it fully since all that liquidity is provided already.

    When I start long trades I check it every 5 mins because the stop usually goes from -12 then when I feel it's adequate I scale out or cancel orders and move to B/E. Even after all that has occurred I'm still checking until that sucker is well into +200 mainly because of the way I do my stops I need to know when it starts retracing and if its a full retracement or just a wind up.
     
  7. StackingPip

    StackingPip Active Member

    Joined:
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    Tansen,

    Thank you very much for your comment. I will definitely pay more attention to the next news release that really makes in impact in the price. Something that I will keep in my notepad...

    I did not post my weekly analysis... The olympic is making me watch TV more than usually :D

    In resume:

    - Commercial increase long position
    - OTE triggered on Daily "sell"

    I am monitoring a lot the London session prior to enter in the NYO killzone. (Trade in sync)

    Today, I place a buy limit entry at 3615. It did not got triggered. However, I was in sync with the daily trend.

    Once I will finetune my entry, I should be able to capture a piece of the daily range.

    Thanks.
    Seb
     
  8. Tansen

    Tansen Well-Known Member

    Joined:
    Jun 6, 2013
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    890
    Jamaican Bobsled Team all the way!

    "Nuff people say, you know they can't believe, Jamaica, we have a bobsled team."
     
  9. StackingPip

    StackingPip Active Member

    Joined:
    Jul 13, 2013
    Messages:
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    Tansen,

    Note that I hold a share of that bobsled...

    Last time I was in JA I gave a few bucks at their demo bobsled in Mobay airport !!! ;)

    Seb
     

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