The start of this week has been very profitable. I am managing to stick to my trading plan consistently. A lesson I have learned is to allow price to breathe, and when price gets into a even zone, Move my stop loss in profit! Another lesson I have learned is to apply more than 1 strategy to my trades. Yes, It is good to stick to one you are comfortable with, but there is no silver bullet strategy, changes in our strategy, can be as fluent as the changes in the market, as long as the strategy matches the market conditions! The month of May has been a large toss up!
GBPUSD
, &
GBPJPY
GBPJPY, ended last week with bearish momentum, but price on both pairs were at my set support zones. my first confluence. Second, Price was in consolidation, near a retest of my 4H bearish trendline. Lastly, price was set to retest my Monthly Resistance,
USDX
helped me monitor the trade this morning, as the price of the dollar fell around market open USA, giving the Pound more momentum for a potential bull run into the afternoon. This is my first trade where I managed to close 1:4. I look forward to more potential setups like these to share in the future.
In conclusion, I'd like to share my trading journal entry..
DID I FOLLOW MY PLAN?
Yes. I exercised Support & Resistance
Followed the trend, its my friend!
Set my stop loss according to my risk reward ratio
WHAT DID I DO WELL?
1. Identified Trend in New Session.
2. Leveraged other pairs as a resource..
3. Exercised good risk management, by setting a stop loss.
WHAT CAN I DO BETTER?
1. Set Higher Lot Size.
2. Set Stop Loss In Higher Timeframe
WHAT DID I LEARN?
1. Following A Plan Is Profitable
2. Using Different Strategies Is Okay To Increase My Success
3. How To Set My Risk Reward Ratio Properly
DID I PREPARE PROPERLY?
YES, I entered a trade in a new session with confidence with several my confluences in my technical analysis.
This time I set my price, doubled down, and wait for a confirmation.
GBPUSD
, &
GBPJPY
GBPJPY, ended last week with bearish momentum, but price on both pairs were at my set support zones. my first confluence. Second, Price was in consolidation, near a retest of my 4H bearish trendline. Lastly, price was set to retest my Monthly Resistance,
USDX
helped me monitor the trade this morning, as the price of the dollar fell around market open USA, giving the Pound more momentum for a potential bull run into the afternoon. This is my first trade where I managed to close 1:4. I look forward to more potential setups like these to share in the future. In conclusion, I'd like to share my trading journal entry..
DID I FOLLOW MY PLAN?
Yes. I exercised Support & Resistance
Followed the trend, its my friend!
Set my stop loss according to my risk reward ratio
WHAT DID I DO WELL?
1. Identified Trend in New Session.
2. Leveraged other pairs as a resource..
3. Exercised good risk management, by setting a stop loss.
WHAT CAN I DO BETTER?
1. Set Higher Lot Size.
2. Set Stop Loss In Higher Timeframe
WHAT DID I LEARN?
1. Following A Plan Is Profitable
2. Using Different Strategies Is Okay To Increase My Success
3. How To Set My Risk Reward Ratio Properly
DID I PREPARE PROPERLY?
YES, I entered a trade in a new session with confidence with several my confluences in my technical analysis.
This time I set my price, doubled down, and wait for a confirmation.