Easy journal

[Easy Trader]

I am a price action trader, and plan on using this post more or less as a trade journal. My 'approach' is hardly my own material. I have learned much from a friend and other amazing selfless traders. I have taken multiple different ideas and molded them to something that works for me.
One thing I have learned is that it is next to impossible to be succesful in
this business if you can not consistently(80% or better) get you positions into profit.
My position in this business is to manage risk, %return is a byproduct of correct risk managment. The market pays me to sit on my hands.
I trade off of (price only) S/R, my entry signals are pinbars/hammers, outside bars/engulfing, occationally double tops/bottoms with high/low close.
I risk 1-2% capitol and look for 5-7% monthly return. I trade Daily/Weekly
I have a seperate account that I trade London into NY on the 1HR with the majors.
I also welcome constructive criticism and embrace the freedom of speech.

[Easy Trader]

The main entry signals I look for

[Enivid]

Interesting. How many trades per day do you do usually?

[Easy Trader]

I still have a day job so I don't 'day trade'. I watch the London open into NY on 1hr but i'm really picky with my trades. I dont risk capitol or trade just to trade, took me along time to learn that. My bread and butter is the 4hr,daily, and weekly charts. 2 or 3 trades a month are enough to make 7-10%R on my account. In short I take what the market gives me so on 1hr its probably 2 trades a week and on my other account its 1-7 trades a month....

[Easy Trader]

AUDCAD pinbar. off of the 1.01 round number, great support, double bottom with MACD histogram divergence.

[Enivid]

Have you actually enter the trade already? Or are you waiting for some confirmation signal?

BTW, what indicators, except for the standard ones, do you use on charts?

[Easy Trader]

I have a buy stop order placed 10 pips above the pin bar, the reasoning is that if price breaks the High(in this case) of the pin bar then it should move to atleast my first trouble area. This keeps me out of trouble with false 'pin's'. If its not valid I will never get triggered in. I use MACD for divergence, a 150EMA as S/R, and Fib lines for confluence.

[Enivid]

It looks like the price has broken through your entry level. Congrats! What's your exit target on this one?

[Easy Trader]

Price has reached my first trouble spot, I have taken profit on half of my position, moved my target up, and tightened my stop to make up for the spread. Going to leave this one alone to see if it can get some "legs under it". At the worst im risking less than 1% capitol now.


I will just edit the rest of the pics of this trade here to keep the thread clean.

[Enivid]

I don't quite get it... You've entered the trade at about 1.0145, right? How did you position your first exit level?