WaveRider Trade Journal

[WaveRider]

I'm just a little behind for the 6% gain goal for the month. I need another 2% this week to hit it but the markets may be sleepy before the 4th July holiday. Favoring shorts on several USD pairs this week.

The EURSUD isn't interested in retracing. I have a pending short at 1.95 and another at 1.2
NZDUSD I'm favoring short this week but we're siting above a confluence resistance zt0.7062-5 so there may be more upside before the sell off. I'll wait until Tuesday or Wednesday to decide.
GBPUSD I'd like to see run stops at 1.3940 before downward continuation. I'll be watching Monday's price action and staying out until I see where it's headed. The current leg up ABC 618 ext. is 1.4. That's also the 50% of the current swing down and I'd think that would be a great place to sell but I don't think its going that high.

 

[WaveRider]

EURGBP is also in prime selling range. Its at the 618 ABCD ext, cleared old highs, and at the top of the channel at 0.8593, plus 0.86 was rejected. Bottom of the channel is 0.8510-20. There was a big buy candle with big volume on 6/24 but I think it was from closing out after taking out the stops. I'll probably leave a pending sell order 0.8597 or so 0.8640 SL and 0.8525 TP

 

[WaveRider]

I'm just a little behind for the 6% gain goal for the month. I need another 2% this week to hit it but the markets may be sleepy before the 4th July holiday. Favoring shorts on several USD pairs this week.

The EURSUD isn't interested in retracing. I have a pending short at 1.95 and another at 1.2
NZDUSD I'm favoring short this week but we're siting above a confluence resistance zt0.7062-5 so there may be more upside before the sell off. I'll wait until Tuesday or Wednesday to decide.
GBPUSD I'd like to see run stops at 1.3940 before downward continuation. I'll be watching Monday's price action and staying out until I see where it's headed. The current leg up ABC 618 ext. is 1.4. That's also the 50% of the current swing down and I'd think that would be a great place to sell but I don't think its going that high.

GBP ran the stops at 1.3940 but I didn't leave an order in there and missed the move. But I got short the EURUSD and NZDUSD during the Asian session this morning and made my goals for the week. USD yield is so much higher than EUR, I think there will continue to have good down pressure for now. I think we're going to easily clear the old swing low 1.847. Non-Farm Payroll is Friday so I may just spectate the rest of the week on the USD pairs.

 

[WaveRider]

Months accounting: Today is June 30.

We're +7.2% for the month on this account and this is my first month back to actively trading since before COVID. I think next month will be better. I do better trading less frequently and picking my shots carefully. I think I could have been over 10% if I'd been a little more patient. Choppy summer months are harder and the spring and fall months trend much better.

Using the rule of 72, 7% compounded monthly doubles the account in 10 months. 10% compounded monthly doubles the account in 7 months. 7% is plenty for me to live on in this account and I'm trading commodities and some stocks which have done better than my Forex account. I'm holding AMC and GME. I bought in January and neither of them are done. I'm not sure about $100k per share but several thousand per share is possible. July 9th, the shorts are legally required to cover and they can no longer use option puts to hide shorts and they can't use treasury bill either.

Wishing I were in this down move on the EURUSD this morning but I didn't get up in time and I was a little afraid of chasing price.

 

[RahmanSL]

Months accounting: Today is June 30.

We're +7.2% for the month on this account and this is my first month back to actively trading since before COVID. I think next month will be better. I do better trading less frequently and picking my shots carefully. I think I could have been over 10% if I'd been a little more patient. Choppy summer months are harder and the spring and fall months trend much better.

Using the rule of 72, 7% compounded monthly doubles the account in 10 months. 10% compounded monthly doubles the account in 7 months. 7% is plenty for me to live on in this account and I'm trading commodities and some stocks which have done better than my Forex account. I'm holding AMC and GME. I bought in January and neither of them are done. I'm not sure about $100k per share but several thousand per share is possible. July 9th, the shorts are legally required to cover and they can no longer use option puts to hide shorts and they can't use treasury bill either.

Wishing I were in this down move on the EURUSD this morning but I didn't get up in time and I was a little afraid of chasing price.

Happy to see you have settled down on a trading strategy which you have confidence and comfortable in making trades. After all these years of trials & errors and losing tons of money, I too have finally settled down on a trading strategy that I can confidently and comfortably make trades and, finally, start making consistent profits.

"Wishing I were in this down move on the EURUSD this morning but I didn't get up in time and I was a little afraid of chasing price."
Nah, I don't dwell on missed trades anymore and also it's much better for a missed trade then to regret making a bad trade.

It would be much more interesting to post your trading account statistics to enable a visual performance of your trading account.

Cheers and all the best!

 

[TheNewbieTrader]

Liking this journal - thanks for sharing.

 

[WaveRider]

EURUSD: Bullish this week. We're already seeing some early week retracement. I favor 1.1995 as a target this week but we're still far from there. If we make it that high, I'd want to see a strong rejection or we'd be bullish. Or if we took till Thursday to get there, that would be slow enough to preserve bearish price action. The market likes erasing the big long candles at least some, often completely, other candles I labeled 1, 2, 3, 4. Anytime I see these I expect them to get filled in by a good bit. I mostly want to capture EURUSD this week since I'm pretty sure we're going to be bearish for two or three weeks.

We're entering a strong season for AUD, Yen and CAD. If you're trading one of these, we should stay bullish until the end of the month. AUD gets weak again in August. The CHFJPY has already retraced this week, has already moved to erase the big candles from a couple of weeks ago and I'd a bear this week (which is JPY strength). I'd like to be a seller at 120.65 above the old high. Early price action this week is to catch those with bias by whipping around. This is common when the trend is obvious and the banks need to throw off the freeloaders.

I'm currently in a scalp sell on the NZDUSD. Rare during the Asian session to move quite this much. We're past the ADR at 0.7066, hit the 0.7200 big figure, hit 100% ext on the hourly, cleared an old top grabbing stops. I think it'll come back down again.

 

[WaveRider]

I had a pending sell at 1.1905 that didn't get hit in the EURUSD so I missed the move this morning. GBPUSD also moved without me, I was looking at other asset classes. My baby scalp in NZDUSD hit the profit target and continued and would have given me a couple percent on the account for sure. I sort of missed everything this morning. The EURCAD zipped up, cleared old tops, has some CAD strength behind it, I'll scalp this down as a London Close trade and that'll probably finish my day.

 

[WaveRider]

This EURCAD gave me 19 pips but probably has more before it's done. The farther these go, the more they come back, excluding NFP manipulation. This trade only makes sense because of the time of day. London is going home, NY is breaking for lunch. Pretty good chance this is the high of the week also. 1/2 this big 4h bar is 1.4712. It may even reach down into the bullish order block at about 1.4660 which is about the weekly pivot point. If price come back up during the Asian session, I may sell this again.

 

[Amina El Mehdi]

Another thread which worth a follow. Thanks.