With all the fun and games lately, I have decided to be a lot more focused on what I am doing. I enjoy blogging more than I enjoy vlogging, and I believe that I can better serve the people around me by bringing more great content to my blog. So I am sad to say (not really) that I will not be vlogging my trading journal anymore.
Instead, I will be focusing on bringing my forex journey to digital print only. It enables me to really look at my trading positions and explain what I am doing. Hopefully, you enjoy the content more and stay tuned as I am going to be doing more on Instagram plus twitter 😎
That is all said and done, it is time to talk forex. If you are new to forex, well so am I 🤣 and I think you will enjoy my journey to financial freedom. Throughout the last 5 years, I have been trading or learning to read the markets with no real guidance or help. I discovered a lot during that time about the psychology of trading, and there I stood with my mind ready, but no strategy to, start trading.
Well, that all changed when I decided to quit my job, and spent 1 solid week (100 hours) on building my own forex trading strategy. Now that I am one month in I have had my ups and downs but enjoy it more than ever ✌🏾.
Let us look over where I am below and get a little understanding of my trades.
Currently, I have two open trades. As you might be able to see from the above screenshot, I am down 24pips. The trade was made at the price of 0.72494 and has now ended the day at 0.72494. With my stop loss just below the large green candlestick, we are hoping for some upside momentum on this AUD/USD trade.
My other trade is long on CAD/CHF. This has been good from the outset, going long on the large green candle again. I always take 50% of my trade off the market, once I have hit my take profit point (TP). At the moment the other 50% of my position is 112 pips in profit, and I have moved my stop loss just above break even. 🤑
Well, that is me being transparent, let us have a look at some of the potential pairs I could be trading in the next couple of days.
There seems to be a downtrend happening on GBP/NZD. With the bounce off the 52 Ichimoku MA, we can see the trend is heading towards a bearish sentiment. The current reason why I have not jumped into this trade is that the sentiment has not been fully confirmed in my eyes. The last two or 3 days we have been in a very tight squeeze with a lot of downside pressure as we are close to the 52 Ichimoku MA. Trading is all about patience, and I will wait for the sentiment to hold firm for a bearish move 👨🏾🏫
The NZD/JPY has been slowly creeping up ☝🏾. At the moment while this is in an uptrend, there has been no substantial volume for this move. When you are looking for trades with upside potential you need volume/volatility. If you look at the baby blue indicator, you can see there has been no volume for a while, and I will forecast that this pair will be heading down on a bounce below the 52 Ichimoku MA. What I am looking for is some upside momentum to take a long (buy) position, but I will not be holding my breath 👨🏾⚖️
That is all for today’s forex trading journal my fellow blog readers. Remember I will also be bringing you more blog posts on forex, cryptocurrency and possibly precious metals. Remember to follow me on twitter @lilbigmovement
Go check out the Pineapple Chicken blog to understand why you should get away from the charts and experience the wonders of the world. Personally, I take the charts with me, and my girlfriend over at Pineapple Chicken still love me for it 🤣
DISCLAIMER: I am not a professional trader and have a long way to go before I call myself a pro. This is not financial advice, and you should do your own research before trading or look at my positions. All trades are currently made in a demo account.