JCP's Journal

[JCP]

Hey Joe,

My goal is to eventually provide as much detail as possible on each trade. Right now, my pages feel a bit scattered, as I am trying to figure out the best way to organize the info in my journal. It's been helpful to me to post the charts at each stage, once the chart hits my watchlist, then when I enter the trade, and again when the trade is complete. It requires a lot of posts but has sure helped me think things through and go through the necessary process to treat each trade seriously and as a business transaction.

Since being gone the last few months, I've taken a read through my own journal and found it helpful, as I forgot many of the experiences I had trading last year.

[JCP]

Today I placed no trades. I missed the EURUSD long opportunity as I was sleeping while the price action happened. The other pairs I was watching either went against the direction I was waiting for, or didn't give me the price action I was looking for.

Here are the pairs I will be watching tomorrow, EURUSD and USDCHF. I tried to be a bit more descriptive in my reason for watching the prices. As I get into a good solid routine with this journal I hope to get more organized with my posts and descriptions. I also plan on posting my rules and trading plan at some point soon.

Watch list for April 1, 2010:
EURUSD: looking to go long at 3438, or short at 3580 - 3621 zone.
USDCHF: possible long opportunity at 0515

[JCP]

Long on USDCHF at 0516 base on 1H price action. Trade management notes in chart below.

[JCP]

USDCHF position closed at breakeven.

Short CHFJPY at 88.91. I do watch the 4H charts throughout the day as well, so this didn't make my watch list last night. Nice strong price action at a major round number, 90.00. See trade management notes in the chart below.

One more note, since I can't take partial profits, only trading 1 mini lot, I may take profit at 88.30 level, and re-enter in the case of minor correction.

[JCP]

I have one open trade, CHFJPY, as April 1 comes to a close. I placed no other trades today.

Watch list for April 2, 2010:
EURUSD: Still looking for price action at the 3580 - 3620 zone for short opportunity.
NZDUSD: Looking for a long opportunity on the 1H or 4H.

See notes in charts:

[JCP]

Just a follow up on the CHFJPY trade, I've adjusted my stop, please see notes in chart.

[JCP]

Closed CHFJPY at 89.15 for a -24 pip loss.

Status for the week:
+12 pips total
4 trades total, 1 win, 2 break even and 1 loss

[JCP]

I've attached a guide to my method. It is purposely short and simple as I find it very difficult to keep up with any system or method that is complex and full of details. I need some wiggle room to allow for discretion, ect...

I have another method that is also based on support and resistance that I am demo testing, but hesitate to include in this journal, it seems it may be best in a separate one. If I have time I may start a separate one for that as well.

[JCP]

Long NZDUSD at 7038. See chart for details.

[JCP]

NZDUSD stop loss triggered at 7018 for a -20 pip loss.

I currently have nothing on my watchlist.