Trading the Plan

studentofthemarkets · Jul 21, 2022

Forex Factory:
Red News at 7:15 CT
Orange News at 7:30 CT
Red news at 7:45 CT
That's a lot of news over just 30 minutes.
Yellow news at 9:00 CT

The 6E has been trending down slightly for the last 2 days but hasn't yet broken a daily low. We are currently just a little below the daily pivot, above the weekly pivot and below the monthly pivot.

Posting this at 5:25 am CT

studentofthemarkets · Jul 22, 2022

Red News at 8:45 am CT

The 6E is still slowly trending down and has broken the lows of the previous 2 days. Price is currently below the monthly pivot, above the weekly pivot and below the daily pivot.

Posting this at 5:26 am CT

studentofthemarkets · Jul 25, 2022

Forex Factory:
Yellow news at 8:00 am CT

On Friday the 6E broke through the previous 2 days' lows, making a new low then reversed and about an hour ago made a double top with Friday's high.

Price is below the monthly pivot. The new weekly pivot is higher than last week's weekly pivot and the overnight lows dropped into it and it seemed to have provided some support because price moved higher after a double bottom close to the new weekly pivot level. Price is a little above the daily pivot.

Posting this at 5:20 am CT

studentofthemarkets · Jul 26, 2022

Forex Factory:

Yellow news at 8:00 am CT
Red news at 9:00 am CT

The 6E is just about at Friday's lows. When I see moves like this that happen overnight it makes me wonder if I should trade the London Open instead of the US premarket and regular session.

Price is below the monthly, weekly and daily pivots. It's actually already at the second support level on the daily pivot.

Posting this at 5:27 am CT

studentofthemarkets · Jul 27, 2022

Forex Factory:
Orange news at 7:30 am CT
Orange news at 9:00 am CT
Red news at 1:00 pm CT - FOMC
Red news at 1:30 pm CT - FOMC

The 6E is below the monthly, weekly, and daily pivots.

Posting this at 5:27 am CT.

studentofthemarkets · Jul 28, 2022

Forex Factory:

Red news at 7:30 am CT

That 6E just doesn't want to go up!!! It's been trying, like every other day, and just can't.
Overnight we broke yesterday's high but now we have come a little more than halfway back. Price is below the monthly, weekly and daily pivots. So, will it find support and turn around or give up on trying and make new lows? I'm going to guess it's less likely to make a new daily low, and more likely to continue up....but it is JUST A GUESS.

Posting this at 5:26 am CT.

studentofthemarkets · Jul 29, 2022

Forex Factory:

Red news at 7:30 am CT
Orange news at 8:45 am CT
Yellow news at 9:00 am CT

The 6E finally broke through the downtrend line placed at the top of the last 6 daily candles. This higher high along with the higher low made yesterday leads me to believe it might continue to go up. It is below the monthly pivot, but above the weekly and daily pivots.

Posting this at 5:24 am CT

studentofthemarkets · Aug 1, 2022

Forex Factory:

Yellow news at 8:45 am CT
Red news at 10:00 am CT

The 6E is below the monthly pivot, above the weekly and daily pivots.
It made a new daily high overnight. I think the most obvious place it is trying to get to is the highs from July 19, 20 and 21. Doesn't mean it will get there, since anything can happen.

Posting this at 5:25 am CT

studentofthemarkets · Aug 1, 2022

studentofthemarkets said:
This journal is being started because I am fed up with the way I trade.

I don't follow my rules. I randomly take trades based on what I think rather than my rules.

I wrote up a long paper last night plainly outlining my trade set ups and committing to only taking those trades and I just didn't do that today. It's not like it's just one day. I haven't been following my rules for a while now, which is why I wrote up the paper last night.

I was very discouraged after trading today thinking I can't trade. But when I studied my trades, I found that the trades that followed my set ups worked great, or I got out with a small loss because I was afraid to stay in the trade, but I would have had a great day had I just done what I was planning to do.

It's like I'm a different person when I'm trading, yet I tell myself that I'm making great decisions, when I'm not. I can clearly see afterwards that I'm not.

This journal isn't meant to be followed. I don't think I'll write out anything about how I feel in here. I just need some accountability and thought I'd try journaling again.

There won't be any charts in this thread and I probably won't share exactly how I'm doing. I will only share if I did what I meant to do or if I was making random decisions.

I might as well say this, to make it stick in my mind: I shorted ALL day today, even though I saw it could go up higher, because I thought, in the present moment, price was likely to go down. I have rules for counter trend trading and most of those entries did NOT follow those rules. Why did I place the trades? I told myself I wouldn't take any trades except my setups, but I didn't take my set ups when they came and I did what I knew I shouldn't. If I make it as a trader, it won't be because I have any natural ability to read price. The trades that were right followed indicators and rules. It's not like I didn't know I wasn't following my rules for the other trades. That's the part that scares me. I knew it and I still took trades that were contrary to my plan.

One more thing. My best trade of the day was my last one, when I was completely frustrated and knew I had to stick to rules and I did and thankfully that one worked. I don't know why trading today was so mentally difficult that I had to come to such an emotional state in order to make myself follow rules.

When will I ever learn? Reminds me of the phrase "When will they ever learn?" from the song, "Where have all the Flowers Gone?" I know it's an old song....it's one of my mom's favorites, but that describes me--never learning. Maybe I should keep that song playing in the background when I trade so that I remember that I have not been learning what I've needed to learn for a very long time now!

More...

Decided to stop using this journal as a timestamp for starting my day. I will be moving over to a new journal just for "clocking in" each morning.

Overnight · Aug 1, 2022

studentofthemarkets said:
Decided to stop using this journal as a timestamp for starting my day. I will be moving over to a new journal just for "clocking in" each morning.
More...

Well, I'll give you this much. You are damned punctual on the start times. All within a minute of each other over the past week. That's discipline!