I thought the best way for me accelerate my learning is to begin a trading journal.
Out of respect for the Keith that has been here longer than me....I have entitled this journal the "other Keith's trading journal"

Initially before I post any trades, I want to write down my trading rules.
This is a work in progress, so be gentle if I edit, change course, or alter my rules.

I am still struggling with the idea of counter trend trades, but at this point in my trading career, I think it is safest to only take trades that are with the trend.
(I view counter trend trades to be where price has been moving in one direction and then it hits either a very solid support or resistance and it bounces off and starts going the other way). I think this can also be profitable, but at this point I think it is best that I only take trades in the direction of the dominant trend.

To choose what direction the trend is going I will use the Forexoma template (bollingers with the forexoma MACD, and Forexoma RSI)
To take a long trade, the daily and 4 hour candle MUST be above the middle bollinger
(MACD must be above the 0 line and RSI (3) must be above 50)
(opposite for short trades)

To enter a trade, I have two entry systems.
One based on Trix, the second based on QQE

I have not decided which entry system I like the best. I am more than willing to discuss and post both entry systems if anyone is interested.
To be completely upfront the one based on QQE is based on an indicator/system I purchased, but I understand it well enough to explain it with indicators available on the public domain. Out of respect for both Vahid and the system developer I will not post the name of the indicator I bought

I will enter a trade based on the QQE system off the hourly chart, if the direction is in the direction of the dominant trend. I will NOT take trades that the sytem indicates that are not in the direction of the dominant trend.
I will enter the TRIX system if the system gives an entry in the direction ONLY in the direction of the dominant trend (no trades against the dominant trend)

My plan (to grow my account) is to take signals that Vahid send with up to 2% of my account.
For trades based on my system I will take signals but only with 1% of my account (until I gain more confidence in my system

For my system, I will split the 1% into two portions and take profit on one position relatively early and for the second position I will allow it to run further. (based on support and resistance I see on the charts)

More later

this is a screenshot of the GBPUSD 4 hour
Only short trades will be taken when price is
* below middle bollinger
* MACD is below and sloping down
* RSI is below 50

The period starting on Dec 17th showed proper conditions for short trades (see 4 hour chart above)

The chart below shows entries on the QQE system (red vertical line indicate entry)

here are entries based on the TRIX system
(TRIX system is based on having the 60 trix, 15 trix and 5 minute trix all lined up)
The TRIX in this format are freely available on a public forum, if anyone would like me to provide these indicators and more on the rules for entering please let me know.
The chart posted is a 5 minute chart, but the 60 minute trix has to be red (before the 15 and 5 minute trix turn red) so in essence this entering off the one hour chart
NOTE: This chart has the 240 trix on it aslo)
I think the QQE entry method is a bit simpler, but I love the trix entry system and find it hard to give up

I plan to trade the EURUSD, GBPUSD, EURJPY and AUSUSD with my system.
I of course will take Vahid's signals on any pair

I will be posting my trades here with my reasoning.
I think posting my trades on a public forum will keep me honest with myself.

Looking forward to the new year.

Keith (the other one)

trix indicators attached
smsupertrix_v1 must be in your indicator folder but not attached to chart
Others must be attached to chart
I hope I can figure out how to add multiple indicators to a post

Hi Keith

Thanks for posting all of this. I believe that the more we share the more we all can learn together.

I'm really interested in anything people can contribute regarding exits from trades. I have always found that difficult, and many times taken small wins when much larger ones were there for the patient

All the best

Michael

Hello Keith,

Thanks for starting your journal. I love furthering my forex knowledge, so I will be following your thread. I hope your New Year is starting to take off and that everything you want this year happens.

Hello Michael and Angie

Thanks for your comments.
Michael I agree that exits are more tricky than entries at times.
I think that trading multiple lots can handle that.....that way there are two (or three) parts of your trade.....taking off a small profit at the beginning can ease the desire to "take some money off the table"
I have experimented with two EAs
One called update stops, and the other called quik trailing.
These allow you to take a position and then the EA will take a certain percentage profit and allow the rest to run and it will trail the stop.
Both EAs do the same thing, but I have not 100% figured out how to use the trailing stop features.
I have traded them with real money and they do work.
If there was interest I could post them.....(they are on my work computer otherwise I would post them right now)

I also agree that we all can learn from each other. Of course Vahid provides the "meat and potatoes" (so to speak) but I think we can learn from each other by asking questions and posting our ideas

Best wishes

Keith

Hello other Keith

good to see you starting a journal.
As I have no idea what Trix and QQE are, I have no comments except that I hope everything goes well for you


Good luck

Keith

I love learning, and this sure is a great place to learn.

One system that seems to win more than not is lining up various time frame TRIX indicators
See
http://www.investopedia.com/articles/te ... 092402.asp

In the chart attached, I have lined up a 60 minute trix, and a 15 minute trix and a 5 minute trix
When all three indicators agree (and there is sufficient volatility in the market) I take a trade when price breaks the previous (for short trades) lowest low

See attached chart

Hello Keith,

I love learning too. Thanks for the link and I also believe in confirming signals with different time frames. I will go now and to the investopedia link you provided. Thanks.

Hi Angie

if you want to know more about trading with Trix....let me know....although I am just listening to Vahid's video about keeping things simple......very, very, very wise words

I am in the middle of listening and then the phone rang....so ....back to Vahid's voice

Keith

Vahid.....the psychology video....and the RSI video......are fantastic......if anyone is reading this and has not listened to those two videos......stop....and go and listen....I wish I could find a way to play that psychology one on my ipod...so I could listen over and over again

Keith