Forex Trading Thoughts and....

Tonight's trade was a classic break out long trade. The analysis of the chart showed a range on the 15-min chart with an ascending trend line derived from the 60-min chart. There was also a descending trend line derived from the 4-hr chart which price had broken through earlier in the day. Price had been rejected off the range low before I arrived at the charts and was sitting in the middle of the range. At this point I know what I'm looking for price to do before I'd consider engaging(a plan!) It has to break the range high and pull back for an entry limit to be placed. As price approached the range resistance, I moved down to the 89-tick chart. I use the 89-tick chart for a nice tight entry. What I have to see is price break the resistance line, then I wait for the first 89-tick bar to not make a higher high(the first red bar above the resistance line in the lower chart) and place my entry above the previous candle high. My target was 1.4400 which was hit for +105 pips. I

Alright, I'm going to try and post a little more often starting tonight. My trade explanations will have more detail and a couple of more charts explaining the thought process involved in putting on the trade. The plan is to transfer more information to this blog from my Tradesheet journal I fill out every night for every trade. In addition I hope to record some of my trades live a few times per week so everyone can see how trades progress in real time or as close to it as I can get.