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Yes, the Watchlist can provide a way of identifying Sell, Buy, Hold, Watch, Notes etc, using the External Data Field, but it does not lend itself to the functionality of being able to enter extensive details, which is exactly what the Journal functionality does provide.
Frequently, when I’m analysing the action in a market I’ll put a summary in my Journal that covers the various indicators I’ve used to assess Long or Short Entry criteria as in the following screenshot – putting this much detail in an Watchlist External Data Field would, I believe, detract form the utility of the Watchlist. Incidentally, I’m using “HOLD”, not necessarily because I’ve come to a Hold conclusion, but because the Journal doesn’t have a “Note” category. Your suggestion of a user customisable field is probably even better than adding specific headings as Jonathan and I have previously suggested. That way we can each have what suits our individual purposes.