My Experience Going "Long" Into Monday
HOORAY! I am extremely proud to earn my very first $50 bucks trading on the markets! Now that I've gotten that out of the way, I'd like to share my experience trading this pair over the weekend, as well as give you some feedback about myself while in the live trade, because it may help someone like you out there in the future. Since I started working closely with my mentor , I've learned to minimize the pairs I trade with, and to stick to "ONE" strategy that works for you! When I first started trading, I used several indicators. Once I learned that they were lagging indicators, I decided to figure out what other type of indicators are out there. I stumbled across "leading" indicators, on YouTube, and discovered price action.
My mentor gave me a crash course on "zone-to-zone" trading , and I've been following this strategy ever since. Now to find a "Golden" entry, I use a Fibonacci, this gives me a foundation, and allow me to discover my risk reward ratio, as well as stop loss. Although I won this trade, over the weekend, my mentor was really concerned about my decision, one, because I held my trade over the weekend. Yes the swap fee was .24, but it was worth it. & Two, I entered the trade at a resistance. However, my technical & fundamental analysis indicates the market went "Long".
I am sharing this because when you enter a trade, you have to block out the noise. It is good to receive criticism, ideas, or suggestions from others, but at the end of the day, it is up to you, and you only to follow your trading plan. You are the one who enter, and exit the trade, no one else, so stick to your guns, ESPECIALLY if you have done your due diligence, and spent time studying the market you are in.
On the fib, you can see price went below my stop loss, but I stayed inside my trade because I had three solid short term confluences,
1. My entry was in a "LONG POSITION" zone on my chart.
2. Price also had a Long Upper Shadow in the 4 hour chart.
3. Price did not breakthrough uptrend on the DAILY chart.
My mind was set, off to bed I went, when I woke up this morning, I immediately closed my trade.
Why?
1. I hit my 1:3 reward ratio
2. My profits where in double digits.
In conclusion I'd like to share today's entry from my trading journal:
NEWS: Australia raised interest rates by 25 basis points in March, lifting the cash rate, and bringing borrowing cost to an almost 11 year high of 3.6%.
DID I FOLLOW MY PLAN?
Yes, I exercised my price action strategy..
WHAT DID I DO WELL?
1. Did not try to predict the market!
2 .Avoided the fear of missing out, by setting a "buy limit"
3. Identify three confluences or more.
WHAT CAN I DO BETTER?
1. When In Profit, Trail & Stop It.
2. Wait for my confirmation!
3. Have an even stronger confluence
WHAT DID I LEARN?
1. Kill The Noise
2. Wait for my confirmation!
3. New Candlestick Patterns
DID I PREPARE PROPERLY?
Yes, I allowed myself to participate in a technical analysis session with my mentor, I charted my pair, read my trading plan, & followed my trading plan!
If you got any value from this post, leave a comment, I'd love to connect with other traders! Happy trading :)
- Cheers
My mentor gave me a crash course on "zone-to-zone" trading , and I've been following this strategy ever since. Now to find a "Golden" entry, I use a Fibonacci, this gives me a foundation, and allow me to discover my risk reward ratio, as well as stop loss. Although I won this trade, over the weekend, my mentor was really concerned about my decision, one, because I held my trade over the weekend. Yes the swap fee was .24, but it was worth it. & Two, I entered the trade at a resistance. However, my technical & fundamental analysis indicates the market went "Long".
I am sharing this because when you enter a trade, you have to block out the noise. It is good to receive criticism, ideas, or suggestions from others, but at the end of the day, it is up to you, and you only to follow your trading plan. You are the one who enter, and exit the trade, no one else, so stick to your guns, ESPECIALLY if you have done your due diligence, and spent time studying the market you are in.
On the fib, you can see price went below my stop loss, but I stayed inside my trade because I had three solid short term confluences,
1. My entry was in a "LONG POSITION" zone on my chart.
2. Price also had a Long Upper Shadow in the 4 hour chart.
3. Price did not breakthrough uptrend on the DAILY chart.
My mind was set, off to bed I went, when I woke up this morning, I immediately closed my trade.
Why?
1. I hit my 1:3 reward ratio
2. My profits where in double digits.
In conclusion I'd like to share today's entry from my trading journal:
NEWS: Australia raised interest rates by 25 basis points in March, lifting the cash rate, and bringing borrowing cost to an almost 11 year high of 3.6%.
DID I FOLLOW MY PLAN?
Yes, I exercised my price action strategy..
WHAT DID I DO WELL?
1. Did not try to predict the market!
2 .Avoided the fear of missing out, by setting a "buy limit"
3. Identify three confluences or more.
WHAT CAN I DO BETTER?
1. When In Profit, Trail & Stop It.
2. Wait for my confirmation!
3. Have an even stronger confluence
WHAT DID I LEARN?
1. Kill The Noise
2. Wait for my confirmation!
3. New Candlestick Patterns
DID I PREPARE PROPERLY?
Yes, I allowed myself to participate in a technical analysis session with my mentor, I charted my pair, read my trading plan, & followed my trading plan!
If you got any value from this post, leave a comment, I'd love to connect with other traders! Happy trading :)
- Cheers
AUDUSD
was last up 1.2% at US$0.6763 ahead of a policy meeting at the Reserve Bank of Australia on Tuesday, with markets placing around an 85% chance the central bank will stand pat on interest rates after 10 hikes. The Aussie dollar earlier hit a one-month high versus the greenback.