GBP/USD, EUR/USD, EUR/CAD and AUD/JPY on watch for me today.
Good morning all,
I hope you've all had a great weekend and that you're feeling refreshed and recharged.
So this morning I got long with a risk entry within a one hour flag on GBP/USD, an entry type which I added to my trading plan about a month or so ago after I noticed from my past trades how much more profit I could have made had I done so sooner. I actually missed my initial entry this morning because I would have been triggered into the trade about half an hour before my alarm clock actually woke me, but when I did wake and I checked my charts the structure was still in tact and key point, the trade hadn't gone without me. If a trade does go without me then I walk away and I document it as a missed trade. I cannot stress the importance of not jumping in too late if you miss your entry and the trade has gone without you. This is what the amateurs do time and time again. We've seen them do this on Bitcoin recently and we've seen them do it on Dogecoin too (to name two notable examples). So don't trade like the amateurs, be professional, be patient and stick to your plan and granted doing this will prove profitable on occasions, but over a large sample size of trades it won't because you're consistently diminishing your risk to reward. However if you do miss your entry, the trade hasn't gone without you and the structure and your entry requirements remain intact then it's perfectly fine to set your order.
That said shortly after I was tagged into my trade I was almost tagged out for a very quick loss as the London Session opened and the volatility which I was semi-anticipating kicked in, but thankfully I had my stop loss set just below where I knew many people would have their orders set and sure enough I narrowly stayed in by the skin of my teeth before a little bit of momentum kicked in to the upside. The move up however is already starting to look corrective which isn't good, but the higher time frame structure does look good and in fact very good, something which the amateurs also aren't typically paying attention to so let's see what happens. I've been trading and testing my strategy for long enough now to know that this setup gives me an edge over the market over a large enough sample size of trades, but no matter how long we as traders have been trading or testing we never know what's going to happen over a sample size of ONE trade, because the market is far too random for us to be able to.
Below is what I'll be looking for today and how I'll be looking to execute on what I'll be looking for as always for your viewing and of course since I'm now already in my GBP/USD trade my entry requirement where this pair is concerned is now off of the table because it's now materialised and my order has been filled.
Have a great day and I'll speak to you again tomorrow!
GBP/USD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/USD:
• If price impulses up, it does so in a convincing manner and a tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/CAD:
• If price pushes up, it does so impulsively a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
AUD/JPY:
• If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
I hope you've all had a great weekend and that you're feeling refreshed and recharged.
So this morning I got long with a risk entry within a one hour flag on GBP/USD, an entry type which I added to my trading plan about a month or so ago after I noticed from my past trades how much more profit I could have made had I done so sooner. I actually missed my initial entry this morning because I would have been triggered into the trade about half an hour before my alarm clock actually woke me, but when I did wake and I checked my charts the structure was still in tact and key point, the trade hadn't gone without me. If a trade does go without me then I walk away and I document it as a missed trade. I cannot stress the importance of not jumping in too late if you miss your entry and the trade has gone without you. This is what the amateurs do time and time again. We've seen them do this on Bitcoin recently and we've seen them do it on Dogecoin too (to name two notable examples). So don't trade like the amateurs, be professional, be patient and stick to your plan and granted doing this will prove profitable on occasions, but over a large sample size of trades it won't because you're consistently diminishing your risk to reward. However if you do miss your entry, the trade hasn't gone without you and the structure and your entry requirements remain intact then it's perfectly fine to set your order.
That said shortly after I was tagged into my trade I was almost tagged out for a very quick loss as the London Session opened and the volatility which I was semi-anticipating kicked in, but thankfully I had my stop loss set just below where I knew many people would have their orders set and sure enough I narrowly stayed in by the skin of my teeth before a little bit of momentum kicked in to the upside. The move up however is already starting to look corrective which isn't good, but the higher time frame structure does look good and in fact very good, something which the amateurs also aren't typically paying attention to so let's see what happens. I've been trading and testing my strategy for long enough now to know that this setup gives me an edge over the market over a large enough sample size of trades, but no matter how long we as traders have been trading or testing we never know what's going to happen over a sample size of ONE trade, because the market is far too random for us to be able to.
Below is what I'll be looking for today and how I'll be looking to execute on what I'll be looking for as always for your viewing and of course since I'm now already in my GBP/USD trade my entry requirement where this pair is concerned is now off of the table because it's now materialised and my order has been filled.
Have a great day and I'll speak to you again tomorrow!
GBP/USD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/USD:
• If price impulses up, it does so in a convincing manner and a tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/CAD:
• If price pushes up, it does so impulsively a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
AUD/JPY:
• If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.