Happy Holidays from my family to yours. Today I'd like to share my experience in this trade. The way I managed this trade, as well as my emotions, and what encouraged me to take this trade in the first place. I have managed to successfully grow two and a half percent with this trade today. I entered
GBPJPY
Tuesday, and closed this position Thursday. Yes, I held this trade overnight. It was worth it. Why? I had a high probability setup, and today I'd like to go into depth with you.
According to my pre-market analysis. Price action in the four-hour timeframe consisted of two bullish reversal candlesticks inside the orderblock zone. If I were to go with the trend, it is to go for long opportunities because three of my higher timeframes are in synchronicity.
TP = Take Profit
SL = Stop Loss
When the price hit my TP 1, I bring my SL to breakeven. This gives price room to breathe. I am looking for closure above my TP 2 before I move my SL up to TP 3.
This method is what allowed me to manage my SL in profit on this trade.
Although the price surpassed my 1:3 I remained in the trade with my SL in its designated area. (187.450) Which is why I closed at I closed at 2.63% instead of 3%. Greed. But I am happy with the overall outcome. Although this was a winning trade there are minor adjustments that can be done better, just like a car has to be tuned up, to stay on the road. Besides gas, there are many components that are needed to make a car run efficiently, the same is true for trading, the better all the components run smoothly (confluences), the better your next trip will be for you. This is why TP I set at previous reversal points. By simply going left. Scanning price action in the Hourly timeframe. After seeing an Hourly Fair Value Gap Fill I decided to make an entry.
With all this being said, Id like to leave you with one of the eight pillars of Forex for today's trade.
6. "If the trade is in profit, trail and stop it."
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes, I entered in the correct session.
I made the trend my friend. (HT)
I allowed price to retest.
I set my Stop Loss In Profit.
WHAT DID I DO WELL?
1. Followed overall trend
2. Identified a 4H breaker order block.
WHAT CAN I DO BETTER?
GET OUT, of the trade when the price hits my risk-reward ratio!
WHAT DID I LEARN?
Allow price to close above Take Profit in 4H timeframe before moving Stop Loss up.
I am able to calculate & manage risk a bit more efficiently.
DID I PREPARE PROPERLY?
YES, I identify three confluences.
1. 4 Hour breaker Orderblock formed.
2. Two reversal candlesticks near Zone.
3. Price closed above Hourly Orderblock.
WHY DID I TAKE THIS TRADE?
To deliver on a breaker order block formation with the trend!
WHAT IS IT YOU WERE SEEING?
The overall trend is Bullish.
My Hourly FVG filled.
Price is starting to return to my 5 min Orderblock!
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Price deserves to be delivered efficiently in higher timeframes!
Grateful I gave you an insight into my overall trading psychology and tons of value today. Enjoy your holidays!
GBPJPY
Tuesday, and closed this position Thursday. Yes, I held this trade overnight. It was worth it. Why? I had a high probability setup, and today I'd like to go into depth with you. According to my pre-market analysis. Price action in the four-hour timeframe consisted of two bullish reversal candlesticks inside the orderblock zone. If I were to go with the trend, it is to go for long opportunities because three of my higher timeframes are in synchronicity.
TP = Take Profit
SL = Stop Loss
When the price hit my TP 1, I bring my SL to breakeven. This gives price room to breathe. I am looking for closure above my TP 2 before I move my SL up to TP 3.
This method is what allowed me to manage my SL in profit on this trade.
Although the price surpassed my 1:3 I remained in the trade with my SL in its designated area. (187.450) Which is why I closed at I closed at 2.63% instead of 3%. Greed. But I am happy with the overall outcome. Although this was a winning trade there are minor adjustments that can be done better, just like a car has to be tuned up, to stay on the road. Besides gas, there are many components that are needed to make a car run efficiently, the same is true for trading, the better all the components run smoothly (confluences), the better your next trip will be for you. This is why TP I set at previous reversal points. By simply going left. Scanning price action in the Hourly timeframe. After seeing an Hourly Fair Value Gap Fill I decided to make an entry.
With all this being said, Id like to leave you with one of the eight pillars of Forex for today's trade.
6. "If the trade is in profit, trail and stop it."
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes, I entered in the correct session.
I made the trend my friend. (HT)
I allowed price to retest.
I set my Stop Loss In Profit.
WHAT DID I DO WELL?
1. Followed overall trend
2. Identified a 4H breaker order block.
WHAT CAN I DO BETTER?
GET OUT, of the trade when the price hits my risk-reward ratio!
WHAT DID I LEARN?
Allow price to close above Take Profit in 4H timeframe before moving Stop Loss up.
I am able to calculate & manage risk a bit more efficiently.
DID I PREPARE PROPERLY?
YES, I identify three confluences.
1. 4 Hour breaker Orderblock formed.
2. Two reversal candlesticks near Zone.
3. Price closed above Hourly Orderblock.
WHY DID I TAKE THIS TRADE?
To deliver on a breaker order block formation with the trend!
WHAT IS IT YOU WERE SEEING?
The overall trend is Bullish.
My Hourly FVG filled.
Price is starting to return to my 5 min Orderblock!
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Price deserves to be delivered efficiently in higher timeframes!
Grateful I gave you an insight into my overall trading psychology and tons of value today. Enjoy your holidays!