MrRenev
Education

GBPJPY: Case study. From start to finish. [Trading System]

FX:GBPJPY   British Pound / Japanese Yen
I am glad I (re-) found out retail traders have a losing edge, now I don't have to pretend I care about news / fundamentals moving the market like there is a secret :D
Only really important thing is getting the trend right and looking on the economic calendar at the days with a red circle next to them (unless you want a 3 ATR slippage).

Trading is cool (not really), it's like you are a detective analysing cases, and then you land on the mission area and you become a sniper carefully preparing his execution, and then bam take the shot. A detective with a snipar. Grrr!


In this case, first here are the support areas (every strategy expect maybe super short term and long term) need support at its core, well at least when it comes to currencies & hard commodities .









Requirements:

- Being aware of the high TF trend and patterns (weekly)
- Knowing what the daily trend is
- Having drawn the support areas via daily chart
- Having checked technicals, such as EW counts, fibs, trendlines , MA's etc...
- Noticing all the resistance above (low risk and buying probably gets absorbed)
- Having a plan in advance (what do I expect to happen what will I look at / look for)
- Being aware of events for the week ( central bank decisions...)
- Noticing how the price is rejecting resistance ==> High probability
- Noting how far the next area of support is ==> Big reward / low risk
- Preparing your evacuation plan (targets, approximate SL mostly)
- Zooming in (look for a specific reaction to take the shot)
- Taking the shot like a boss
- Preparing for extraction (trail stop set a limit order etc)
- Running away with the tears of those that went opposite, and their money.
- Logging it all and analysing it...

Ok the list is long actually. But it's simple. When you know it all and have a few months of correct practice under your belt.

If you do not have a "strategy" / system already, note the list down, draw it if you like, add some steps / details if necessary, and follow all steps until it becomes second nature.
Every week (if you trade short term like me) review your charts and note your plan/expectations, then every day every few hours look at what the price is doing, etc.
Gets natural with time. Becomes a habit.

Having a system like this is not an option by the way.

I saw some people I think it was in prop firms they did this: they have a little paper every day where they write their expectations and plan for the day, and once the day is over (they do intraday) they note on the paper in a rectangle what happened what they did etc.
This is actually awesome.

Maybe I should do something pretty like this via trading view. Right now I use excel and screenshots.
I watch > 20 charts thought so noting my plan for each on this site might get boring, not sure how useful it would be...
I should do something more than just a few notes in excel and a post trade screenshot.
I did spend an awful amount of time on my past trades thought, the only thing I really missed was what I expected before the trade setup my general bias.
Socialism is the philosophy of failure, the creed of ignorance, and the gospel of envy. It's inherent virtue is the equal sharing of misery. We will fight them on the beaches... ~ Winston Churchill
Great Mind at Work with good working mind
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Love your content, you put in a lot of work on each of your posts. Much appreciated, I also love the "reeeeeee"ing in the comment section from time to time XD
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