Developing a routine for studying the
GBPJPY
market makes life easier. We all have an hectic life. Taking time out to study the charts for an hour is the equivalent of boiling some Chai tea, early in the morning, from start to finish, step by step. It feels amazing to pass my second prop firm challenge. The best part is I have an outlet to share it. My experience may help you learn from the mistakes I made, and to potentially improve your trading. I like to be transparent with my entire journey, and show you why I entered the market when I did, and even why I exited so early. It is all an experience to be shared for you to have value from. I like to be on a set deadline. It forces me to budget my time and block my day thoroughly, to make time to analyze the chart. One thing I did in this challenge, that I did last time, is I only traded one pair. I made an entry in a Tokyo session. During market opening, there was a sharp rejection, as you see, (this is where I doubled down, and set entries at the same price). I entered a total of 20 trades, from the 28th of this month to today... Now my risk for this account was only 5% , so I had to budget my risk properly. That said, I set my stop loss near my zone. I tenfold on my entry, twice, at one set price, as you see above. The results are in. I earned 11% on my account, breaching my 10% target! Price retested the overall bearish trendline, rejected, retested again, and created a break of structure. This was an 1:2 rr. I do not recommend 1:1, but since my prop firm challenge target was met, I exited the trade early and collected a win. This was my very first time taking the 50k challenge, and you only have fourteen days to pass the challenge. Today I passed in two trading days. Although it was a risky trade, it was hot, and a chart pattern emerged "Cup and handle". Chai French Vanilla anyone?
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes. I exercised my entry near the golden zone.
WHAT DID I DO WELL?
1. Identified Down Trend
2. Identified Reversal Candlestick
3. Spotted Bullish Confluences
WHAT DID I LEARN?
Do not jump the gun. Allow the price to retest your zone twice before making a tenfold entry.
1. Price with this pair respects the 4H and Hourly timeframe.
2. Price has a history of repeating itself.
DID I PREPARE PROPERLY?
YES, I waited for a confirmation..
Doubled down on my entry, as planned.
WHY DID I TAKE THIS TRADE?
Reversal Inside My Hourly Zone.
Bullish Trend In M, W, Daily timeframes
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
In order to strike when the iron is hot, your iron has to be hot, first.
GBPJPY
market makes life easier. We all have an hectic life. Taking time out to study the charts for an hour is the equivalent of boiling some Chai tea, early in the morning, from start to finish, step by step. It feels amazing to pass my second prop firm challenge. The best part is I have an outlet to share it. My experience may help you learn from the mistakes I made, and to potentially improve your trading. I like to be transparent with my entire journey, and show you why I entered the market when I did, and even why I exited so early. It is all an experience to be shared for you to have value from. I like to be on a set deadline. It forces me to budget my time and block my day thoroughly, to make time to analyze the chart. One thing I did in this challenge, that I did last time, is I only traded one pair. I made an entry in a Tokyo session. During market opening, there was a sharp rejection, as you see, (this is where I doubled down, and set entries at the same price). I entered a total of 20 trades, from the 28th of this month to today... Now my risk for this account was only 5% , so I had to budget my risk properly. That said, I set my stop loss near my zone. I tenfold on my entry, twice, at one set price, as you see above. The results are in. I earned 11% on my account, breaching my 10% target! Price retested the overall bearish trendline, rejected, retested again, and created a break of structure. This was an 1:2 rr. I do not recommend 1:1, but since my prop firm challenge target was met, I exited the trade early and collected a win. This was my very first time taking the 50k challenge, and you only have fourteen days to pass the challenge. Today I passed in two trading days. Although it was a risky trade, it was hot, and a chart pattern emerged "Cup and handle". Chai French Vanilla anyone? In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes. I exercised my entry near the golden zone.
WHAT DID I DO WELL?
1. Identified Down Trend
2. Identified Reversal Candlestick
3. Spotted Bullish Confluences
WHAT DID I LEARN?
Do not jump the gun. Allow the price to retest your zone twice before making a tenfold entry.
1. Price with this pair respects the 4H and Hourly timeframe.
2. Price has a history of repeating itself.
DID I PREPARE PROPERLY?
YES, I waited for a confirmation..
Doubled down on my entry, as planned.
WHY DID I TAKE THIS TRADE?
Reversal Inside My Hourly Zone.
Bullish Trend In M, W, Daily timeframes
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
In order to strike when the iron is hot, your iron has to be hot, first.