dee718

GBPUSD 29 DECEMBER 2020 1050 hrs

Short
FX:GBPUSD   British Pound / U.S. Dollar
Will see if there is a push through or no-demand. Waiting until after New Years to start focusing again. But still watching and practicing until then.

Trade plan on the bottom right.

V/R

RANT:
2021 is going to be a great year for skilled traders. Forex and BTC are going to be awesome.

Take 2-4 weeks getting familiar with VSA /Wyckoff supply and demand methods. Demo trade it until you are hitting hypothetical profit goals... for example how much is your car payment and insurance per month? Can you consistently cover your car and car insurance with your trading skills?

f you cant do that right now in a demo account, what makes you think you are going to be able to do it when you have real money at risk?

Start small and be realistic. The market can be a way to make a living if you are practised.. which can can do for free on any number of platforms. DEMO TRADE... its the best way to keep you honest. If you aer live trading, you should still demo trade. The more scenarios you see, the more you will know how to react to things as the appear.

Day trading is its own skill set similar to a musical instrument or a martial art. If you were training in MMA fighting.. would you want to go ALL IN with a pro with little to no training? The market is that professional and it is merciless. Its kicked my a$$ more than once!


Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA / Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon

Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)


When you set a target and wait for price to get there (proactive/decreased risk)
When you enter a trade when its already on its way to a target (reactive/increased risk)

Red = sellers/distribution
Green = buyers/accumulation
Blue = possible entry (push through, no-supply or no-demand

Comments

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