Since the market opened Sunday I've been keeping my eye closely on
GBPUSD
. The past two weeks, the price has been on a retracement of my weekly demand zone. Support creating resistance, and as of last week has been on a bear run. Early this week I spotted major consolidation, and a retest of my entry-level "three" times. I quietly asked myself when the price reverses off of my area of liquidity (gap fill), why did I not get out? Well, I already mapped out my risk o reward on this trade. 1:1. Now it was time to patiently wait for the price to reject this area of liquidity. Boy was that a long two days. I literally have had to step away from the charts while being over $140 in the red, so I would not get emotional, and close my trade early. Honestly, I thought Price was going to retrace back to my weekly resistance after bouncing off of my support level three times. I am glad, I continued to chart both sides and identify a stronger amount of confluences in the direction I planned to go. I ended up finding two bearish reversal candlestick patterns, and one chart pattern, that indicates a continuation of a bearish trend. Although my heart was in my stomach majority of this trade, I continued to #setandforget and swing the trade into profits, late London/early USA session!
In this trade, I had to be like water, and float!
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes.
WHAT DID I DO WELL?
1. Let The Trend Be My Friend.
2. DID NOT CLOSE THE TRADE TO EARLY and maximized profits.
3. Exercised good risk management, by having a Take Profit.
WHAT CAN I DO BETTER?
1. Identify Higher Probability Setups.
2. Wait For A Signal Before Entry.
WHAT DID I LEARN?
1. More Confluences In Your Direction Increase Ratio Of Success.
2. Price Is Extremely Volatile
3. How To Identify A Bearish Gap Fill In The 15-minute Timeframe.
DID I PREPARE PROPERLY?
YES, I entered a trade with a high lot size because of my confluences in my technical analysis.
Tracked My Confluences & Stuck To My Trading Plan.
This particular trade has increased my portfolio by 88% this week!
Yippie :) Now To Enjoy This Beautiful Day!
GBPUSD
. The past two weeks, the price has been on a retracement of my weekly demand zone. Support creating resistance, and as of last week has been on a bear run. Early this week I spotted major consolidation, and a retest of my entry-level "three" times. I quietly asked myself when the price reverses off of my area of liquidity (gap fill), why did I not get out? Well, I already mapped out my risk o reward on this trade. 1:1. Now it was time to patiently wait for the price to reject this area of liquidity. Boy was that a long two days. I literally have had to step away from the charts while being over $140 in the red, so I would not get emotional, and close my trade early. Honestly, I thought Price was going to retrace back to my weekly resistance after bouncing off of my support level three times. I am glad, I continued to chart both sides and identify a stronger amount of confluences in the direction I planned to go. I ended up finding two bearish reversal candlestick patterns, and one chart pattern, that indicates a continuation of a bearish trend. Although my heart was in my stomach majority of this trade, I continued to #setandforget and swing the trade into profits, late London/early USA session! In this trade, I had to be like water, and float!
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes.
- I exercised patience and virtue
- I followed the overall trend
- Set my risk-reward ratio to 1:1
- Traded Inside The Box
- Respected My Levels
- Identified Reversal Candlesticks
- Identified Chart Patterns
- Traded In My Session
- #setandforget
WHAT DID I DO WELL?
1. Let The Trend Be My Friend.
2. DID NOT CLOSE THE TRADE TO EARLY and maximized profits.
3. Exercised good risk management, by having a Take Profit.
WHAT CAN I DO BETTER?
1. Identify Higher Probability Setups.
2. Wait For A Signal Before Entry.
WHAT DID I LEARN?
1. More Confluences In Your Direction Increase Ratio Of Success.
2. Price Is Extremely Volatile
3. How To Identify A Bearish Gap Fill In The 15-minute Timeframe.
DID I PREPARE PROPERLY?
YES, I entered a trade with a high lot size because of my confluences in my technical analysis.
Tracked My Confluences & Stuck To My Trading Plan.
This particular trade has increased my portfolio by 88% this week!
Yippie :) Now To Enjoy This Beautiful Day!