An analogy Being a forex trader on the charts is the equivalent of being an NFL coach, watching your players on the field. They follow your lead, and when they make mistakes, you have to keep your composure and stick to the plan. It can be fourth down on the play, 45 yards to the endzone, with eight seconds left in the game. It is up to you to not only trust your players on the field but the "plan" you set for them to run out there on that field. If you want to score and win this game, there are so many probabilities that come into play here: your linemen MUST protect your quarterback. The quarterback must pass the ball deep, ahead of his receiver, and the defenders, and your wide receiver better have the speed of Ochocinco, and the hands of Beckham, to snatch that ball out of the air, and get inside the endzone before the clock runs out! The game is all on you. You are the coach! All you can do is stand on the side, and watch! It is up to you to communicate your plan effectively to your star player, trust the plan you set for all of your players, execute the plan, and allow your players win a championship for you! There is one thing that all championship teams have in common: a game plan.
With all of this being said, my players on the field are my candlesticks, and the game plan we ran on this trade was to counter-trend trade the smaller timeframes! Using our hourly bearish trendline (red), gave us a "route". DOWN.. During the wait for a third retest, a break of structure on the hourly chart was an "audible". One of my players had to get in the "doji" formation at the break of structure, to complete the "audible". SET. Our Entry price was where we HUT. and win this game, This confluence is what allowed my players to pass the ball(price) in the endzone for a touchdown trading
GBPUSD
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes. I waited for confirmation this time. Followed my various trading rules.
WHAT DID I DO WELL?
1. Identified A Setup In My Session
2. Stayed Closer To My Zone
3. Exercised good risk management, by having a STOP LOSS.
WHAT CAN I DO BETTER?
1. Set A Higher Lot Size
WHAT DID I LEARN?
1. Risk management is mandatory!
DID I PREPARE PROPERLY?
WHY DID I TAKE THIS TRADE?
I properly identified the trend and allowed my confluences to support my decision.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
A strong probability of the price rising is due to the trend it is in on larger timeframes!
This particular trade has increased my portfolio by 13% today!
Let me do my endzone dance!
With all of this being said, my players on the field are my candlesticks, and the game plan we ran on this trade was to counter-trend trade the smaller timeframes! Using our hourly bearish trendline (red), gave us a "route". DOWN.. During the wait for a third retest, a break of structure on the hourly chart was an "audible". One of my players had to get in the "doji" formation at the break of structure, to complete the "audible". SET. Our Entry price was where we HUT. and win this game, This confluence is what allowed my players to pass the ball(price) in the endzone for a touchdown trading
GBPUSD
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes. I waited for confirmation this time. Followed my various trading rules.
WHAT DID I DO WELL?
1. Identified A Setup In My Session
2. Stayed Closer To My Zone
3. Exercised good risk management, by having a STOP LOSS.
WHAT CAN I DO BETTER?
1. Set A Higher Lot Size
WHAT DID I LEARN?
1. Risk management is mandatory!
DID I PREPARE PROPERLY?
WHY DID I TAKE THIS TRADE?
I properly identified the trend and allowed my confluences to support my decision.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
A strong probability of the price rising is due to the trend it is in on larger timeframes!
This particular trade has increased my portfolio by 13% today!
Let me do my endzone dance!