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Parallel Channel

Weekly Trade Recap: AUDCHF, AUDJPY, SUGAR, BTCUSD Jan 30 2021Hello everyone: Welcome back to another quick weekly trade recap video :) This week I took 2 additional trades, and closed down 3 positions. Lets take a look AUDCHF - Closed for 2% profit. Profit broke down from the correction, I first moved the SL to BE then in profit. As LTF formed that descending channel reversal, I moved my SL to 2:1 profit and eventually tagged me out. AUDJPY - Closed for 1% profit. Similar approach and management like AUDCHF. Price broke below the correction it created, first moved my SL to BE and then to 1:1 profit. Eventually prices reverse up after failing to break below the HTF structure. SUGAR - Closed for 2% profit. My original plan was to hold the trade for longer term, but as price is getting into this deeper correction, I don't tend to want to give back all the profit back to the market. LTF formed a H and S pattern within the correction, and I moved up my SL to 2:1 profit. Even though I am tagged out of this position, I still hold a strong bullish bias that price can continue, but did not want to get stuck in the consolidation phase. BTCUSD - Still holding, currently 4% profit. Price may be completing this HTF continuation flag structure, and we can potentially see more upside. Any questions, comments or feedback please let me know :) Enjoy your weekend :) Jojo
by jojofang0901
13
USDCAD Backtesting & Chart Work session on Price Action AnalysisHello everyone: Welcome to a backtesting/charting session on price action analysis. Many have inquired about how to properly identify market phrases (Impulse phrase vs corrective phrase). In addition, how to use trendline properly to identify a structure/pattern as a continuation or reversal correction. This session will be the start to all these. So let's take a look into this. To start, make sure you have a new chart layout just for backtesting/charting work. his won't get overlapped on your current chart for your normal analysis. Utilizing tradingview’s feature on “replay”, this is how we can backtest and do chart work on previous price action that has already happened. As we already see the price moved in that period of time, we then look for potential buy/sell bias entries to get familiar with the move within the market. 1. Start from the Higher time frames, top down approach. Utilize multi-time frame analysis to your advantage. 2. Identify what market phrase you are in, is the current price in a HTF impulse phrase ? or in a corrective phrase. 3. Now that you have a more clear bias on the HTF, then go down to the lower time frame to confirm your bias. Do we see the same bearish/bullish price action on the LTF as well ? If so then that's a good indication that both HTF and LTF have the same buy/sell opportunity. Look for possible entries on the LTF. 4. Repeat this process with different pairs, different markets to “program” our minds into looking for the similar buy/sell setups in the current, live market. This is how we don't get FOMO, or fear of losing. If you have done enough backtesting and charting, then you simply remove the emotion out of the equation. You have seen the move play out over and over again, then it comes down to probabilities. Feel free to ask me questions, comments or feedback :) Thank you
Education
by jojofang0901
11
Weekly Trading Recaps: AUDJPY, NZDCAD, XLMUSD, SUGAR, BTCUSD Hello everyone: Welcome back to another weekly trade recap video. This week I got evolved in 3 additional positions, and I currently have 4 trades that are running as well. So let's take a look: AUDJPY - First Trade -Full 1 % loss. Second Trade: Entered once price completes the channel, recent double tops, breakout entry. Running about 1%. SL at BE. NZDCAD - Full 1 % loss. Good price action to break out, and entered at the LTF correction. Price made a push up before dropping down impulsively. Sometimes this will happen and I understand the R:R, so no emotion for me and move on even tho the trade is going toward the TP. XLMUSD - First trade got tagged out for 0.5% profit. Entered the second trade as price completes that HTF continuation correction, and we see a confirmed breakout. SUGAR - Still holding the trade, currently around 4% profit. BTCUSD - Still holding the position, currently around 6% profit. Any questions, comments or feedback feel free to let me know. Thank you Jojo
BITSTAMP:BTCUSD
by jojofang0901
14
Weekly Trading Recaps: XLMUSD, NZDUSD, BTCUSD, SUGAR Jan 09 2021Hello everyone: Back here with another weekly trade recap video. This week I did enter 2 more positions, and still holding 2 trades from last week. Let's take a look: XLMUSD (Stellar) - Once price impulsively breaks above the HTF flag structure, I looked for LTF continuation correction to get in. I was fine with a bigger SL due to the nature of crypto, and fine holding through it for a long term approach. NZDUSD - Entered with a stop entry order, and then price eventually tagged me out for a full loss before resuming the downtrend as I forecasted. Looking back at the trade, I was fine with the entry, and saw a completion of a LTF correction. Even though price reversed a bit and tagged me out, it still completes the LTF correction and eventually still moves to the downside. Sugar - Still in this one, as I see price hits the previous swing high tops, and then formed this LTF Head and Shoulder, I knew there is a probability that the price may not continue upwards. I am fine with a SL still at BE, as my bias on the HTF still could work out, and did not want to choke the price. BTCUSD - Running deep into profit. Will let the trade run and adjust SL accordingly. Looking to continue to hold as long as I don't see any trend changes or clear LTF bearish price action and reversals. Any questions, comments or feedback please let me know :) Thank you Jojo
BINANCE:XLMUSD
by jojofang0901
12
GLD swing entryGLD is a gold etf, it has been consolidating in a bull flag for quite some time and i believe we see a large move upward in the next couple weeks as it just broke a major trend line. There has been plenty of governement spending recently and with Biden getting elected, we should see an increase in spending and stimulous. Any increase of supply in the USD will result in inflation and in turn, cause asset and commodity prices to rise. This is an excellent point to enter into a long term position in gold, whether in a gold ETF, mining companies, or futures; however, the entry im shoing in this video is to take advantage of a trend break and i believe that short term we should see a large rise in GLD.
AMEX:GLD
by ThirtyninethParallelInvestment
Weekly Trade Recaps: BTCUSD, SUGAR, AUDNZD, CADJPY Jan 01 2020Hello everyone: Welcome to 2021 :) Hope everyone had a wonderful time with their family, friends and others. Looking forward to what 2021 will bring for us in trading :) Let's take a look at the 2 positions that I entered from last week, as well as the 2 trades that were closed down as well. BTCUSD - Currently running about 1.5:1 Profit. As the price broke the previous tops of the correction, I moved my SL to BE. SUGAR - Currently running about 1:1 Profit. I moved my SL to BE now. AUDNZD - SL hit for 3:1 profit. Was happy with the management approach that I made. Even if the price seems to continue going up, I am fine with the result. CADJPY - Closed down both trades. Result in BE for total. I knew the risk when I entered the second trade, and it's always in my risk management plan to move my first trade’s SL to 1:1 profit to protect my account. Any questions, comments or feedback please let me know :) Thank you
BITSTAMP:BTCUSD
by jojofang0901
7
Weekly Trade Recaps: CADJPY, AUDNZD, LTCUSD December 27 2020 Hello everyone: Merry Christmas and Happy New Year. Last week was somewhat quiet as we had Christmas holiday going into the weekend. Quick going over my current positions from last week, did enter a scale in position, and that was it. There was 1 miss trade that I did not take. CADJPY - First trade running about 2%. SL at 1:1 RR. Second trade scaled in. AUDNZD - Running about 4% in profit. Set my SL at 3:1 RR. Happy to see the trade goes either way, either hit my SL or continue higher and break previous highs. Then I would look for continuation correction to scale in. LTCUSD - Missed trade. Did like the overall price action, but did not have the chance to enter. Any questions, comments or feedback please let me know. Thank you Jojo
by jojofang0901
11
Bullish BTC and ETH but ETH is better here is whyHello All, Just wanted to share my thoughts and help take some of the fear out of the markets. We should expect things to trade in there normal business cycles and I think BTC and ETH are trading very reliably right now. I believe in the long run that ETH will out perform BTC in terms of multiple gains from here to the end of the cycle and now is a great time to get into ETH if you don't own any. Buy low sell high! Hope you all have a great day!
BITSTAMP:BTCUSDLong
by JoelTCampbellJr
2