Welcome to my page for all you new comers. Hopefully i can share some insight to how i trade the markets and provide you with some helpful content!
So my first pairing of interest going into next week is EURGBP. I was in a long position last week which was based of a Fib tool along with trading the trend which played out nice providing us with a 3R. Simple terms, 3% gain on the trade.
As we know the markets have been very volatile over the last couple of weeks so it is important to remember to be patient and not jump into positions at a moment's notice. Be patient and stick to your trading plan. So, how do i trade and look at the charts? I look from top down. Meaning i'll go from Daily, (Sometimes even weekly) 4hr, 1hr and then majority of the time execute my trades off the 15m chart for better entrys and tighter stops.
EURGBP has been based exactly off that plan. Daily level of structure found, matched up with the 4hr to look for spikes and wicks pushing through etc etc. So i am biased that price may push slightly out of this zone before we start making some new lows. So, my advise would be exactly as i've drawn. Wait for confrimation that the trend is changing by means of bearish candles coming down and closing beneath this zone. I will then be looking at the 15 min chart for pull backs to this zone allowing me to get entry and find my SL marker. The Short position graph i have added is purely for image purposes to show you what i expect, SL will more than likely not be set there so please do not add a sell stop order or jump into this without looking for your own entry points.
The 2nd much thinner grey zone drawn out is where i am interested to see how price reacts and to take my TP1 (partial profits and make the trade risk free by moving my SL to entry or into profit)
I hope this gives you some insight to how i trade. More charts will follow! :D
* PLEASE NOTE: IF THIS PAIR CONTINUES TO PUSH MUCH HIGHER I WILL CLASS THIS IDEA AS VOID AND WILL LOOK AT DIFFERENT IDEAS/ENTRYS.
Always important to plan for yourself and trade your own plan. Happy to help with any questions you guys have.
So my first pairing of interest going into next week is EURGBP. I was in a long position last week which was based of a Fib tool along with trading the trend which played out nice providing us with a 3R. Simple terms, 3% gain on the trade.
As we know the markets have been very volatile over the last couple of weeks so it is important to remember to be patient and not jump into positions at a moment's notice. Be patient and stick to your trading plan. So, how do i trade and look at the charts? I look from top down. Meaning i'll go from Daily, (Sometimes even weekly) 4hr, 1hr and then majority of the time execute my trades off the 15m chart for better entrys and tighter stops.
EURGBP has been based exactly off that plan. Daily level of structure found, matched up with the 4hr to look for spikes and wicks pushing through etc etc. So i am biased that price may push slightly out of this zone before we start making some new lows. So, my advise would be exactly as i've drawn. Wait for confrimation that the trend is changing by means of bearish candles coming down and closing beneath this zone. I will then be looking at the 15 min chart for pull backs to this zone allowing me to get entry and find my SL marker. The Short position graph i have added is purely for image purposes to show you what i expect, SL will more than likely not be set there so please do not add a sell stop order or jump into this without looking for your own entry points.
The 2nd much thinner grey zone drawn out is where i am interested to see how price reacts and to take my TP1 (partial profits and make the trade risk free by moving my SL to entry or into profit)
I hope this gives you some insight to how i trade. More charts will follow! :D
* PLEASE NOTE: IF THIS PAIR CONTINUES TO PUSH MUCH HIGHER I WILL CLASS THIS IDEA AS VOID AND WILL LOOK AT DIFFERENT IDEAS/ENTRYS.
Always important to plan for yourself and trade your own plan. Happy to help with any questions you guys have.