Hi Guys,
I just wanted to talk about a trade a I took today on GU which was a big 4.5 R2R Ratio!
I've kind of switched up my trading strategy, as my old strategy wasn't really working as consistently as I would have liked it to. I use to trade of psychological levels and I use to be really strict with it which held back my trading quite a lot. I use to mark up nearly every level including quarter levels and try and trade level to level which may work for some people but it wasn't working for me.
Now I purely trade of support / resistance levels / Supply / Demand zones and only mark up key levels using the daily, H4 and sometimes H1 depending on the structure on that timeframe.
This week alone I've managed to make 15% which is a huge week - I've been trading XAU/USD, NAS100, GBPUSD, GBPJPY. I have 4 main pairs I look at however, I won't be trading every one as they may not be ready to take, in the morning before I go to the gym, I'll have a quick look at the charts and choose which ones I want to trade today based on the probability of them playing out in my favour.
BUUUT, moving on. This GU trade was a great trade. I saw that price had broken market structure on the H1 TF and was retracing from previous resistance into the nearest level of support.
Price was hovering around the 1.07875 zone, initially I was just waiting for price to make up its mind but eventually I noticed a lot of bullish volume come into the market, I entered on the 5m TF when I saw a many wick rejections on the 15m.
My target was the big 1.10000 level which is a big psych level (I still use big psych levels in this strategy purely for targets).
I held my trade throughout the news as I am a big believer in letting your trades play out which removes some of the emptions involved in trading.
My next trade on GU which could start to play out tomorrow is a pullback to resistance, which could potentially act as support, where I will look to take price higher as you can see on my chart.
The arrows show potential areas where I would look to take a buy but I'd prefer to wait for the deeper pullback.
Bit of a long one description I know guys and it doesn't even cover half of the confluences I use but I hope that helps anyone.
Good luck guys!
I just wanted to talk about a trade a I took today on GU which was a big 4.5 R2R Ratio!
I've kind of switched up my trading strategy, as my old strategy wasn't really working as consistently as I would have liked it to. I use to trade of psychological levels and I use to be really strict with it which held back my trading quite a lot. I use to mark up nearly every level including quarter levels and try and trade level to level which may work for some people but it wasn't working for me.
Now I purely trade of support / resistance levels / Supply / Demand zones and only mark up key levels using the daily, H4 and sometimes H1 depending on the structure on that timeframe.
This week alone I've managed to make 15% which is a huge week - I've been trading XAU/USD, NAS100, GBPUSD, GBPJPY. I have 4 main pairs I look at however, I won't be trading every one as they may not be ready to take, in the morning before I go to the gym, I'll have a quick look at the charts and choose which ones I want to trade today based on the probability of them playing out in my favour.
BUUUT, moving on. This GU trade was a great trade. I saw that price had broken market structure on the H1 TF and was retracing from previous resistance into the nearest level of support.
Price was hovering around the 1.07875 zone, initially I was just waiting for price to make up its mind but eventually I noticed a lot of bullish volume come into the market, I entered on the 5m TF when I saw a many wick rejections on the 15m.
My target was the big 1.10000 level which is a big psych level (I still use big psych levels in this strategy purely for targets).
I held my trade throughout the news as I am a big believer in letting your trades play out which removes some of the emptions involved in trading.
My next trade on GU which could start to play out tomorrow is a pullback to resistance, which could potentially act as support, where I will look to take price higher as you can see on my chart.
The arrows show potential areas where I would look to take a buy but I'd prefer to wait for the deeper pullback.
Bit of a long one description I know guys and it doesn't even cover half of the confluences I use but I hope that helps anyone.
Good luck guys!