Yesterday I also have a very interesting day with a big bang. The first trade that I want to talk about is the 6R give or take and it produced roughly 35% (with 1% per pip risk). It was a trade taken with a mini ascending triangle pattern in mind for the completion. The other trade is the anchor trade that procured 148% (with 2% per pip risk). But let's dive into these trades so this post will be useful for you. I already mentioned before that patterns can morph mid-way or even fail completely. You can see the underlying market situation that still follows the previous detailed post I made. The overall vibe from the D1 is still there so keep this in mind. I had some other scalp trades during and after the Mini Ascending Triangle but there was no scalp trade after I put the anchor trade. Overall, the market gave me 188% yesterday.
So the important stuff, the charts...
For the D1 you can still refer to the chart I previously posted because it's still relevant.
H1
- EURUSDH1 patterns are good for your pocket.png (110.75 KiB) Viewed 1166 times
The price is still playing at the bottom trend line and in here we already have several broken patterns. Initially I though the W pattern will prevail but it failed and then Flag pattern also failed making the bearish trend continuation void. And then we have a possible Ascending Triangle pattern on the horizon and this coincide with the view that the big trend line from D1 is still valid. The pattern is small it's not worth taking if you are on a bigger tf. I took the trade on the M1 tf and the SL is too big with roughly 5 pips (4.7 pips or so). Where is the target? The target stis comfortably on the Resistance level from the previous day on H1. I was a bit hesitant to take the full measure of the Resistance level so I took the trade off the market just a few pips shy ending with around 35 pips. I thought this might be a pullback before the price drop even further.
As the price drop from the top of the day's range I noticed a potential Inverted H&S pattern which still sit neatly around the bottom trend line from the D1 tf. I took a chance this time with full force at 2% risk per pip. The target is the obvious 1st box that I described in the previous detailed post (please refer to it if you don't follow). Also, it conveniently sit where the origin of the Supply zone is. I finished with 74 pips that generated 148%.
M1
- EURUSDM1 entries.png (69.42 KiB) Viewed 1166 times
I really, really hope you guys can digest this post and that other detailed post. Patterns are simple but simple never means easy. The constant search might drain you in the beginning but as you continue doing it and progress, everything will become less burdensome. Picture yourself getting this kind of return and you'll get it. I can teach you exactly how I do it but if you yourself never think it's possible to achieve something grand then chances are you'll never get it. There are some restriction as for the % gains for some but the pip count and R is very much achievable.
@Yirbu
Yes, 1 method, 1 pair, 1 session. This post is the supporting evidence for you. Diversifying is not my thing. Why? If you start with the word diversify it means you are afraid and are taking a measure to blunt the risk. Fear and risk can be reduced by gaining knowledge, stats and experience. Once you have all of those things you should be "freed" but why do many people still have fear? It's because there is still one barrier...the mind. I already mentioned Tom Hougaard's YT channel before but if you're not familiar yet you should go there. And also Oliver Velez YT. They represent the view of aggressive traders. Hopefully, it can open your mind so you can let it work wonders for your benefit.
Gonna take early weekend now. Enjoy the learning!
