nicoacademia wrote:Nice one withnail.
I was on the monday rally that ended at 1.0369 area but wasn't paying attention when the audusd cracked weekly low.
This trade can be seen on the daily-4h-2h-1h charts too. in fact on the weekly it is a continuation of last week's low spike down spike up.
hence this week was always going to be bullish just where to enter.
this was what i did up monday morning. but i guess after it failed i wasn't confident enough to re-enter(hence didn't pay attention to it)
feel free to correct my analysis. i feel that i probably get it only 30% right atm. and its quite frustrating.(was shorting eurusd on its way up thinking it will turn before 3150+area)
I don't feel qualified to correct your analysis. I can say a few things that have helped me. Sam Seidens videos and articles I read them all 3 times. Looking for momentum on charts first and not pauses. I use tro's m candles to see where I am on the s&d curve easily. Measuring risk to reward (i use fib tool to do that) 3:1 is my minimum. Force myself to be patient (I am usually not). Being aware of average ranges. Mark up charts whenever I have chance. Mark up chart whenever I have chance. Mark up chart whenever I have chance. Mark the same chart all supply levels then all demand see which wins out which where easier better to trade. A wise trader said to aim to mark 1000 charts... you get the idea. After a while you see things you cannot even explain anymore. Markups really help the technical side. Other than that I am working on my brain that is often the my biggest enemy ... now I use a set and forget Sam promotes to stop my brain getting in the way. You don't need to be right to often if you take 3:1's. Pro trader is also trading S&D and has started a log btw. Good luck Nico. Cheers Withnail.
1. Big loss, 2. Small Loss, 3. Big Win, 4. Small Win --- just prevent 1.