Disliked{quote} Just in order to learn, how is your last chart not subject to some of the same mistakes you pointed out? Aren't you also catching it down kind of late? No disrespect meant here!Ignored
How I traded before?
1. I didn't prepare my trading plan based on news calendar. All I was doing was jumping in front of the computer during news or before news and try to pull trades based on data/numbers after news events.
2. I was trading big size positions which were very stressful and loses were big. They were hard to manage as well.
3. I was relying too much on moving averages along with TDI crosses and candle closes and missing the trades or catching the tail of the trades.
You see in any professional sport, football for example. You see players playing football in a big match. Do you think they just practice kicking the ball?
- They do endurance training, prepare themselves for the 90 mins games
- They do physical training, prepare them physically to handle pushing and shoving during the game.
- Meditation, help them stay calm and composed during the stressful times
and I'm sure they do many more things to prepare themselves for the games.
But what as a spectator see on the big screen is a competitive football game.
What I want to say is that there are few things that go behind me taking the trades.
1. I try to do my news calendar on Sunday before the market opens on Monday. This helps me have my trading plan laid out and also have my plan B in case I'm wrong with my analysis.
2. I have the key levels on my charts which I applied on 01-01-2018 for the rest of the year to see how price behaves around those levels.
GU daily Levels
The same levels helped me take EURCAD trade
I look for the next level where PA can move on higher TF and base my entries on H4 or H1 TF. The entries are based on weekly pivots and positions are added when PA pullback to the break of the level or major fib level. See below, for example.
The entries are placed for any sudden pullback
AUDJPY Daily levels
For me, the overall direction of PA is very important. It just adds an extra layer of confidence in my trading. I hope this helps why I took AUDJPY trade from S38. It had the potential to go to the next level and I took it. If it didn't work, it didn't work. The most important part for me is to have a plan and justification for your trade.
Best regards
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