Sterling Trading Jornal

Hello everyone,

this will be my GBPUSD trading jornal, I've started to study PA some years ago and was away from charts for a couple of years.
I had pretty much luck because as soon as I had the " firsts contacts " with the markets , I quickly realized that it wasn't going to be that easy.
I started to have so many questions and no answers, some days later I tought that once I couldn't find the answers to my questions anywhere most likely I shoiuld get them if I buy a course......and here's where I got very lucky lol Just a few hours of later after the buy, I found ICT aka Inner Circle Trader aka Michael.
What a bless
Few months back I've started to follow the markets again, I was amazed how i still remembered most of ICT's stuff at least the important ones
So, now here I am, trying to do my best in market analize.
I don't know what happened more or less 2 days ago...lol...I guess during my sleep I must have dreamed with something that I shouldn't and ended taking the wrong pill



From the beginning of my jorney I was fascinated about seeing traders screaming sell...buy...sell... buy... like mad people lol nut honestly I wanted to know what did they know to buy and sell at that ritm...Now I know Know I know what I should be looking for...know I understand why ICT says:
When we are newbies, even with some years of charts ( others give up along the way and others till the end of their trader career will never get it...Unfortunately... but that's why 90% of retail loses money )...we don't know what we should be looking for...

So resuming,
what I've developed (without knowing or took notice a couple days ago ) I believe it's called " tape reading " I'm not sure but I believe ICT speeks about it also in one of the " few " videos he has in his Youtube library, what I mean is reading price action, knowing where any kind of asset is heading to...predicting where is the most probable level of Intitutional Order Flow shift.

These last night I couldn't get no sleep with all this rush running trought my veins

I'm expecting a bombastic 2022

- Posts will be some before taking the trades and some after taking the trades.

Hope you enjoy trading as much as I do....or even more

MY analize for today's

Notice that price shoot above the level I was expecting with those arrows 2 bars sooner but nonetheless at that time price was around that level...



Bear Trap
If we get good volatility...maybe we can see cable trading 1.3290,1.33 Big Fig today

Hi MM-MineMan ,

Tape reading that's interesting, buddy.
you are not sound like a novice at all
but me , haha , I am a real one.
anyway Thank you for starting this tread and wish you will have a great tread .

with respect
Simple Boy

Hi SimpleBoy,

I wanted to learn it from ICT taking one seat at his Mentorship but time got on my away and I missed all opportunities, so, to be honest I saw my trading career from a pipe ( like i use to say ).

Not lomg ago, 2 or 3 weeks ago I was feeling so bad because sometimes I was in sync with market but most of the time I wasn't and logically my account balance reflected that...

There's a lot of " retail " stuff I didn't learn/study for exemple candlestick patterns ( I know the basic ones and I think that's enought for me, later when i feel more comfortable I'll study them more )

I've so much to learn that I also consider my self a newbie, guess we all get stuck in that room for long time

One advice I can give you is, xpend the more time possible studying charts, backtesting...all the usual

Wish you the best in your trading career mate

Peace

probably best to not try and follow the ICT route. You would be better off in the beginning following "Everything should be made as simple as possible, but no simpler".
How do you do that? Find 1 pattern that makes sense to you, in 1 market that moves up and down and not sideways too often. In a time frame that suits you and not necessarily overwhelms you. But most important of all, try and trade 125 of these setups, with a risk: reward setting of 1:2 If you can make 55 trades hit the TP, you will be able to make money.
If you journal everything that may have caused trade to fail, eg. what was happening in the economic calendar at the time you took a trade to the time it failed, you will probably learn which days to avoid.

It's complicated not to follow ICT route, I do it not for option but instead it's part of me.
I'm a practical, high tech and perfectionist person by default since kind...with 2 or 3 years old I disassembled my toys with the curiosity of knowing how did that work...
It's a need I have to know all about the subject, so I can get the bigger picture.
I've tried many pattern, and none in particular made me confortable trading, I could see them in the left side of the chart but on the right side, that's a complete other business
Now I know the missing part of my plan and how to get it to work.
I believe with a lot of practice I can get a good grasp " reading the tape " it is one more of those Eureka moments like I had some before, but nothing so extreme like this...the difference i feel is like the dif from day to night
Nonetheless I appreciate your advices

Peace

you should start by dropping perfection and go with probabilities or just a decent risk-reward.

Let me try to show you my point of view...
Why drop perfection when I just got trought the gate ? I just learned to read PA ( I started to predict price moves many times less of 1 pip or error ) and in my understanding, if I can call price before hand where it's heading, when it's going to pause, retrace or reverse, I don't need candles, patterns, harmonics and wolf waves to trade.

Price will tell me everything i'll need to know to trade. Now, I know that I'm just simply touching the " surface " because I've seen things before ( Eureka moment ) in chart that it continues to repeat it self over and over, everyday and in any asset that trades but I can't fully understand it yet...But I'm confidente that I'll understand more about it later on.
Also after Eureka lol I found a new pattern in PA, a new signature if you want it to call like that.

About risk reward ratios
I guess that will not be a problem because, now I started to trade with very tight SL ( around max 15 pips stop loss and sometimes below 10 pips... ) allowing me to get higher R:R easier...ussualy I don't take less than 1:1.5 Risk:Reward on the pullback / retracement swing
Here's today trades where you can see my entries and some TP's

because trying to get perfection every time will be your downfall.
But, I will keep an eye on your progress and I wish you the very best of luck or skill. Just keep at it and protect your capital.

Since today is Sunday and I don't have DXY to confirm entry, makes it a " bit " more difficult to trade...but nonetheless all should work without SMT divergences.
I'm liking very much the scalps drills not only that but also the Money Management Mindset needed.
Also some scalps can turn into day trades or even swing trades.

Took this trade today as an PA Drill...Scalp into possible Day trade / OSOK



Took a little bit less than half of position ( enought to pay the risk for another trade ) already and letting the rest run





Edited:
Just logged in to see that trade was stoped out at BE...
Due to family time I couldn't be with charts open at NYKZ so I moved stop to BE...

Edited 2:

London Close Setup - PA Drill


Already took > 70% off ( enough for another trade / 1:1 - R:R ) and letting the rest run...

Edited 3:

Closed trade for a total profit of 1:2 ( +1% )...don't want to hold it ...spreads get crazy at this time and my entry isn't up enough and could get hit during my night

Took another scalp today at LO and this one I've holded for LC to Profit taking

Entry at 1.3241 and exited at 1.3327 ( took some profits along the way )

Took a LC scalp yesterday...very low volume so big moves aren't expected

Took 2 times partials and still have a tiny portion running

I shouldn't be trading but saw a good setup so decided to practice a bit

I went long at " Londo's Lunch Session "...It was when price dropped to my buy lvl 1.3410
As I was also lunching I only entered on my phone...
At tradingView I entered Long ( Bullish Breaker ) at NY Session



Edited:

I already took a partial ( + 30 pips / SL was at 15 pips )and waiting to see if i can get my 2nd TP today...SL at BE
And as this was the 2nd time I was buying same LVL I've dropped my risk to half.
Honestly, I was thinking why I didn't take same risk...but I'm glad I didn't kept my risk very low and equity is building up ( already banked .5% risking .25% ) and price is very close to my TP3 ( around 5 pips below projected High )

Edited 2:

As we are close to LC Session and Price it's near ADR took profits again ( 45 pips ) and letting it run

Took a LC Scalp today...I know that all Banks are closed...but the setup once again looked so good...


I was away from charts when price was filling that 4H FVG and when I opened charts was when price started to retrace in to OTE ( return to 5m + OB ).
Price diverged at the lows ( SMT Divergence )
Stop Run at SSL below Old Low
Time of day
Buying below LO, NYO and Weekly Open

I decided to take a trade risking .33% with a 10 pip stop loss ( I trusted that we've already made the low of the day, so my stop was below recent low )

Took first profit close to 2:1

As I'm buying in the direction of HTF IOF I decided to leave a portion on.

SL at BE because I'm expecting some kind of resistence at 1.35 big figure and price can reverse there while I'm sleeping

I think we may have made the daily high.
I do see a confluence at 1.3580 that could be seen today.
We had High Impact News for DXY at LC session that could drive price for a bit longer.
I still expect price to trade 1.36 big fig.....1.3610...1.3615 ( It'll depend on PA )
This week we'll have NFP...that may push me to the side lines.

Edit: Adding SS

Happy 2022, Mr.MM-Mineman

what IOF and SS stand for, Sir


SimpleBoy

Hi SimpleBoy, thanks and Happy 2022 for you also

IOF stands for Institutional Order Flow and SS stands for ScreenShot but I think you were refering to SSL and that's stands for Sell Side Liquidity

Thank you, Mr.MM-Mineman.

I curious that do you still hold your position from 1.4010
and if the PA before the NFP is still bullish, will you hold your positions through this week.


Regards
SimpleBoy