{quote} Hi Obiech, are you still in that trade? That's quite a move you caught there.
I closed it already
Maybe better luck for me next time
Trading Institutional Order Flow
- #8,588
- Jun 17, 2020 1:28pm Jun 17, 2020 1:28pm
Hi Guys, I just want to post the chart of EURGBP before and after. Learn from my mistakes. I just can't stress enough how important is to always save a screenshot of your trades the good ones and the bad ones. The journal is crucial. Without it I wouldn't be able to actually look back where I made my mistake. I know that everyone tells you that keeping the journal is important, but you have to have one at all times, only then you will be able to see how important it is. Thank You.
EURGBP - BEFORE
I made a mistake on drawing the supply zone on 4H chart. The supply wasn't correct, it didn't move 2:1, it did not remove any opposing demand really so i shouldn't even be considering it. As you will see the correct zone had a reaction from it. the zone was much clearer, yes it had a touch barely (green candle) but this was more like liquidity search so the rules state that you have to see why "smart money" were searching for the liquidity and then draw the zone.
EURGBP - AFTER
After drawing the correct supply zone on the 4H chart. I decided to take a revenge trade because I felt stupid for making such a silly mistake (not following the rules). Please don't make the same mistakes, I wanted to get a revenge on the market and the result of that was that I threw all of the entry rules out of the window!!!! Like all of them. The trade was working out for quite a bit, however because my SL was quite big my 1:1 rule for moving the SL to BE was far away. Fear got into me and I moved my SL to BE too early and the price got back to my entry price of 0.8965 in few candles and activated the BE, after that the price moved away again as you can see per the screenshot. 3rd screenshot is the actual entries I should have taken, have a look at the 15M chart.
Correct Entries - Using the rules.
So, my advice is to never "revenge" trade, always follow your rules and don't make the same mistakes twice as I did
EURGBP - BEFORE
I made a mistake on drawing the supply zone on 4H chart. The supply wasn't correct, it didn't move 2:1, it did not remove any opposing demand really so i shouldn't even be considering it. As you will see the correct zone had a reaction from it. the zone was much clearer, yes it had a touch barely (green candle) but this was more like liquidity search so the rules state that you have to see why "smart money" were searching for the liquidity and then draw the zone.
EURGBP - AFTER
After drawing the correct supply zone on the 4H chart. I decided to take a revenge trade because I felt stupid for making such a silly mistake (not following the rules). Please don't make the same mistakes, I wanted to get a revenge on the market and the result of that was that I threw all of the entry rules out of the window!!!! Like all of them. The trade was working out for quite a bit, however because my SL was quite big my 1:1 rule for moving the SL to BE was far away. Fear got into me and I moved my SL to BE too early and the price got back to my entry price of 0.8965 in few candles and activated the BE, after that the price moved away again as you can see per the screenshot. 3rd screenshot is the actual entries I should have taken, have a look at the 15M chart.
Correct Entries - Using the rules.
So, my advice is to never "revenge" trade, always follow your rules and don't make the same mistakes twice as I did
- #8,595
- Jun 23, 2020 4:53am Jun 23, 2020 4:53am
Hi Everybody. I hope you are all good. I got to say last week wasn't great for me. I had a loss of 6.32% in last week alone, it took my overall month percentage down to 1.11% gain only. Had a good previous couple of weeks where gain was at 7.32%, so that's why I was really pissed off last week and was quite hesitant to trade again this week. That's why psychology is soooo important. I probably speak on behalf a lot of people that were in the same place where they had a bad week or two or even the whole month. The only thing that kept me sane was the trading journal. I went through all the bad trades from last week and the good ones and I noticed that I wasn't following the "game plan". After I had a good couple of weeks I thought I had mastered the market (bad move), so the market decided to bit back really hard. I noticed that I stopped analysis the market the way I used to, I wasn't paying attention to the trends and if the price is high or low on the curve and I was just entering the trades, it's one of those situations where you look back with a fresh eye and you think to yourself What the f..k, why did I enter here? I also noticed that I was entering the confirmation trades where only Momentum line was broken and that wasn't enough evidence that the market is starting to turn inside the bigger zone supply or demand. So after gathering all that information I decided to wait until the actual demand or supply is absorbed and the TL is broken as this what was working out for me best.
Today I took couple of trades with 1% risk on each one (it was a bit more like 1.08%, lot sizes dictated that) I started following everything to the point now, including the findings from last week and it worked out in my favor. I put a screenshot from my account when the trades were taken, so you will know that I am not bullshitting anybody. This experience again taught me that it's really important to not deviate from your rules. It's very repetitive but it works.
Also, the reason why I took only 1:1 is because of the losses I had last week, so I wanted to stay safe and book the profit quickly.
GBP/CHF 15m Setup.
GBP/CHF 1H Setup.
Trades Taken (account screenshot)
(bad move), so the market decided to bit back really hard. I noticed that I stopped analysis the market the way I used to, I wasn't paying attention to the trends and if the price is high or low on the curve and I was just entering the trades, it's one of those situations where you look back with a fresh eye and you think to yourself What the f..k, why did I enter here? I also noticed that I was entering the confirmation trades where only Momentum line was broken and that wasn't enough evidence that the market is starting to turn inside the bigger zone supply or demand. So after gathering all that information I decided to wait until the actual demand or supply is absorbed and the TL is broken as this what was working out for me best.Today I took couple of trades with 1% risk on each one (it was a bit more like 1.08%, lot sizes dictated that) I started following everything to the point now, including the findings from last week and it worked out in my favor. I put a screenshot from my account when the trades were taken, so you will know that I am not bullshitting anybody. This experience again taught me that it's really important to not deviate from your rules. It's very repetitive but it works.
Also, the reason why I took only 1:1 is because of the losses I had last week, so I wanted to stay safe and book the profit quickly.
GBP/CHF 15m Setup.
GBP/CHF 1H Setup.
Trades Taken (account screenshot)
