After reading my trading journals, what did you learn ?
I shared these things with only one purpose :
1/ Help you to know about how did I analyze the trade with the strategies I shared on Udemy or Skillshare. How to reading price action exactly, not like some books wrote about some price patterns without paticular condition.... Some core experience with SMC and Key level strategies.
2/ How to control Risk management on real maket to optimize profit.
3/ How to over bad emtion while you're trading like : lost, miss trade, stressful to find the chance,. . .
4/ Understanding about market cycle to trade from order to order continously to know : when you can trade, when you have to wait ( like the post today), which market condition you should skip...
5/ The core things here is that I want to you know how a professional traders do. Always quick exit at right time to avoid risk - "Think about risk first" mindset.
......
I believe that all my sharing in Traing Journals topic can help you to enhance your ability after my courses. Everytime you feel bad in trade...let's read it to find yourself again.
So, our trade today was on Oct 5th 2022.... as below.... NZDUSD Oct
The big picture again and again
Let's jump into the time I start analyzing this chart ...
<W1 - NZDUSD>
We discuss about W1 timeframe for many posts and market still on Demand W1 - the lasting and strong zone for the price action at the first time that price tap to here.
So, from W1 view , we still want to wait the buy chance here.
<H1 - NZDUSD>
H1 view also showed Smart Money Signals and we took some trades from last days.
Current view on my mind at that time :
1/ Structure still on down trend.
2/ Big Boys joined.
3/ Market tried to break out H1's supply zone many times with strong power.
Totally, with the story on H1 like that...you should jump to lower timeframe like M15 to see more price action & structure now.
<NZDUSD - M15>
On M15, we're having structure & Key level like this.... Always remmeber which place you must start to analyze M15, that's multiple timeframe theories need to master first.
M15 is on up trend now....
and......
H1 showed Big boys signals with fake break out many times....
and.....
W1...on strong resistance to BUY.....
Totally, here is good trend to continue buying more. . . .
Btw, let's see the price action right at M15 picture....
<NZDUSD - M15>
At candle #1 - Strong Pinbar ... Buying pressure at M15 is really impressive.
At wave #3 - Strong wave ... Nice momentum as video #30 "How to define strongest Demand zone" at level 1 course. https://bit.ly/3dYMFrL
--> Great power for the first time market come to M15 Key level. It is good to wait to buy here but, I missed it. So, I have to wait more and here will show you the experience in multiple timeframe...
I missed to buy at #2 because I don't online that time. So...now... I analyzed again the power here. . .
At candle #2 - Really strong. Not weaker after the first bounce.
At wave $4 - Good imbalance. Followed 3 rules to define power on Key level. Great.
So, from M15 view, I strongly believe to buy with picture on M15...
Let's jump onto M5 to find the chances after M15 picture is really good.
<NZDUSD - M5>
On this timeframe, what we can define now....
1/ Key level would be like picture above... It looks quite strong.
2. We're having pulse 1 and pulse 2. On Pulse 2 we're having Smart Money signals to buy.
Imbalance on wave 1 was filled. So, I just need to draw Fibonacci from Pulse wave 2 is OK.
3/ But, I don't have Institutional candle here to market the POI zone. But, we had Imbalance so, market cannot go down until M5's Demand zone to buy.
Hmmm....
I stucked here 1 mins to think about this chart... I opened M1 to see Institutional candle. But, it is not strong enough to follow.
I remmeber again how many strategy I having on my hand to trade.
1/ Confluence and Unconfluence at Key level strategy ( Level 1 course. https://bit.ly/3dYMFrL )
2/ Follow and break trend at Smart Money strategy ( Level 2 course. https://bit.ly/3RtX6kS )
3/ Break and re-test strategy and posibility strategty for scalping
(Level 4 course. https://bit.ly/3y8oa22 )
Let's see here....
<NZDUSD - M5>
CTS is very near to Discount zone. That's great chance to follow Break & Retest strategy.
So, I bought here ...
Entry at middle of Discount & CTS.
Stop - Loss right at Key level of M5 Demand zone. Follow the rules on Master course (https://bit.ly/3SwLw9R )
Take - profit is 3 times RR. Based on W1 story and H1, the fake break out zone before always is good to take profit combine with RR quite good - 3 times.
After analyzing ... 23:20 pm on my timezones... I just need 5 mins to read and have this chance but I cannot wait more because I am quite tired after a long working day.
I decide to set and forget ...
and...
Results....
Great for a new days . We always want to see this results after wake up.
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I analyzed this trade on M5 carefully and take this results. On next days morning, I found other chances on M1 when M5 story is quite good. I also opened . . .
<NZDUSD - M5>
But, this trade don't have any special here. Just like my trading journal before, you can refer some trading journal before.
It related to the advanced theories with multiple timeframe and scalping with SMC I shared on Level 4 course.
The current story - Time to take the rest....
We had a nice trade with many winning trade and nice results with NZDUSD .... from Sep 28th to Oct 6th ...
<NZDUSD - M15>
This kind of chance just appear within 1 - 2 weeks per month. So, we have to catch it to take profit and take rest other time. . .
Let's see the story now...
We're having the fake break out H1 up key level many times ... It still not valid break out now even W1 resistance still there...
With down wave here, market is trying to test the W1' resitance. . .
<W1 - NZDUSD>
As my experience, next week, market will create the inside bar on W1. . .
Structure on H1 and lower will very noise. . .
That's time we have to take rest from market to see what happens with NZDUSD...
It is the time we focus on some crossing pairs now. . . based on correlation pairs...
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Regards,
CEO funded team
Jayce PHAM