Recent executions flowing my recent trades.
Currently only AUD is open and I have taken 1/3 of profits
W/C 1st Aug 2022 ANALYSIS
Below are the top 5 markets I am looking to trade this week.
The top three out of these are USDJPY GBPUSD and Crude
Happy trading
AUDUSD GARTLEY SHORT CLOSED
Followng further revew (Day chart) we are gong wth a Bull Day Crown
wll buy on next swng
GBPUSD LEG5 SHORT ORDER CANCELLED
The best entry was at the H2 00:30 last ngt. The H4 has conf’d but far too many pips
Placed order to short at the F50%. Already entered AUDUSD anyway.
TWO SET UPS:
After analysing past trades became clear that the top two set ups to trade and focus on are:
(1) My ver of the Gartley or the Crown
(2) Leg 5 Trade
The (1) has already been explained
The (2) is “like” trading the Wave 5 of an Elliot wave. We also been tradng Leg 7 9 etc where formed
Happy trade
TRADES
Sorry everyone been absent here but trading. Had a good run last week, but unable to post.
Here are my current trades:
TRADE OF THE WEEK
Recently my focused has been on only trading in the direction of the trend. Mainly the 5th leg of the swings or what I named as Wave5 (Not using Elliot Waves rules, only using the terminology and the tool since my broker doesn’t have any other tool to mark swings )
Although this trade is against the H4 Swings (the main focus of my trading), this trade is still in the direction of the main Day Chart trend and the H4 has broken the most recent up trend line
plus the convergence of Fibs and Bear Candles
Further, UsdJpy is also showing signs of exhaustion on the Day and Week RSI
The AudJpy on the other hand, is forming a flat top or triangle and we should see it break out to the south soon, if our analysis is correct, that is…
Wait and see.
August was a +10% month only. I entered over 100 trades, most of which should not had been taken. I did my “post-mortem” and the results should had been much better than +10% had I been selective. In order to improve my “discipline” I am harnessing my skills as poker player. Basically I have to play like a rock only AA & KKs!
My goals for September trading are:
(1) Comply with my rules: Achieve at least 95% discipline
-This includes: not closing trades entered (this rule is simply for discipline purpose, it forces me to re-think my entries); enter only trades that meet my top pattern (Swing Trades in direction of the Trend)
(2) Enter each trades at 1% of my new September bank.
Let’s hope that I am far more disciplined this month!
Happy trading!
Kiss principle is a must for fx traders! Imo, one of the most important aspects of kiss principle forex trading is having a clear and concise trading plan. This plan should outline your goals, entry and exit points, and risk management strategy. Without a plan, it will be very difficult to make consistent profits in the forex market.