Ah, first week back on the battlefield!
So, just an update on a couple small changes ive made to how ill be trading here. Ill still of course be focusing on the higher time frames, but will mainly only be looking at larger OTE’s on a 4H and Daily charts (dont really want to look at the 1H for entry areas anymore). Also, in terms of entry criteria, im going to be a bit more lenient in terms of the 4H market flow. As long as my trades match the direction of the Daily market flow direction, it will be enough to take a trade. The 4H is more easily changed and i think can be used more effectively for scalping premise - not something im looking to focus on here at the moment… Finally, when looking at overbought and oversold on my stochastic, ill be looking at confirmation on a 4H chart instead of a 1H premise. Other than that, everything will stay the same…
So had a 2 week break outside of the market where i did no trading and spent 1 of the weeks not even looking at any charts. Was a good break away but glad to be back in my trading seat and watching for my opportunities…
This will be my last official month of demo trading, after this ill be looking to fund a live account from September and really get this show on the road. Think its time i started to get a taste of real money trading as i feel my self slipping into a comfort zone of knowing now that my account is still just paper money. My whole purpose of the demo was to gain some ground work and basic knowledge of the markets before putting real money at steak and i feel i have definitely got good ground work beneath me to get going - Updates on the live account will come soon followed by a new Myfxbook link
Ok so as for the market this coming week, many of my noted support and resistance levels have remained the same since first starting my thread, and also so has my higher time frame directional premise. I am still bullish in the market and will concentrate on mainly looking for long entries upon pull backs in price.
Fiber:
Just like before - the blue areas are the higher time frame OTE areas produced from the 4H time frame upwards… I have started just plotting zones from various price swings so i can get a wider term outlook on long and short entries, and when we could expect a change in tide from the current trend.
Cable:
As shown above, Cable is currently operating inside a 4H OTE, so it wouldnt surprise me to see some bearish action going into this week. Id like to see the bulls press the cable above the 5780 level soon to continue with this upward momentum…
Ideally, id like to take my trades in the cable as i think it will provide me with better buying opportunities. Both pairs are posting upward channels with confluence of higher highs and higher lows which show the bulls are going strong still…
In terms of my general mindset, a couple things i want to always keep in mind when trading is to not let my bias sway what is in front of me on the charts - i think i have let this get the better of me before and lost me pips. Regardless of how good my analysis may be, the market will always be right. I need to learn to not be afraid to admit im wrong.
Also, before taking trades now, not only will i be looking for my entry criteria to be matched, but id like to start looking at things from the other side of the table - in the sense that if i am looking for a long entry at a certain level, before taking the trade i will look to see that if i was a bear, is there anything at that moment that would sway me to go short? Naturally, id prefer to see only signals to go in my desired direction. But im hoping this neutral perspective will allow me to spot bad trades and help keep me out of them.
Anyway, rambled on enough! Price is currently too high for me to want to get in - smart money buys low and sells high - thats what i want to be doing… Ill be waiting for some pull backs in price for an entry, otherwise ill be flat all week…
Updates to come
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