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Tradeplanning

Weekly Forex Trade Planning SessionAnalysed Pairs: CAD/JPY, GBP/USD, USD/JPY, USD/CAD, EUR/CAD Market Overview: USD & JPY: Bullish CAD: Mixed EUR & GBP: Weak Price Analysis: CAD/JPY: Trend: Downtrend Current Position: At Momentum Low Outlook: Expecting a bullish pullback in the next phase. GBP/USD: Trend: Downtrend Current Position: Trading at Momentum Low 5 Outlook: Potential for bearish continuation. Watch for a bullish reversal above 1.2186. A break below 1.2160 could signal further downside. USD/CAD: Trend: Strong Uptrend Current Position: After a trend reset breaking the momentum high Outlook: Avoid buying at the high; wait for a pullback to go long. Alternatively, look for short opportunities if the price breaks below the reset point. USD/JPY: Trend: Correction in Downtrend Current Position: Observing Wave Structure 3 Outlook: Potential for a bullish secondary trend. Using Fibonacci levels, the price has paused at the 61.8% T2 target. If the high of Wave 3 isn't broken, the downtrend may resume. EUR/CAD: Trend: Trend-changing pattern after last pullback Outlook: Look to sell on a break below 1.4860, with targets at 1.4825 and 1.4810. Happy Trading!
by Charts247TradingAcademy
Trading Plan Build Exercise - Trade off OrderblocksBefore ICT’s Month 6 - Lesson 3 Video → Here is where I’m doing the homework from Lesson 2 (Building an example Trading plan) emagloire.atlassian.net (Page for Homework Sheet) The way Arjo explains there are 5 Foundational Levels within a Trade: Bias Narrative Context Entry Risk Management You work to build through a backward approach where you start from Entry (Risk Management actually lol) and work into what environments/elements/conditions constitute a trade to be executed in your plan This exercise of building an example trading plan is influenced by Arjo’s structure in the above video. How to build a Data Trading Plan PD Array and Time in Focus What PD Array you want to key in What timeframe you want to execute on? Gather Data in Specified Timeframe to understand amount of Trading Opportunities Presented and what was the expected outcomes How many times does the Orderblock form? How many times does the Orderblock hold? Did the Orderblock created a Market Structure Shift? How many times does the Orderblock Fail? Did the Orderblock fail to create a Market Structure Shift? Then based off the data, build your Trading Plan with consideration for what elements made up the winning trades. Starting with a Naked Trading Plan where you consider all entries off the PD Arrays. PD Array in Focus: PD Array: Orderblocks that led to a Market Structure Shift (Break of Structure “Continuation” & Change of Character “Reversal“) Execution Timeframe: 1H Gather Data: Case Study Info Ticker: GBPUSD Time of Study: May 27, 2024 - Jun 16, 2024 How many times does the Orderblock form? 26 times 2 orderblocks have not been traded to 24 useable Orderblocks 5 External Liquidity OBs 19 Internal Liquidity OBs Opportunity Rate: 92.3% How many times does the Orderblock hold? 15 times (Win Rate: 60%) External Liquidity: 4 out of 5 (80% WR) Internal Liquidity: 11 out of 20 (55% WR) How many times does the Orderblock Fail? 9 times (Loss Rate: 40%) External Liquidity: 1 out of 5 (20% LR) Internal Liquidity: 9 out of 20 (45% LR) Risk Management: Stop Loss at opposite extreme of OB or most recent Pullback (second Stop Loss considered when OB is tight) Risk/Reward Summary: 1: +2 RR 2: -1 RR 3: -1RR 4: +2 RR 5: +2 RR 6: +2 RR 7: -1 RR 8: +2 RR 9: -1 RR 10: +2 RR 11: +2 RR 12: +2 RR 13: -1 RR 14: +2 RR 15: -1 RR 16: -1 RR 17: +2 RR 18: +2 RR 19: +2 RR 20: -1 RR 21: +2 RR 22: +2 RR 23: -1 RR 24: +2 RR 25: N/A 21 RR for a month of Orderblock Trading 24 trades of 20 trading days Next Steps: With the same Trading Plan - analyze your Trades and create improved trading plans based off of an aspect that could increase your trading win rate or lower the amount of trades you’re in or total volume of trades?
by EaszzzyE
How to Make Money in the Stock Market and Keep ItI have always said that making money in the stock market is easy. It is learning how not to lose money that is the hard part of trading. To that end, when you find yourself in the surprising and often disturbing position of having made a whole lot of profit, or more profit than you expected in a very short time, you may be feeling overwhelmed. This is when you need to remember some basics about the art of trading. The primary factor in making money and keeping it depends upon your ability to stop trading to get your emotions under control again. Stop trading for at least a few days to a week. This sounds ludicrous, but my experience with teaching traders for more than 20 years is that those who follow this rule keep their big gains while those who do not, lose them back to the market and then some. The reason behind this is emotion. You are in a state of emotional flux, not thinking logically. You are thinking, “I’m brilliant, I’m invincible, I am going to be rich!” Well, sure, but not at this moment. At this moment, you are overly exuberant, you are thinking you can do no wrong, so you are likely to miss the parts of your analysis that would keep you out of high-risk setups. So, take a few days to cool off. The Stock Market is not going anywhere. Great trades present themselves over and over again. While you are recovering from the shock of a large gain, these steps can help bring you back down to Earth : Review your notes from some of the courses you have taken. Reading back over rules and the reasons behind them for making sounding trading decisions helps a lot to keep you grounded. Review your trading plan and your goals. If you don't have this written out somewhere, do it now. Most people refuse to write down their goals because of “fear of failure.” They are so afraid that they are not capable of reaching those goals that they do not try. Try to write down realistic goals, and adjust them as you see the need. We have a calculator that we provide to our students for help with this. Once you do the task of setting goals, you will find that they are achieved much of the time. Consider if you need to increase your goals. Continually pushing yourself to reach higher and higher levels of efficiency and profit helps to both dispel the fear of failure and propel you forward with perhaps stricter rules to achieve those higher goals. Trading is 50% skill which, in short, includes understanding your Trading Style and using proper Strategies for the current Market Condition. The other 50% is controlling emotion, which includes setting goals, keeping calm and centered, using discipline in your trading rules, having the determination to keep working until you are successful, maintaining your personal parameters while expanding them, and using logic rather than emotion. These are the major components of making money and keeping it.
NASDAQ:AMZNEducation
by MarthaStokesCMT-TechniTrader
1
XAUUSD - Top Down AnalysisStarting with the weekly timeframe price action is currently testing the 50% retracement level from last week's swing high. This is known a common pivot point. Taking a look at the daily chart below, price action remains elevated above the 2350 psychological support level. RSI also holds strong above 50. Lastly on the 4 hour timeframe, the technical backdrop is similar to the daily. == Fundamental Overview == Markets are pricing in a 77% probability of a rate cut by the Fed in September, per the FedWatch Tool from the CME Group. We anticipate another cut by December. The headline Nonfarm Payrolls (NFP) climbed by 206,000 in June, surpassing the market forecast for a 190,000 gain; but, April and May readings were dramatically lowered down by a combined 111,000. This resulted in a disappointing US labor market data on Friday, which confirmed a Fed rate decrease in September. As anticipated, average hourly earnings increased 3.9% annually, reaching a record low since the second quarter of 2021. The US dollar and the yield on Treasury bonds could suffer as a result of Fed Chair Powell's remarks, which could support dovish Fed forecasts and push the price of gold to all-time highs beyond $2,400. Powell testifies before the Senate Banking Committee for two days, starting later on Tuesday and concluding on Wednesday before the House Financial Services Committee. In addition, a number of other Fed policymakers are probably going to speak on Tuesday, which may influence gold price movement in the midst of a US schedule devoid of data. Fears over China's gold demand and profit-taking caused the price of gold to fall on Monday. After gold failed at the $2,400 mark, traders turned to profit-taking, and some moved ahead of Powell's testimony and this week's US inflation data. China possessed 72.80 million troy ounces of gold at the end of June, according to figures released by the People's Bank of China (PBOC) on Sunday. This amount remained constant from the end of May. The PBOC did not add gold to its reserves for the second consecutive month.
OANDA:XAUUSDLong
by Michael_Harding
A Good Practice Destroys ItselfWe take on a discipline to do something we don't naturally do or want to do. We set some rules that will be uncomfortable and ride out the restless energy. Keep in mind that a good practice destroys itself, the whole point of a discipline is to get to the point where we don't need the discipline anymore. That is called transformation and it takes time. By being consistent with discipline over time, the reactionary impulses begin to die down and you will find yourself more balanced. This is where true intuition can begin to show up. At some point, you might see where one of your strict rules doesn't make sense for a trade and if you come from a balanced mindset, you can make a commonsense decision about it. This kind of thing is testable if you have an objective method. You test your intuitive results against the objective method results. This is all a one step forward, 2 step back kind of thing and takes time to develop. If you're in a rush, this tells you you're not balanced and need to keep the steady discipline. Shane
NYSE:PARREducation
by ShaneBlankenship