EurCad Divergent Head and shoulders 4hrs
AudJpy Divergent Head and shoulders 4hrs
EurChf Head and Shoulders 4hrs
EurNad Divergent head and shoulders 4hrs
GbpJpy Cypher Pattern 4hrs
GbpNzd Divergent Head and shoulders 4hrs
AudCad Head and shoulders 1hr
AudUsd Divergent head and shoulders 1 hr
The reason I choose those trade Plan since all of them are my highest profit based on pattern trading and I have develop the enhanced version of entry point design for right shoulder entry. which for this past 2 weeks the result was very satisfying
My Priority Currency Pair
AudUsd
Reason
it has the potential of advanced trading
1hr time frame and based on MACD indicator its a divergent (signiture trade that never fail me)
AudJpy AudCad
Reason
1hr time frame where i can test my enhanced version of entry point on the head to neckline
Divergent head and shoulders
Trade I took
AudUsd
Reason
I want to test my enhanced version of entry point in the head going to the neckline
I want to find certain flaws
I want to develop certain system from head to neck line
I Want to profit in the Divergent signal that starts from head since most cases head and shoulders are not form
Factors that contribute in placing a specific trade
1hr rejection done
1hr retest rejection done
proceed to 15min for entry
Was not able to trade on the crossover for the reason the Macd doesnt support it
Wher did i put my entry point?
proceed on 5 min time frame used the market checker and identify support ressistance . my entry point is right below the support and ressitance with is sellers area . (pull back strategy 5min)
tools i used support and ressitance on 5 min chart i use 5 min chart since the crossover in 15min chart is less than 30 pips.
Stop Lost
for the stop lost is in the tip of the head then for the take profit it is on the structure level in 1hr time frame which is near neck line. I did not put take profit at exact neckline for the reason the head and shoulders my perform slanting neck line.
Since this is a test drive trading and my enhanced version law was not followed i traded 50 cents per pip plus i plan to move my stop lost once the market break the 3 fractals below in 15 min time frame.
Was not able to trade on
Audjpy and AudCad head to neckline
The law on rejection and retest in 1hr given but as i proceed on 15min the cross over was already in place so i need to wait for another down crossover of MA. if ever no crossover then I will not trade from head to neck line. This is the law i follow on enhance version of entry point right shouldet to save me from possible trap on consilidation that will lead to the opposite direction ang high potential of lost trade.
TRADE RESULT
AudUsd
Force to move stop lost to almost break even, earning only 35 cents 7 pips for the reason a rejection was formed in 4hrs. following from experience higher time frame rejection is much reliable. 'Hopefully Im right this one of the reason my original trade plan is altered for the reason of new contributing factors that affect it. like example in the pic"
ObservationAfter the rejection and retest cross over of 15min time frame and MACD doesnt support it there will be a a consilidation and possible bounce on opposite direction.
To know your identity is to identify your good characters. In trading this good characters must be supported by good habbits that you consistently discipline yourself.
Couple of weeks ago i was anouncing for my book however i still have 1 final chapter to make which is the How to identify yourself as a trader. In my early stage of learning forex a question pops out to my mind. a question that will explain everything and make learning forex easier. and that question is Who I am????
As i have continually ask this my self there wher a lot of answers that i wrote but unfortunately most of them are negative - and kinda negative. Im not gonna list in details but what im going to show you is a guide to identify yourself as a trader.
Guide (A) to know your identity
List everything you knew about your good character
in every good character you wrote down write a detail explanation about what you did consistently to have that good character.
List everything you knew about your bad character
in every bad character you wrote write a detail explanation about what you did consistently to have that bad character
Know your Calling in Life - this is kinda hard but it will be advantage if you knew your calling. In case you dont then find a deeper reason why you want to be a trader. when i say deeper it has to be the last rope your holding when everything is falling down. cause believe me outside force and situation will make trading hard that most of the trader will give up.
As a Filipino you have to know the strength of pinoy. So for this part Im going ta ask you to do some research about
History of Filipino (who they are before sapaniards came)
Why Filipino is good in cover music video???
If you are to be with foregners in the room do you tell yourself that they have better idea or explanation than yourself? if yes explain in details then search deeper about the strength of pinoy. If No then explain the contributing factors of your answer.
Find out about Filipino Leaders (Pauliticians)
watch bonifacio movie
watch Rizal movie
watch Gen Luna movie
search deeper the good side of Ferdinand Marcos
Know the crownies of Ferdinand Marcos and their role today
The above Guide A will clearly tell your self who you are as a person and who you are in your community. if you miss this guide then there will be great chances for you to give up trading or to copy what others is doing which you believe it will bring profit to your trade.
The main purpose of Guide A is to boost your confidence and to tell yourself that you are built for something great. It doesent mean on trading but something big and great.
Guide (B)
1. you are oblige to read books. any financial enhancement book is good. For a start I need you to write a book report on
1. my maid invest in stock market - by Bo Sanchess Write something about compounding and its application to yourself
2. Poor dad Rich Dad - by Robert Kiyosaki
write something about mindset because that is your identity
3. CashFlow Quadrant - by Robert Kiyosaki
Write something about Quadrant and cashflow plus the application
Reading books is one of you good characters because it bring knowledge.
2. By know if you are trading in demo. You must have a journal note book. No journal no trading policy.
On your journal make sure you will have this content
Time and date you created a trade plan - (analysis of the market)
In trade Plan what currency and what time frame you took the trade.
The tools you used (5 basic tools)
Modification of tools and reason for modifying it.
What are the contributing factor why you took the trade.
What are the contributing factor why you identify the direction of that pair
Win or Loose write the details how many pips? did your take profit was hit. do you follow Money Management.
Win trades what are the factors that you can improve your trade.
Loose trade time and date currency pair, tools and reason for taking this trade. How can this be the ringer on your head not to do it again.
3. Find a coach for them to check your perfomance.
4. Find a group community that share their downfall and success in trading.
Guide B is more on characters that you need to adopt as your identity, this will protect you on inconsistence.
One factor to determine what kind of trader you are is by having a journal on all your trades. this include of course the loose trade. a journal that explain why you took that trade. It is a must that you have enough data on currency pair and its time frame of trades, the tools you used and the indicators that encourage you to take the trade.
