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Weekly Trading Recap: ADAUSD, USDJPY, BTCUSD February 6th 2021Hello everyone: Welcome back to the weekly recap video. This week I entered just 1 trade, and I am still holding BTC. Let's take a look into it. ADAUSD - Price approached the previous swing highs, and started to form continuation correctional price action. We then see a strong breakout above the highs, and LTF continuation correction. Set stop entry order for the buy. Currently running about ~1.5:1 profit. Full analysis/forecast: USDJPY - Enter once price broke out of the descending channel structure, and there was a LTF continuation correction. Put in the stop entry order and got tagged in. First TP would be the highs of the descending channel, and second target would be the top of the HTF structure. Currently running about ~1.5% profit. Full analysis/forecast: BTCUSD - Still holding, currently running about 8.5% profit. Price may be completing this HTF continuation flag structure, and we can potentially see more upside. My management and approach remains the same, still looking at it as an investment trade, and plan to hold for the long term. Full analysis/forecast: Any questions, comments or feedback please let me know. Enjoy your week. :) Jojo
BINANCE:ADAUSD
by jojofang0901
23
Risk Management: prevent blowing a trading account Hello everyone: Today I want to go in depth into this particular topic as many beginner traders will make this similar mistake in trading sometimes in their trading journey. It's important to understand that it's all part of a learning curve you must endure when it comes to consistency in trading. I myself had done this in the beginning of my trading time, and it ultimately comes down to how you manage your emotion that is going to help you to learn from this mistake and move forward. Some may go ahead and start making the mistakes that I will mention below, and accelerate into blowing their account. Some may acknowledge what's happening, and learn from their mistakes to prevent such things from happening in the future. There are several key factors on what a trader should do and understand in order to not blow a trading account. I have made several key videos on these different topics which I will include below. I will touch on all these topics to provide a well-rounded suggestion and feedback on this matter. It's very important that you must have a good understanding of each area so it will help you to not only be consistent but to also continue to grow and compound your trading account in the future. Few key points: Trading Plan A trading plan outlines your plan, rules and management for your trades. You must have a good written plan to guide you in situations. We don't make emotional decisions that may lead to many trading errors. Focus on creating one is the start. Have a few go to setups that you always look for in the market. Identify them and screenshot them so you know to take those over and over again. Backtesting We backtest so we are familiar with price action and the market’s movement. By backtesting, we train our brain to recognize the same/similar price action that has happened in the past. This allows us to execute without fear, or fear of missing out. Backtest & Chartwork Forecasting/Scanning the market: Forecast the market is how we get a bias with the current live price action of the market. We see setups we like, and have confirmations to enter. If they don't happen or develop, no trade and move on. No need to have “ego” to prove everyone you are right. How to scan the market Risk management Stick to proper risk management. 1% or a set amount is usually the best. Having a 3:1 RR is ideal when trading so even if you are less than 50% strike rate trader, you will see at least BE or small profits. Make sure you understand the exposure you are putting yourself into. Stop Loss When it comes to calculating your entries, you must set a Stop less on every trade. Don't just remove it in hope the price will turn around. Many new traders often don't set SL or move them as price gets close. This is how you will lose more money in the long run. Trading Psychology: (FOMO) Fear of missing out and fear of losing are the biggest trading psychology trader encounter. However, if you do enough backtesting, and have a plan in place, you can potentially remove these emotions. Understand that you will never capture all the moves that happen in the market, be graceful and positive on the opportunities you get. Over Leveraged Most new traders over leveraged their account. Having a small account with huge leverage is why traders blow their account in a short time. Leverage can work for you as well as against you. You must understand properly on leverage, margin and more. This ties you with your risk management and your SL. Revenge trading When new traders start losing money, they tend to want to “revenge” their losses by entering random trades, multiple trades and more. This combining with over leverage is how a new trader can blow their account in 1 day. Journal: Last but not least, journal down every single trade that you have taken. Whether it resulted in profit or loss. This is how you can learn from your past experiences. Do not deviate from this. Most new traders feel this is unnecessary and choose not to do it. Unfortunately, if you don't do them, your trading journey will not move forward. You will still make the same mistakes over and over again. Blowing an account is something no one wants to go through, but if a trader does not acknowledge his/her mistakes, then it is very likely to happen again and again. So these are the few key areas where a trader should pay close attention to in order to not blow their trading account. The different strategies you trade aren't the issues why some blow their accounts, rather it's about their plan, management, mindset, emotion, psychology and expectations that ultimately decide the faith of the trading account. Thank you Jojo
BITSTAMP:BTCUSDEducation
by jojofang0901
33
Weekly Trade Recap: AUDCHF, AUDJPY, SUGAR, BTCUSD Jan 30 2021Hello everyone: Welcome back to another quick weekly trade recap video :) This week I took 2 additional trades, and closed down 3 positions. Lets take a look AUDCHF - Closed for 2% profit. Profit broke down from the correction, I first moved the SL to BE then in profit. As LTF formed that descending channel reversal, I moved my SL to 2:1 profit and eventually tagged me out. AUDJPY - Closed for 1% profit. Similar approach and management like AUDCHF. Price broke below the correction it created, first moved my SL to BE and then to 1:1 profit. Eventually prices reverse up after failing to break below the HTF structure. SUGAR - Closed for 2% profit. My original plan was to hold the trade for longer term, but as price is getting into this deeper correction, I don't tend to want to give back all the profit back to the market. LTF formed a H and S pattern within the correction, and I moved up my SL to 2:1 profit. Even though I am tagged out of this position, I still hold a strong bullish bias that price can continue, but did not want to get stuck in the consolidation phase. BTCUSD - Still holding, currently 4% profit. Price may be completing this HTF continuation flag structure, and we can potentially see more upside. Any questions, comments or feedback please let me know :) Enjoy your weekend :) Jojo
by jojofang0901
13
USDCAD Backtesting & Chart Work session on Price Action AnalysisHello everyone: Welcome to a backtesting/charting session on price action analysis. Many have inquired about how to properly identify market phrases (Impulse phrase vs corrective phrase). In addition, how to use trendline properly to identify a structure/pattern as a continuation or reversal correction. This session will be the start to all these. So let's take a look into this. To start, make sure you have a new chart layout just for backtesting/charting work. his won't get overlapped on your current chart for your normal analysis. Utilizing tradingview’s feature on “replay”, this is how we can backtest and do chart work on previous price action that has already happened. As we already see the price moved in that period of time, we then look for potential buy/sell bias entries to get familiar with the move within the market. 1. Start from the Higher time frames, top down approach. Utilize multi-time frame analysis to your advantage. 2. Identify what market phrase you are in, is the current price in a HTF impulse phrase ? or in a corrective phrase. 3. Now that you have a more clear bias on the HTF, then go down to the lower time frame to confirm your bias. Do we see the same bearish/bullish price action on the LTF as well ? If so then that's a good indication that both HTF and LTF have the same buy/sell opportunity. Look for possible entries on the LTF. 4. Repeat this process with different pairs, different markets to “program” our minds into looking for the similar buy/sell setups in the current, live market. This is how we don't get FOMO, or fear of losing. If you have done enough backtesting and charting, then you simply remove the emotion out of the equation. You have seen the move play out over and over again, then it comes down to probabilities. Feel free to ask me questions, comments or feedback :) Thank you
Education
by jojofang0901
11
Weekly Trading Recaps: AUDJPY, XLMUSD, SUGAR, BTCUSD Jan 24 2021Hello everyone Welcome back to another quick weekly trade recap video on the positions. I am currently in the mountains (lol) so may not get to my usual weekly outlook stream due to internet. But hopefully still update analysis :) AUDJPY - Second position got out for BE. Currently in the third position in. XLMUSD - Took out for a 1% loss. BTCUSD - Still Holding, currently @ 3% profit. SUGAR - Still holding, currently @ 2.5% profit. Any questions, comments, or feedback welcome to let me know below. Thank you
BITSTAMP:BTCUSDEducation
by jojofang0901
18
How I trade Head and Shoulder Price Action Pattern/StructureHello everyone: In this quick educational video, I will go over how I utilize Head and Shoulder Pattern/structure in the market. Specifically, how I identify reversal price action from a Head and Shoulder Pattern. It's important to understand that Head and Shoulder Is a reversal structure in the market. When we identify these patterns, they are usually at the top or the bottom of the over price action, and its signaling a bullish or a bearish trend may be exhausted, and a reversal trend may begin. Typical H and S will have a bullish move up, followed by a continuation correction (Left Shoulder), and move up again. At the peak (Head) , instead of a continuation to push up further, we then see a reversal bearish push down. Then, we see price form that bearish continuation correction (Right Shoulder) now, looking to push the price back lower. Just like any other price action structures/patterns that I have been talking about, these structures/patterns will appear in any time frames, any market. So it's important to understand multi-time frame analysis and top down approach. A 5 min H and S pattern may not be that strong reversal to give you 100 plus pips because the HTF is showing us different bias. From my experiences, a H and S pattern works best when we spot on the LTF price action. When we have a clear bias on the HTF for a potential bearish reversal, we go down to the LTF to look for confirmation and entry. Remember a H and S pattern will not always be “textbook” perfect like you will learn from various courses/lessons. The market itself is not perfect, so remember that when you analyze the market. Last but not least, and inverse H and S is just a mirror of a typical H and S. It's just now you are spotting them at the bottom of the overall price action, and rather to reverse into a bullish trend. As always, any questions, comments or feedback please let me know. Thank you Jojo
OANDA:XAUUSDEducation
by jojofang0901
58
Weekly Trading Recaps: AUDJPY, NZDCAD, XLMUSD, SUGAR, BTCUSD Hello everyone: Welcome back to another weekly trade recap video. This week I got evolved in 3 additional positions, and I currently have 4 trades that are running as well. So let's take a look: AUDJPY - First Trade -Full 1 % loss. Second Trade: Entered once price completes the channel, recent double tops, breakout entry. Running about 1%. SL at BE. NZDCAD - Full 1 % loss. Good price action to break out, and entered at the LTF correction. Price made a push up before dropping down impulsively. Sometimes this will happen and I understand the R:R, so no emotion for me and move on even tho the trade is going toward the TP. XLMUSD - First trade got tagged out for 0.5% profit. Entered the second trade as price completes that HTF continuation correction, and we see a confirmed breakout. SUGAR - Still holding the trade, currently around 4% profit. BTCUSD - Still holding the position, currently around 6% profit. Any questions, comments or feedback feel free to let me know. Thank you Jojo
BITSTAMP:BTCUSD
by jojofang0901
14
Setting up and utilize tradingview (layout, drawing panel)Hello everyone: Welcome back to a quick video on tradingview setups. Many of you have asked me about how you should set up your charts, your settings, customizations, watchlist..etc. So I will make a quick explanation video on this. Chart: -Create a blank chart -Save under different names for different purposes -candlesticks -timeframes -screens -syncing Setting/customization: -color -appearances Drawing Panels: -favorite the ones you're gonna use the most. Watchlist: -create watchlist -flagging Alerts: -set only the ones with high probability potential, do need to set like 30 alarms. As always, any questions, comments or feedback please let me know. Thank you
OANDA:SUGARUSDEducation
by jojofang0901
12
Weekly Trading Recaps: XLMUSD, NZDUSD, BTCUSD, SUGAR Jan 09 2021Hello everyone: Back here with another weekly trade recap video. This week I did enter 2 more positions, and still holding 2 trades from last week. Let's take a look: XLMUSD (Stellar) - Once price impulsively breaks above the HTF flag structure, I looked for LTF continuation correction to get in. I was fine with a bigger SL due to the nature of crypto, and fine holding through it for a long term approach. NZDUSD - Entered with a stop entry order, and then price eventually tagged me out for a full loss before resuming the downtrend as I forecasted. Looking back at the trade, I was fine with the entry, and saw a completion of a LTF correction. Even though price reversed a bit and tagged me out, it still completes the LTF correction and eventually still moves to the downside. Sugar - Still in this one, as I see price hits the previous swing high tops, and then formed this LTF Head and Shoulder, I knew there is a probability that the price may not continue upwards. I am fine with a SL still at BE, as my bias on the HTF still could work out, and did not want to choke the price. BTCUSD - Running deep into profit. Will let the trade run and adjust SL accordingly. Looking to continue to hold as long as I don't see any trend changes or clear LTF bearish price action and reversals. Any questions, comments or feedback please let me know :) Thank you Jojo
BINANCE:XLMUSD
by jojofang0901
12
In depth look at continuation bull/bear flag structures/patterns Hello everyone: Welcome back to another quick educational video on price action structures/patterns. Today let's go deeper into the continuation correctional structure. Specifically, the continuation bull/bear flag structure. First it's important to understand that a bullish/bearish flag is a continuation correction. They are representing a correctional phrase of the price action, before resuming the previous impulse phrase. As price action traders, we must be able to identify what correction we are seeing. This will allow you to get ahead and make your forecasting so you are prepare to any potential entries Second, bullish/bearish flag correction will appear in any time frames, any markets, and in different sizes. Typically a flag correction will have at least 2 swing highs and 2 swing lows and relatively even and proportion in angle or length. They can be slightly slanted or very parallel to each other. Remember the market is not perfect, it wont always present us picture perfect, textbook structures. Thirds, So its important to understand multi-time frame analysis, top down approach. A LTF bullish/bearish flag may or may not have the potential to start taking off massively due to the higher time frame showing us a conflicting bias. So its important to add as much confluence to your trade as possible. As always, any questions, feedback or comments please let me know :) See you all in my next weekly outlook stream. Thank you
BINANCE:XLMUSDEducation
by jojofang0901
18
Weekly Trade Recaps: BTCUSD, SUGAR, AUDNZD, CADJPY Jan 01 2020Hello everyone: Welcome to 2021 :) Hope everyone had a wonderful time with their family, friends and others. Looking forward to what 2021 will bring for us in trading :) Let's take a look at the 2 positions that I entered from last week, as well as the 2 trades that were closed down as well. BTCUSD - Currently running about 1.5:1 Profit. As the price broke the previous tops of the correction, I moved my SL to BE. SUGAR - Currently running about 1:1 Profit. I moved my SL to BE now. AUDNZD - SL hit for 3:1 profit. Was happy with the management approach that I made. Even if the price seems to continue going up, I am fine with the result. CADJPY - Closed down both trades. Result in BE for total. I knew the risk when I entered the second trade, and it's always in my risk management plan to move my first trade’s SL to 1:1 profit to protect my account. Any questions, comments or feedback please let me know :) Thank you
BITSTAMP:BTCUSD
by jojofang0901
7
Weekly Trade Recaps: CADJPY, AUDNZD, LTCUSD December 27 2020 Hello everyone: Merry Christmas and Happy New Year. Last week was somewhat quiet as we had Christmas holiday going into the weekend. Quick going over my current positions from last week, did enter a scale in position, and that was it. There was 1 miss trade that I did not take. CADJPY - First trade running about 2%. SL at 1:1 RR. Second trade scaled in. AUDNZD - Running about 4% in profit. Set my SL at 3:1 RR. Happy to see the trade goes either way, either hit my SL or continue higher and break previous highs. Then I would look for continuation correction to scale in. LTCUSD - Missed trade. Did like the overall price action, but did not have the chance to enter. Any questions, comments or feedback please let me know. Thank you Jojo
by jojofang0901
11
In depth look into double tops/bottoms price action structures Merry Christmas everyone: Hope everyone is well and healthy, and enjoy the holiday season as much as we can :) Back here with another quick educational video on price action structures/patterns. I am going to go into detail on double tops/bottoms type of price action. Many of you have asked me to elaborate more on what double tops/bottoms truly mean, and they sometimes get confused with a support/resistance. I will go into more detail on this topic to clarify the differences. In addition, I will bring out some different examples in the market, and demonstrate how I see double tops/bottoms the way that works for my trading and its analysis. How I confirmed what a true double tops/bottoms is, and how to look for potential entries once you see them form. Understanding that multiple time frame analysis, nature of the market plays a big role to determine if the double tops/bottoms are “valid” and to give us more confidence to enter a position. The higher the time frame, the more significant it is to that double tops/bottoms and the potential reversal move from it. As always, any questions or feedback please let me know. Merry Christmas and happy new year everyone :) Thank you Jojo
OANDA:US30USDEducation
by jojofang0901
12
Weekly Trade Recaps: CADJPY, XRPUSD, AUDNZD, USDMXN December 19 Hello everyone: Back here with another weekly trade recap video. This week a few more trades were entered, let's take a look. CADJPY - Running about +1.5%, SL at BE. Like the double tops, reversal correctional price action on the lower time frame. XRPUSD - Running about BE. Happy with the entry and the bullish price action at the time. AUDNZD - Scaled in the second entry, got out for BE. Still in the first trade, running about +4.5%. USDMZN - 1% loss. Overall I would take the entry over and over again, fine with my entry and the loss. NZDCAD - 1% loss. This trade I set an entry order, and did not remove it before the roll over period. Got tagged in with high spread and quickly took a full loss. Good reference and thing to watch out for in future. Any questions, feedback and comments please let me know, thank you.
BITSTAMP:XRPUSD
by jojofang0901
6
How to scale into the impulsive phrase of the market condition? Hello everyone: I want to go over an important topic of scaling into the market. This is something more advanced in my opinion, and should be used cautiously when applicable. First you will need to understand that it's important to fully accept the risk when you try to scale in a trade. Essentially you are doubling down on a trade when you do so. What is your risk management when it comes to scaling in ? Second thing to watch out for is managing your first initial position. I would generally move my SL to at least BE or in 1:1 profit. This way even if the second trade that I scale in end up to be a lost, I am BE overall on the two trades. Third point to remember is before you scale in the trade, is there enough R:R to justify it? No random entries just because there is a continuation correction on the 5 min chart as an example. Some price action must be present and give you enough confidence that the price is likely to continue from a structure, and then look to scale in the trade. Any questions or comments please let me know :) Thank you
Education
by jojofang0901
12
Weekly Trade Recaps: AUDNZD, GBPAUD December 12 2020Hello everyone: Quick recaps on the trades taken this week. AUNZD - Currently SL at 1:1 profit. Looking clean to at least hit the previous tops area. NZDCAD - closed down for 3.5% profit. Understand what the market is likely to do and management plan is to secure profit before bigger corrections. EURNZD - closed down for 2% profit. Quick note here is, I am perfectly fine not getting the full % of trade as my target was at least the recent swing tops, and did not want to “choke” the price. I follow my plan with it and am overall satisfied with the result. Miss trade: GBPAUD: my psychological mis-step. Had the bearish bias on all AUD pairs during the time and even though looking back at GBPAUD had great price action, I did not proceed to consider entry with it. Any questions or comments let me know :) thank you
by jojofang0901
8
Closer look at Ascending/Descending structure price action Hello everyone: Let's take a closer look at the Ascending/Descending channel structure in the market. Typical ascending channel will happen at the top of the overall price action, and once the correction is finished, we have a high probability to see the price reverse. Whereas a descending channel structure will form at the bottom of the overall price action, and once correction is complete, we are likely to get a reversal from the bottom. Smaller chances these channels will appear in an impulsive move as a continuation correction, but not as frequently as appear as a reversal correction. These channel correctional structures are forming because there's currently a close number of buyers and sellers in the market that continue to go against each other, hence price isn't in the “impulsive” phrase, rather just in the “correctional” phrase. But, we know from the nature of the market, once the correctional channel completes, we have a high probability of entering the impulsive phrase, and the reversal move is likely to be sharp and fast. The key is to identify these Ascending/Descending channels on the higher time frame analysis, and go down to the lower time frame to confirm the reversal price action. This will allow you to get maximum R:R. You want to find reversal price action on the LTF to give your extra confluence and confirmation that the Ascending/Descending channel is finished correcting, and an impulsive phrase will enter the market. As always, feel free to ask me questions or comments. Thank you
by jojofang0901
12
Weekly Trade Recaps: NZDCAD, EURNZD, AUDCHF December 05 2020Hello everyone: Hope everyone is having a good weekend and is preparing for the next week. I will be starting to do these weekly trade recap videos on a weekly basis starting in 2021 January, and want to hear feedback from everyone in the community on this style of educated information. Let me know what you think of these types of contents and formats :) NZDCAD - Currently running about 5:1 RR, SL at 2:1 profit. Looking for more LTF continuation for possible scale in EURNZD - Currently running about 3.5:1 RR, had a scale in opportunity for the second entry. First entry SL at 1:1 profit, and second trade at BE. AUDCHF - BE trade, still seeing if more downside bearish momentum can happen in next week. So any questions, feedback or comments please let me know, thank you very much. Jojo
by jojofang0901
11
Take a closer look at price action analysis in trading Hi traders: Hope all is doing well. I want to do another quick educational video on price action analysis. Many have asked me to elaborate on this topic, and I thought video is the best way to do so. So basic understanding of price action analysis is that after a strong impulse phrase in the market, we will get a period of consolidation (correction) before the price is likely to resume the direction. This is what we can structures and patterns when the correction begin to form. Understand that when we dont see a correctional structure after a strong impulse, this is usually a sign from the market telling us the price may reverse soon. Its important to fully acknowledge what the market is presenting to us, and if we are seeing different clues from the market, then accept it, and change your analysis's view. As always let me know if you have any questions or comments. Thank you
OANDA:XAUUSDEducation
by jojofang0901
6