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Trading EURUSD | Judas Swing Strategy 08/10/2024Traders become enthusiastic with the start of a new week, as it presents an opportunity to capitalize on the market's offerings, and we were hopeful of entering into profitable trades this week. We arrived at our desks at 08:25 EST, energized and prepared to trade. With five minutes remaining before our trading session begins, we prepared by delineating our trading zones. After defining our zones, we wait for price to sweep the high or low of the trading zone, as this will help us establish a bias for the trading session. After five minutes, a sweep of the trading zone's low occurred, indicating that we should look for buying opportunities during this trading session. Shortly after the low sweep, we observed a Break of Structure (BOS) to the buy side, leaving behind a Fair Value Gap (FVG). This means that all that remains before we can initiate a trade is to wait for the price to retrace back into the FVG. Once the next candle enters the Fair Value Gap (FVG), we can initiate the trade after the candle closes. We should verify that the entry price and low of the price leg that broke structure is at least 10 pips. If it's not, we'll set our stop loss at 10 pips and place our Take Profit (TP) at twice that amount. To minimize emotional attachment to trades, we risk only 1% of our trading account and target a return of twice that amount if the trade moves in our favor. After a short while, we reviewed our position and discovered we were in a drawdown, which was acceptable to us since we had only risked what we were prepared to lose. Subsequently, we received an alert indicating that our position had reached our stop loss. It's crucial to understand that incurring losses is a normal part of trading, particularly when you have data supporting your strategy's long-term profitability. The best course of action is to learn from these losses to improve your trading skills.
by CleoFinance
WIFUSDT perpetual may go downside!WIFUSDT perpetual may go downside from BEARISH ORDER BLOCK There is a bearish order block between 2.4984 and 2.4028 . The selling pressure may apply on that area. so we may see the price come down. lets see what happen. I have analyzed the charts using Advanced price action theory SMART MONEY CONCEPTS . My analysis suggests open the position at order block around 2.4028 Entry point :- 2.4028 Take Profit :- 2.1637 Stop loss :- 2.6379
Short
by PraveenTrader1
6
NVDA price bounced exactly at the green zone, around 115.25. WOWThe price bounced exactly at the green zone, around 115.25. WOW, do you remember my analysis of Nvidia from last week? I can't even believe it myself; it was incredibly accurate! Every time I apply price behavior with price action, I always remember the words of my mentor, Al Brooks. He told me: "Just remember, Mike, price action is ALWAYS RIGHT." I believe that it's the trader who makes mistakes, not the price action, because it will always be on the correct side. That’s why I always recommend drawing trend lines, channels, and minimizing the use of indicators that might make you see something different. This way, you'll be more accurate in your decision when executing an order. Going back to Nvidia... There’s something about the last candle that has me a bit uneasy. This can be very misleading because the price HASN’T BROKEN THE CHANNEL YET! The advantage we have here is that the last candle shows a buying pressure wick, but it hasn’t fully broken out of the channel or shown volume yet. However, I still believe that Nvidia will likely break out at any moment because it bounced off my green zone, as we said in the previous analysis (well before), and it didn’t even reach the #4 sequence, which would have been at the channel’s support. Now, we just need to wait for a breakout confirmation. But what will happen after it breaks out? We’re looking for an N3 pattern. An N3 pattern involves three movements: #1 Breakout and New High #2 Pullback and Rebound #3 New Extreme That simple. Will it happen? No one knows for sure. The next step is the breakout, and after that, we let the price do what it needs to do so we can position ourselves for the next move. Stay very alert this week! Best regards, and thank you for supporting my analysis.
NASDAQ:NVDALong
by RocketMike111