Quick 1min scalp on $ETH (all publicly shared in Telegram - not as a sigal, but to show the principles we're learning together do work)
- Shared a trading plan
- Reassessed the Potential Trade, Entry Made
- New Trade Plan Shared
- Trade Managed Per Plan
- Conclusion
☑️Shared a Trading Plan
I thought that we might get an entry at a restest of an recent OB or breaker, as we were hovering on a Market Structure Break.
This didn't eventuate and the plan was invalidated dur to PA and MSB occuring
☑️ Reassessed Potential Trade, Entry Made
After seeing the MSB, I was looking for an entry at a bearish OB, or a breaker for entry
Here we see entry made at a restest of the MSB, which also saw a breaker in place that contributed to resistance
☑️New Trade Plan Shared
After the reassessment, I shared that I had set alerts at each planned TP level per the image below (and also SL to let me know that this trade sucked if it did - you can also give yourself shit as you do this in the alert message when it pings you!)
☑️Trade Managed Per Plan
TP 1 was hit
TP 2 hit
SL to BE
TP 3 hit
Final TP hit, trade closed
☑️Conclusion
I'm sharing this to show that the principles from the course we're studying work, and that you can trade this way...you just need to keep showing up and having a go.
Note: I could have just been lucky on this trade, so you can't be a smart arse about these things!
Thanks as always for your support - so many new audience members across several channels, and I really do appreciate your ongoing kind and lovely comments too.
Cheers guys, have a good weekend, and say hi to your mum for me
🤝🍻
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Here's my 100 weeks of backtested $EURUSD price action from June 15 2020 to 09 May 2022, here's what is covered:
- Occurrence of high & low of the week
- % of high and low of the week per day
- % of Mondays high / low being swept on a given day
Took me a while, hope you enjoy
The high and low of the week
Here we can determine that the low of the week fell 38/100 times on a Mon, while the high of the week was also most likely to form on this day too with 31/100 occurrences
Note that there's during the week, there's more of a spread compared to $BTC
Percentage / Chance wise, you can see that Monday is more likely to be the low of the week by a factor of 5, 2, and 3 compared to a T, W, or Th respectively
Friday is different though.
With the high of the wk, Monday leads, followed by a Thurs, then Friday.
I made a free Price Action course not long ago - I'll share some detailed threads on portions of the course so you don't have to spend hours watching them when trading #Bitcoin & #Altcoins
We'll jump ahead to Module 4 - Ranges & Targets.
Why? Because I loved sharing this one!
What's in a Range?
A range is simply defined by anchoring two points on a chart based on:
A timeframe (daily, weekly, monthly etc)
Market structure
Or a combination of both
The method I use to anchor the range is a Fibonacci Tool, with values set at 1, 0.5, and 0
Range Tool Setup 1/1
1) First Select the 3rd item down on the left hand side menu
Then select "Fib Retracement"
2) Open up the settings of the Fib Retracement Tool, then set up the Fib tool to show the 0, 1, and 0.5 levels
The Trend Continuation fibs - covered in upcoming Module 3
Of course these are originally based on the ICT fibs, but nuanced per the following for #crypto & #bitcoin
- 0.72 entry point
- A negative 0.12 level
- 0.28 level
Why though?
The 0.72 Entry Point:
The reason for this is simple - it's the mid point of the 0.66 and 0.786 levels of the fib, where I've personally found much better entries and setups using this
The negative 0.12 level:
Included in this particular suite of fibs because you're looking for a get in, get out move that simply beats previous market structure.
By entering at the 0.72 level, this -0.12 level yields a 3RR move if the SL is at 1.
I backtested 100 weeks of $BTC #bitcoin price action from June 15 2020 to 09 May 2022, was able to determine the below:
- Occurrence of high & low of the week
- % of high and low of the week per day
- % of Mondays high / low being swept on a given day
8 hrs of research for you:
The high and low of the week
Here we can determine that the low of the week fell 43/100 times on a Mon, while the high of the week was also most likely to form on this day too with 27/100 occurrences
The rest of the days are generally similar, bar Tuesday lows & weekend highs
Percentage / Chance wise, it's obviously a no brainer in the fact that given the sample data of 100 weeks, that the % are simply a given of the numbers above