Hi traders! 👋 Last week was a solid trading week and we’ve got some nice results from the setups I published. It feels like the market has come back alive this week! With a total of 9 trades, I could end the week with a 6.59R profit. Moreover, the best feeling ever is to see my Trade Advisor students make real profits too, well done! 👊
This is my performance overview for August:
First week: +2.82R
Second week: +6R
Third week: +0.57R
This week: +6.59R
This brings the running total for August on a 15.98R profit, with still a few trading days to go. After a couple of months with more moderate profits, it seems that the market is back with us! This goes to show that regardless of summer months, I just trade my plan and that’s it. Imagine skipping August just because of the summer months and missing out on these very nice profits!
Note: If you want to learn how to trade my trading strategy, get my weekly setups + EA and get access to our private group chat, have a look at my Trade Advisor program.
👋 Hi traders! After another week of trading, it’s a wrap! It was quite a challenging week with a trade in USDNOK not working out but a good trade in AUDCHF that resulted in a 2R profit. However, we still managed to come out on top and end the week with a profit. 💪
As we prepare for the new trading week, I want to share a number of setups that are part of the Trade Advisor program. The students actually got 12 setups and this is a selection of 5 of those setups. I hope you find them useful!
If you want to learn everything about the strategy, including how to place stop loss and take profits and how to manage trades, check out the program (which currently has a one-week free trial)! Have a good trading week everyone!
Every weekend, my Trade Advisor students get a list of all of the setups from my personal watchlist for the upcoming week. This week, I’ve sent out 14 setups, spread out over the 1H, 4H and daily timeframes, so there’s something for everyone!
As we go into a new week, I wanted to share some of those setups with you and give you an insight into how I trade. Let’s get started!
As you might know, I’m mainly a reversal trader. I use other strategies as well, but my bread and butter setups revolve around swing trading reversals.
This article is about an entry trigger I often use for my reversal trades. I describe it in my trading plan as pin and drive, which basically means that if I see a pin bar followed by a drive in the opposite direction (a momentum candle, if you wish) AND some additional conditions are fulfilled, I have found that it is often a good trigger to enter a reversal.
But first, let’s make it clear what I mean with a chart:
I know a lot of traders who try to become profitable using a multitude of indicators (or a combination thereof). Hell, it was my strategy for about a full year when I was starting out trading! It didn’t work for me. While indicators are not inherently bad, there’s a good chance that it didn’t work out for you too. If it did, a lot more than the 10% of traders that are said to be profitable in this business would make a killing, but they don’t.
Gradually though, I started to change the way I approached trading and immersed myself in price action trading. By now, price action is my main way of trading and my Trade Advisor students can attest to how effective it is.
But… Price action is a whole other beast.
Different species. Stands apart from all the other technical analysis tools.
And a lot of traders don’t understand how to trade it.
It’s understandable though.
It’s not an indicator in the traditional sense. You can’t read price action in the unambiguous way you can know if the RSI indicator has crossed the 70 mark. It’s the reason beginning traders flock to indicators you can quantify easily. RSI, MACD, Stochastic, ATR. The list could go on. While these indicators have their use, they’re not something I solely base my trading ideas on. Most of them are lagging and just plain not working as a trading strategy.
Believe me, I’ve built trading robots based on about every popular indicator (or combination of indicators) you can find. It’s a trap for beginning traders and every single one of them loses money on it.