Am I entering too early?
Is this a good enough signal to enter this trade?
If you’ve been trading for more than a week, you’ve probably asked yourself these questions multiple times. How do you accurately determine when to enter? While things like trade management, exit strategies and discipline are also big contributing factors towards your performance, picking a good entry point will increase your chances of having a winning trade on your hands.
Hi traders 👊 Trade review time! 🔥
Because I enjoyed sharing my trading review for the first week of the year, I decided I would just do the same this week! 😊 I believe it can help people get some insight into how I trade, how my trade management style is and how a solid trading process and execution can lead to consistently good results.
This post is an excerpt from the weekly Trade Advisor members outlook. I always do a review of the setups I discussed the week before since it’s useful to show my trading style and – more importantly – it’s a good way to keep myself accountable of what I do. Of course, our members got all of these setups a week earlier so they could trade and benefit from the same setups and trades as I did.
Please note that I only review the trades that triggered. All of the setups that didn’t cross the trigger levels I indicate in my outlook, are left out. Additionally, I don’t just review the winning trades. If the trade triggered but then ended up in a loss, I will also list them here.
In this short post, I’d like to review the trades I took last week. I’ll show when I entered, how I managed them and how all of these trades have contributed to my trading performance for last week. Keep on reading to see if I could make a profit 😉
Note: This is an excerpt from the weekly forex outlook I’m publishing for our trade advisor members. Every weekly outlook contains a review of the past week since I like to keep myself accountable. Additionally, it’s helpful for members to exactly see which kinds of trades I took and it shows that the way I trade actually works.
Finally, I don’t just review the winning trades. If the trade triggered but then ended up in a loss, I will also list them here.
Early this week (well, actually while making my watchlist this weekend), I spotted a very nice setup on the USDCHF 4H charts. It had all the characteristics of a solid reversal setup and I was waiting for for my entry criteria to be fulfilled:
As expected, $USDCHF 4H retraced back into previous support-turned-resistance, showing some rejection of this level. Waiting for a solid bearish signal to potentially short this one. #forex#tradingpic.twitter.com/BJqJVV3w5b
— (@smartfxlearning) November 13, 2017
On Tuesday, we got our solid bearish signal! A massive bearish engulfing bar was printed, so once I saw this, I got in. I actually managed to get a slightly better entry than the close of this bearish engulfing candle, but the idea is the same.
For a long time, I have been interested in bitcoin. I’ve been playing around with it since 2013 and I fully believe that the whole cryptocurrency ecosystem is only getting started.
However, I’ve never featured anything related to cryptocurrencies on Smart Forex Learning! The biggest reason for this is that for a long time, I just saw them as a long-term investment holding, not something I’d actively trade. Nevertheless, I kept track of the price charts.
Interest in cryptocurrencies is growing and when I look at the bitcoin chart, it is starting to look like something I would trade. Cleaner charts, (relatively) less crazy spikes. It’s still not what you would call a quiet market, but a fast-moving market like this also provides us with opportunities.
As traders, we create and settle in trading routines. They help us with building good trading practices and let us focus on the process, rather than the outcome. Of course, this is a good thing but often, this also means that we use the same way to look at the charts. We look for the same patterns. We do the same thing over and over again in order to get the right results.
But what if you don’t get the results you want?
Of course, this can have a multitude of reasons: bad risk management, FOMO, no discipline, not cutting losses, etc. Or how about this: maybe the patterns you look for are just not working? Maybe you need a fresh way to look at charts.
By using a different point of view, you might be inspired to find new ways to gain an edge in the market and come out on top. In this article, I want to show 3 ways to flip things around and gain a different perspective on the markets.