Intro: Today I struggled with my bias and missed a great trade on the GU. At the end of the day (literally) I believe that this is because I am getting my directional bias and trade plan in a muddle.
Thoughts: My trade plan in its simplest term is to buy low and sell high. Low to me is H4/D1 supply and high is H4/D1 demand. Entries are found on the M30 chart, I use HOLP to get long and LOPH to get short, stops are placed at there extreme's and my profit targets are the next level of H4/D1 supply or demand. That's it, this is my strategy.
Recently I have been finding that when price is between H4 supply and demand levels I have no trades so I have added to the Trade Plan that, when price is between H4 levels to trade away from the one that has most recently been touched, this I call directional bias. So if H4 demand was touched last I should be shorting at areas of H4 and M30 supply into H4 demand. But it must be emphasized here that this is only if there are no "Trade Plan" trades available.
Summary: Where I have been going wrong is that I have been starting each day with a bias on "directional bias" trades rather than "Trade Plan" trades which should always be overriding. Each day must start with me simply IDing Long term S&D and planning trades off them and waiting for price to come to them. Should I be lucky enough to get the opportunity to profit from a move into one of these levels I can take it but they should not overwhelm my time or attention which should be spent on focusing on the former. In other words it's not an issue if I can't figure out the DB because it's secondary. As long as I am objectively identifying trades at long term levels I am doing fine.
Here's a video of me focusing a little too much on Secondary Trades rather than Primary Trades on Thursday morning...We can see the process is labored and uncertain.
Thoughts: My trade plan in its simplest term is to buy low and sell high. Low to me is H4/D1 supply and high is H4/D1 demand. Entries are found on the M30 chart, I use HOLP to get long and LOPH to get short, stops are placed at there extreme's and my profit targets are the next level of H4/D1 supply or demand. That's it, this is my strategy.
Recently I have been finding that when price is between H4 supply and demand levels I have no trades so I have added to the Trade Plan that, when price is between H4 levels to trade away from the one that has most recently been touched, this I call directional bias. So if H4 demand was touched last I should be shorting at areas of H4 and M30 supply into H4 demand. But it must be emphasized here that this is only if there are no "Trade Plan" trades available.
Summary: Where I have been going wrong is that I have been starting each day with a bias on "directional bias" trades rather than "Trade Plan" trades which should always be overriding. Each day must start with me simply IDing Long term S&D and planning trades off them and waiting for price to come to them. Should I be lucky enough to get the opportunity to profit from a move into one of these levels I can take it but they should not overwhelm my time or attention which should be spent on focusing on the former. In other words it's not an issue if I can't figure out the DB because it's secondary. As long as I am objectively identifying trades at long term levels I am doing fine.
Here's a video of me focusing a little too much on Secondary Trades rather than Primary Trades on Thursday morning...We can see the process is labored and uncertain.
BAD
Here's a video from Friday morning with focus on Primary Trades over Secondary trades... We can see the process is clear and concise.
GOOD
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ReplyDeleteThanks i like your blog very much , i come back most days to find new posts like this! Good effort. I learnt it
ReplyDeleteforex eur usd
"My trade plan in its simplest term is to buy low and sell high. Low to me is H4/D1 supply and high is H4/D1 demand. Entries are found on the M30 charts"Similarly, my strategy is to sell high and buy low.However, I trade confluence of daily and weekly or daily and monthly.If the three line up, then I have a strong trend.My entry is on 4hour or 1hour charts.
ReplyDeleteBosun
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