https://www.tradingview.com/x/nQ33BOwo/
My past few GBPCHF trades have been in loss.
What have I learned?
1) my risk reward is no longer garbage
-I am limiting myself to trading only once per day with a max size of 0.02 a day. I am not allowed to place any more live trades after this. Meaning I have an actual strategy when I lose. Before I did not have a plan for losing and thus got myself into endless entries with 0.01 eventually leading to a deteriorating account. Now I am actually able to participate in the market for extended periods of time.
2) better understanding of key price levels
-With the AstroFlip I can more easily identify price levels that are actually relevant to overall market movement. Before I would look first at historical price action and try to filter out the various price levels as I zoomed in from the Monthly eventually leading to the 30 min. This takes a lot of time and actually I think distracts the individual from the price levels that are CURRENTLY relevant to the currency pair.
3) more easily can intuit momentum direction
-The AstroFlip also allows me to see the market in an alternative perspective, giving me insight on a potential movement in a structure that I simply could not see on the normal time frame. The lack of colors I must add does allow me to focus more on each individual candle because in the past I would glaze over candlesticks and wicks.
What do I need to improve on?
* Changing my mind-----important: sequential trade must be due to price hitting limit/sell order not due to manual entry
-My last trade would have been a perfect entry had I been bullish and not bearish as my bias. In the past even when my bias was incorrect, the actual entry was not that good to begin with. Had I even the correct bias odds are I would have been stopped out regardless due to poor placement. My last trade would have actually been in draw down but a few pips had I the correct bias. I would like to add this does not mean "I wish I had the correct bias the first time". Rather, it simply means after getting stopped out I should have a limit or stop order with the opposite bias. The reason why this is now a valid solution unlike in the past is because no matter whether the trade is a buy or a sell, whatever direction price action moves will be tremendous. So even if the first trade hits my SL the next trade is guaranteed to be filled assuming 20-30 pip SL with a minimum of 1:2 risk reward ratio. This is because overall movement will average 70-120 pips.
* Having Patience
-My initial bias was bullish but I had changed my mind due to consolidating price level movement. One should always be patient during price consolidation. This is key for the sniper approach. I would not even had needed to change my mind had I been patient all along. One should only change their mind if the sequential trade is due to hitting a limit/sell order. If a trade hits SL on day x and you do not put in another trade until the next day, then you should be patient and see where the market is at instead of letting the past taint your current view. The past may indeed be relevant, but in the end of the day present moment price action and price levels are of primary focus.
My past few GBPCHF trades have been in loss.
What have I learned?
1) my risk reward is no longer garbage
-I am limiting myself to trading only once per day with a max size of 0.02 a day. I am not allowed to place any more live trades after this. Meaning I have an actual strategy when I lose. Before I did not have a plan for losing and thus got myself into endless entries with 0.01 eventually leading to a deteriorating account. Now I am actually able to participate in the market for extended periods of time.
2) better understanding of key price levels
-With the AstroFlip I can more easily identify price levels that are actually relevant to overall market movement. Before I would look first at historical price action and try to filter out the various price levels as I zoomed in from the Monthly eventually leading to the 30 min. This takes a lot of time and actually I think distracts the individual from the price levels that are CURRENTLY relevant to the currency pair.
3) more easily can intuit momentum direction
-The AstroFlip also allows me to see the market in an alternative perspective, giving me insight on a potential movement in a structure that I simply could not see on the normal time frame. The lack of colors I must add does allow me to focus more on each individual candle because in the past I would glaze over candlesticks and wicks.
What do I need to improve on?
* Changing my mind-----important: sequential trade must be due to price hitting limit/sell order not due to manual entry
-My last trade would have been a perfect entry had I been bullish and not bearish as my bias. In the past even when my bias was incorrect, the actual entry was not that good to begin with. Had I even the correct bias odds are I would have been stopped out regardless due to poor placement. My last trade would have actually been in draw down but a few pips had I the correct bias. I would like to add this does not mean "I wish I had the correct bias the first time". Rather, it simply means after getting stopped out I should have a limit or stop order with the opposite bias. The reason why this is now a valid solution unlike in the past is because no matter whether the trade is a buy or a sell, whatever direction price action moves will be tremendous. So even if the first trade hits my SL the next trade is guaranteed to be filled assuming 20-30 pip SL with a minimum of 1:2 risk reward ratio. This is because overall movement will average 70-120 pips.
* Having Patience
-My initial bias was bullish but I had changed my mind due to consolidating price level movement. One should always be patient during price consolidation. This is key for the sniper approach. I would not even had needed to change my mind had I been patient all along. One should only change their mind if the sequential trade is due to hitting a limit/sell order. If a trade hits SL on day x and you do not put in another trade until the next day, then you should be patient and see where the market is at instead of letting the past taint your current view. The past may indeed be relevant, but in the end of the day present moment price action and price levels are of primary focus.
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