Doing 100 Pip on Monday – The Charter
Hello again for another weekly example trade, let’s start with the how i got the idea where to enter and why to enter.
First of all i shared this chart on Monday and my plan for the week was entering long on GBPUSD and waiting DXY to stay still or weak. These were the initial thoughts for me. After getting the bias right which is very important, i look for possible retrace areas before another pump. I saw the 1 HR GAP below as a retrace area and because of my bias and HTF analysis i know it will get rejected strongly and will lead another pump. I layered my orders as visible till the GAP. I layer my orders because if you try to catch the move to the pip you really have a long way to go and likely to miss a lot of them just to get 1 right. Instead, im preferring buying Weekly Open and layer down to my aim and as my order goes closer to target it gets bigger as well.
As an example, you can see that i bought 5 Lots on Weekly Open, 10 for lover and 15 for lowest target that i have for entering a trade. By doing that i reduce the risk for biggest position by entering closer to my Stop Loss and gaining most profit from it by entering lower and exiting higher.
It is as important as knowing the direction of a trade. This will improve your efficiency while making trades.
Speaking of HTF, my aim was obvious which is 4HR Rejection Block above the last week’s high. I didn’t aim for that even though im sure of it because nearest liquidity will be ran first which is the Old Highs and it is very likely to retrace after it ran a level of stops. If you are following my all posts, there is a good example for that as well. So, i targeted old lows and as you can see trade paid off perfectly as expected.
Finally, my HTF target reached as expected after a retrace for the week.
Video is shared on Monday but im still attaching it for the proof.
https://thecharter.pro
Published at Fri, 13 Sep 2019 09:55:24 +0000
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