Step By Step Method To Finding The Best Entries

[Music] seven years in this business trying my hardest to get to where i got to trading consistently working my balls off [Music] chasing my dreams [Music] and then now sitting here having to uh explain myself as to x y and z i'm gonna record another video for these viewers for these traders i have to explain to them why [Music] or how i took another trade today and it was only 13 pips things should get easy i'm sure [Music] but i've been talking about these donuts every day for so long got me dreaming about them [Music] and now i have to explain to everybody [Music] why i'm putting weight back on again [Music] peer pressure can get to you and i promised myself four years ago when i divorced my ex-wife that i'll never ever have to prove myself or will prove myself to anyone again [Music] you know why because if you know it rocks then that's all that matters forget what everybody else thinks live your life you be happy it was funny though you know the doughnut joke i don't want to continue it but this thing got me thinking about donuts but for today's youtube video i'm gonna um instead of just talk about my 13-pip trade and break it down explain a concept so that they can understand how this is possible yeah well we have to start recording in a minute and then we'll explain what's happening but that was a good doughnut the rest of them oh yeah one no we'll get ready for this youtube video [Music] beautiful cells today over there all right let's get started [Music] whoa guys you've been there the whole time wow did you hear what i was saying oh my gosh look we know it's the truth it's the truth i had a doughnut it was delicious and i'd be honest with you talking about these this donut these donuts has just got me uh got me feeding them and i end up having to have one but anyway look let's get serious let's roll the intro and let's talk about today's lesson all right everybody so welcome back to my youtube channel and today's topic is my 13 pip trade nah jokes aside um i had a very good trade today on pound usd that's the pair that i mainly trade on the one minute time frame is there in the background you've probably seen it on my instagram and um yeah i'll talk about in a minute but i just want to talk about monday monday i finished day four and four so a really good day for me on monday um as i said i risked five percent on the first trade and then i continued to risk x amount on my other trades now um i finished the day 23 up on monday now i'm not saying that it's the wisest thing to do go heavy on your trades but i did and it's my money and i do what i want with my money right as a as a mentor as a somebody who should be saying the example i'm telling you it's not the way to go uh if especially if you're trying to build a small account or just in general compounding your account so don't don't take what i said as uh as something that you should be doing every single day you get the point right tuesday came um i took three trades on tuesday i lost one one two but the one that i lost was a one percent loss so i risked two percent on the trade and then i ended up moving my stop loss to half once i started pushing my direction and i lost one percent on that trade the next trade that i took um i entered the market the market slipped my position and i got in a tad later and it kind of threw me off a little bit so i decided to well no the emotions got involved and i end up closing that trade out so i end up finishing or closing those two trades one lost one win but that win put me back to break even and then my final trade um was another banger both of them both winners would have hit one to three but i never held them and i end up finished a day finishing the day at 1.25 profit so not too bad putting myself up to around 24 and a half percent 25 for the week for the month today came in done the live session with my community went over the pairs was looking at gu saw the break of the structure i'll go over it in a minute and i said look just waiting for price to stay above this level if it stays above i'll be looking for the retest and then i'll be looking for that continuation and yeah bob's your uncle and that one shot to this guy's putting me at fake percent profit for the month feeling really good got a beautiful cushion it's still super super early into the month super early got the rest of this week another three weeks to go it's gonna be a good month but you know just steady slowly but surely just continue building that and building that and building that the end of the year is coming so it's just time to focus put your head down make that squirrel make sure that you've got your plans in place and just do everything it's one step at a time and that is for some that is for sure something that i'm going to be doing as well but anyway let's head over to the screens and let's talk about this trade today [Music] okay hmm let's remove this from the scene now okay so this was a trade that i took today i mean to be honest with you guys it's an absolutely gorgeous just gorgeous gorgeous trade there's nothing more i can say about this trade that that will just make it any more better than it is other than the fact that it's gorgeous i mean the structure of this market as you can clearly see has been pushing up there's just higher highs higher lows higher highs and higher lows we had a key level here in the market one tap two taps three taps and then we finally had a break above structure now after we had this break above structure we're just looking for price to re-test this level and looking for price to continue up now i just want to say this right when you're looking at this and you see price breaking and re-testing structure you don't know that price is going to go up but what you do know is based on past history based on how a trend moves and based on just how the market moves there's a high chance with the confluence that lines up with the uptrend the break of structure and the retest that price will continue to go up now i always say this never take a trade based on one reason always have multiple reasons why you enter a trade and the reason for that is because what we do as traders is just pure numbers probabilities if i take this x amount of time over x amount of time i should get this back and if i'm using the correct risk to raw ratio and risk management then eventually you know it will balance out in my favor the reason why we wait for the eventual event is because guess what we have no control over what's in front of us all we can do is just do what we know we can do let's manage our risk and then take the trades according to our plan now if you want to add more confidence to this because i'm going to be brutally honest with you patterns are just patterns are enough and if you scrutinize me after this for saying patterns are enough and you don't need a multiple confluence then guess what you're a doughnut but the point is the point is uh of this lesson today is to show you how you can use multiple time frames to take advantage of trades like this so what we started off this morning looking at on gu was the structure so the oval structure okay what was identifying you can see the arrows here as well so i'll remove this one because this is one i just drew in and this is what we was looking at this morning when i was going on our live session with my community right we identified that price was doing a couple of things here price was famous to break this structural high in and around 29.92 have a high a retest to that high continuation another beautiful double top pattern that you all should be taking advantage of advantage of when it develops and we have this rally down then we have price coming back into this key level again there's a reaction now look if i'm looking at the structure of this market and i see that this market structure is pushing to the upside i'm looking for buys obviously i'm not going to just buy anywhere i'm going to wait for price to break above this structure to look for that re-test and that continuation or i'm going to look for price to pull back to make a higher low now let's say i picked a level in the market where that higher low potential would have been here multiple wick rejections strong push phase higher high has been made and then look we have a pullback now we was a bit skeptical this morning of looking for continuation buys because we were not sure of how the dollar was going to continue to remain strong after mr t tweeted out whatever he tweeted out and then the market tanked right so what we wanted to see the market do was create true structure which was this red arrow here to pull back to do what it's doing now actually which is absolutely gorgeous i mean this is the one minute time frame and this was the exact level where i mentioned to watch the price to come back the recording's there i can show you if you need to but this morning this is where we said look for price to come back prices come back there look at this chart we have this momentum down now what does this red arrow represent well this red arrow represents what could be a lower high formation what does this red arrow represent this red arrow represents what could be the lower low formation now what we're doing is we're visualizing how the market could change from being bullish to then eventually being bearish now i do apologize for the muppet out there who's using his blower to blow leaves off his drive if you can hear it i do apologize but let's just keep going so now we see that the market has broken this level so what we're expecting was this red arrow to see price pull back to create the lower high and then the continuation down do we know it's going down from this point we don't but can we take advantage of some of these trend movements here absolutely now why did i take a buy we're talking about sellers here but why did i take a buy well think about this guys the market moves in this in these phases we have a push phase an exhaustion a push phase an exhaustion a push phase this is for a downtrend for an uptrend what do we have we have a push phase an exhaustion a push phase an exhaustion and a push phase now how many phases are there there's two phases push exhaustion push exhaustion okay now if the market is in a strong push phase and we reach an area or looks like an area where price could potentially pull back what phase do we then enter before a continuation if this is going to be cell bias say that again if the market is in a strong push phase what is the next phase that we expect the market to print on the screen in front of us if the majority of you say an exhaustion then you're absolutely correct now how do you line up confluence to take a trade well you may say this is counter trend trading but it's really not what we're doing is we're taking advantage of the momentum let's go down to your hourly time frame and what can you see happening here well you can see structure what could be a high a lower high and a potential lower high now if this is a lower high based on the hourly time frame then what should we suspect the market to do in theory a lower high should then develop and print a lower low if the lower low is not formed and then eventually we have a momentum shift which is a break above a key level which is still massively significant on the one hour time frame what can we do at this stage well we can then scale down once you start to see price scaling down what can you do well you can identify a push phase what happens after a push phase will you have a pullback and after a pullback what happens eventually you'll have a higher high what do we see on the 15 minute time frame well we see a trend to the upside so we're looking to take trades as by bias keeping in mind that on the 4h time frame we have a key level in the market where we're expecting the market to come back to for a re-test before a continuation down and that's in and around this level here getting around this level here okay so if i'm looking to take a buy based on all the confluences that i'm building up based on the momentum based on the structure based on the formations and based on the patterns i'm expecting price to get back to my key level now once i have all this information before taking the trade what do i do or scale down to my one minute time frame the timeframe that i plan to enter and all i simply do is i look for oops let's remove this actually once i have all that information from the 4h 1h 30 minute 15 minute 5 minute hourly wherever you want to look for that information what do you do well you come down to your lower time frames you look for key areas in the market where price is failing to break you look for the overall direction of the market that represents what the higher time frames are doing you look for targets where you reckon price will come back to which is on the 4-h timeframe as we mentioned and then what you do you wait for price to create structure that represents momentum which is a break above an area where price creates confirmation so an area in the mark the area in the market where price is re-testing there's a pattern or failing to break below showing strong signs that there's more bullish pressure than there is bearish and then what do you do next you go for your target for mine i had a four and a half bit stop loss and a one to three reward ratio so i'm not going to pull out my order here it was something like this and i was triggered in on this candle here okay this is how i took the trade and then this candle was the one that triggered me and then eventually price just continued to rally up and rally up oh there you go let's take profit and hit my take profit this is incorrect oh yeah obviously it's incorrect because it was a 13 pips tall tape profit 13 and a half bit all right so it was something like this okay so this is how we took the trade and look i mean this lesson may not seem like a lot for some of you because you're like oh yes i understand all that but i'm telling you understanding something and actually applying it in your trading is two different things let me swing back to you applying it is two different things and honestly guys look i know the majority of you out there have the knowledge the knowledge is there for you for free i mean just look at my youtube channel alone if you wanted to learn how to trade and become a consistent and profitable trader then all the information is there for you you have to apply it my point in today's lesson is when you're taking a trade don't take a trade based on one confluence always look for more supporting evidence in my opinion you only really need three confluences to validate taking a trade then what you have to do your job your responsibility is to then go and take that trade 100 times the exact same way without doing anything different if you already have a strategy that works that has a proven track record and can be backed by data then all your job is to do is take those trades be patient so if next the next trade you take don't take it based on one confluence make sure the structure lines up make sure the behavior lines up make sure that the patterns line up and make sure that the trade you're taking gives you the best possible outcome of uh best risk to reward outcome excuse me the best possible risk to reward reward outcome that you can get based on your plan and based on the market and the structure that it's showing you hope you enjoyed that lesson and if you did smash that like button subscribe if you haven't turn on notifications and until next time don't be a donut

Channel: RockzFX Academy

Views: 174,310

Keywords: how to determine forex entry point, how to determine entry and exit points in forex, how to enter a trade, best entry point forex trading, forex entry point indicator, best entry point forex, how to enter a trade in forex, how to enter trade in forex trading, how to enter forex trade, forex when to enter, forex entry confirmation, how to find entry point in forex, entry point forex, forex entry techniques, forex entry point, forex entry point strategy, forex, forex trading

Id: j1i9TnvATsU

Length: 18min 39sec (1119 seconds)

Published: Wed Oct 07 2020