Minsk T20 - Banana 1H

[Minsk]

Here is the Trading Plan. 
 

[Minsk]

Monday 11-4-2022

I only have 3 charts to look at, USD-JPY, EUR-USD and GBP-USD.
No trade today. I tried to get in on 06:00 seed signal on USD-JPY, but I was just a tad too late, so it didn't get filled. 

 
 

[Minsk]

I updated my Trading Plan. Some things need highlighting. Updates are  in Blue.

[Minsk]

Batch 3 - T20
12-4-2022
Banana 1H
EUR-USD SHORT

Questions:

The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a  breakout of the trading range, and that creates a new lower low. 

Imi: this is still in Trading Range. Yes there was a new low, but look at the bigger picture.
I added pink boxes now to show the Trading Range. I traded in the middel of a Trading Range. 
 

2 - Is there a good pullback?
Yes. This seed is the 1st pullback. Compared to the impulse candle, the pullback candle is smaller. Ideally we'd want more pullback candles. It's a seed signal that I missed. So I put a Limit Sell order in on the seed candle, and hoped it would get filled. Right now it's at 2nd pullback.

3 - Is the impulse move too climactic?
No, this looks like good impuls.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback 

6 - Is there an S/R zone near entry level?
Not within 20 candles to the left. 

But look at the bigger picture!!! Zoom out until you can establish Trend or Trading range.

7 - What is the market phase on the current and higher time frame?
Current: downtrend.  
HTF: 4H downtrend.

Target = 3R. 

Limit Sell order got hit, and I'm waiting on either SL gets hit, or price closes below 1R and I can move SL to BE.

UPDATED:  Price went up with the news at 14:30 and hit SL. No chance to put it at BE as no candle closed below 1R. Position has been in profit, but I need to trade the plan. And pay learning money when I make mistakes. Updated the image as well with final result.

DS0
total DS: 2/3 = 0.67

Reminder to myself: Watch this video, as many times as neededviewtopic.php?t=2382
 

[Minsk]

Batch 3 - T20
13-4-2022
Banana 1H
EUR-USD SHORT

Questions:

The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a  breakout downwards out of the trading range, and that creates a new lower low. 
I made sure it was out of the Trading Range.

2 - Is there a good pullback?
Yes. This is the 1st pullback. Compared to the impulse candle, the pullback candle is small, it creates Banana #1. Ideally we'd want more pullback candles. There is a large wick down before the signal candle, so that's why I thought this is a valid banana #1.

3 - Is the impulse move too climactic?
No, this looks like good impuls.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback 

6 - Is there an S/R zone near entry level?
It just broke the Trading Range downwards, there is nothing  to the left now. 

7 - What is the market phase on the current and higher time frame?
Current: downtrend.  
HTF: 4H downtrend.

Target = 3R. 
SL got hit.
I haven't got a clue why my target didn't get hit. That big black bar was below 3R, so I'd expect to get ut with 3R here. What has happened?

DS1
total DS: 3/4 = 0.75
 

[Minsk]

Copied from Discord:
the setup we look for 3 impuls + 2 seeds
 
 

[immy]

Batch 3 - T20
13-4-2022
Banana 1H
EUR-USD SHORT

Questions:

The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a  breakout downwards out of the trading range, and that creates a new lower low. 
I made sure it was out of the Trading Range.

2 - Is there a good pullback?
Yes. This is the 1st pullback. Compared to the impulse candle, the pullback candle is small, it creates Banana #1. Ideally we'd want more pullback candles. There is a large wick down before the signal candle, so that's why I thought this is a valid banana #1.

3 - Is the impulse move too climactic?
No, this looks like good impuls.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback 

6 - Is there an S/R zone near entry level?
It just broke the Trading Range downwards, there is nothing  to the left now. 

7 - What is the market phase on the current and higher time frame?
Current: downtrend.  
HTF: 4H downtrend.

Target = 3R. 
SL got hit.
I haven't got a clue why my target didn't get hit. That big black bar was below 3R, so I'd expect to get ut with 3R here. What has happened?

DS1
total DS: 3/4 = 0.75
 

 

Hi

This is probably because you are unaware of the SPREAD HOURS. 

Probably you have taken the trade during the SPREAD HOURS. When the market closes the spread goes higher. It will either hit your SL or if it goes near the target point it won't exit you since the spread is 10 pips.

We DO NOT take trades 1hr before and after the close. Basically nothing an hour before NY close until Tokyo Open which is 2hrs later. 

The Close, i.e NY 5 pm 22.00 GMT, 10 pm UK, the banks empty / close their trades and shift their positions to the next open bank. NY close and hand it over to Tokyo. They don't want their positions open on their side, the next side takes over. They don't want any fluctuations so they increase the spread to silly levels so nobody transacts at those times. They start again. so for that reason 1 hr each side spread starts to go up and so we stay away from those hours.

cheers 

 

[Minsk]

Batch 3 - T20
13-4-2022
Banana 1H
EUR-USD SHORT

Questions:

The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a  breakout downwards out of the trading range, and that creates a new lower low. 
I made sure it was out of the Trading Range.

2 - Is there a good pullback?
Yes. This is the 1st pullback. Compared to the impulse candle, the pullback candle is small, it creates Banana #1. Ideally we'd want more pullback candles. There is a large wick down before the signal candle, so that's why I thought this is a valid banana #1.

3 - Is the impulse move too climactic?
No, this looks like good impuls.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback 

6 - Is there an S/R zone near entry level?
It just broke the Trading Range downwards, there is nothing  to the left now. 

7 - What is the market phase on the current and higher time frame?
Current: downtrend.  
HTF: 4H downtrend.

Target = 3R. 
SL got hit.
I haven't got a clue why my target didn't get hit. That big black bar was below 3R, so I'd expect to get ut with 3R here. What has happened?

DS1
total DS: 3/4 = 0.75
 


 

Hi

This is probably because you are unaware of the SPREAD HOURS. 

Probably you have taken the trade during the SPREAD HOURS. When the market closes the spread goes higher. It will either hit your SL or if it goes near the target point it won't exit you since the spread is 10 pips.

We DO NOT take trades 1hr before and after the close. Basically nothing an hour before NY close until Tokyo Open which is 2hrs later. 

The Close, i.e NY 5 pm 22.00 GMT, 10 pm UK, the banks empty / close their trades and shift their positions to the next open bank. NY close and hand it over to Tokyo. They don't want their positions open on their side, the next side takes over. They don't want any fluctuations so they increase the spread to silly levels so nobody transacts at those times. They start again. so for that reason 1 hr each side spread starts to go up and so we stay away from those hours.

cheers 

 

 

Thank you, another lesson learned. 
 

[Minsk]

Batch 3 - T25
19-4-2022
Banana 1H
BTC-USD LONG

Questions:

The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a  breakout downwards out of the trading range, and that creates a new lower low. 

2 - Is there a good pullback?
Yes. This is the 1st pullback. Compared to the impulse candles, the pullback candles aresmall, it creates Banana #2. Ideally we'd want more pullback candles. There is a large wick down before the signal candle, so that's why I thought this is a valid banana #1.

3 - Is the impulse move too climactic?
No, this looks like good impuls, for BTC this is not too impulsive.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback 

6 - Is there an S/R zone near entry level?
It just broke the Trading Range upwards, there is nothing  to the left now within 20 candles. 

7 - What is the market phase on the current and higher time frame?
Current: uptrend.  
HTF: 4H uptrend.

Target = 3R. 

This took a lot of patience, as of course bitcorn went into another trading range again. I was glad it did eventually move up and hit 3R. It also could have moved down again back to the range it broke out from. 

It's a bit sad I need to give this one a DS0, but I forgot I wouldn't look at crypto either, hard to break a habit. I would just looks at 3 FX pairs.

DS0
total DS: 3/5 = 0.6

[tombacon89]

Batch 3 - T25
19-4-2022
Banana 1H
BTC-USD LONG

Questions:

The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a  breakout downwards out of the trading range, and that creates a new lower low. 

2 - Is there a good pullback?
Yes. This is the 1st pullback. Compared to the impulse candles, the pullback candles aresmall, it creates Banana #2. Ideally we'd want more pullback candles. There is a large wick down before the signal candle, so that's why I thought this is a valid banana #1.

3 - Is the impulse move too climactic?
No, this looks like good impuls, for BTC this is not too impulsive.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback 

6 - Is there an S/R zone near entry level?
It just broke the Trading Range upwards, there is nothing  to the left now within 20 candles. 

7 - What is the market phase on the current and higher time frame?
Current: uptrend.  
HTF: 4H uptrend.

Target = 3R. 

This took a lot of patience, as of course bitcorn went into another trading range again. I was glad it did eventually move up and hit 3R. It also could have moved down again back to the range it broke out from. 

It's a bit sad I need to give this one a DS0, but I forgot I wouldn't look at crypto either, hard to break a habit. I would just looks at 3 FX pairs.

DS0
total DS: 3/5 = 0.6



 

Hey,

Keep going. Keep the journal going! It’s the only way… imho. 


rule 7. Market phase. ‘Uptrend’

Try add a bit more meat to the bones, if you can ‘uptrend’ could be a number of things. It may be pulling back on one time frame, but ranging on the one lower, or in a channel etc. 

what I find, and was discussed in discord today with immy. The top down pre session analysis works wonders. It’s not just the hourly chart your/we trade; it’s the whole market. We just choose to execute our trades on one timeframe within that market. 

when I look at your charts with the box, I actually find it distracts me from the market cycle analysis stuff. The box gives you the fractal highs and lows, but, I am pretty confident you know how to count a new high and low. If your not ready to ditch the box, maybe try having the exact same chart side by side but one eWaves box gator etc and the other naked chart with the emas only. On the naked chart, manually draw your range highs and  lows, and breakout phases. It may help? Also, it may not but it’s worth trying the process of drawing them gets you thinking about the market cycle more. It ‘should ‘ look clearer. 

you may find you trade less, but you may also find your confidence and conviction eventually in the ones you take is tenfold. 

It took me probably 70 trades to start thinking that way, and it did trip me up a little bit but it’s part of the process of understanding things deeper. so don’t worry if it’s too much too soon or you don’t quite get it. You may not have got to those videos yet on the course or previous learning material, in which case you don’t know what I’m talking about. That’s also fine lol you will soon see the videos

I am still learning this too… I’m no guru. 

also, it’s ok to focus on one rule at a time and understand the meaning behind each rule. You’ll probably find you will break a rule a few times and that will trigger your desire to learn more about that rule. It works that way for me. That’s also ok. You won’t know unless you question yourself, review your trades a while after the event and keep your journal. 

I re-wrote the rule set in my terms/phrase into my trading plan, with bullet points of what to look for or avoid for each rule. It helped me digest the ‘theory’ behind the rules, of course, putting them into practice is different altogether.