Thanks Tom, you make some great suggestions that I will try: I will get rid of the Boxes, and the e-Wave, and only use the EMA's. Immy already told me the same thing. It is a comfortabe look and feel on the chart to have them, because I'm used to it. I'll get unused to it in a bit of time.tombacon89 wrote: 21 Apr 2022, 18:07Hey,kvr1966 wrote: 21 Apr 2022, 08:14 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
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
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.
‘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. And also take the time to look the market as a whole, instead of only 1H+4H. It's indeed a process. First I didn't know what I did't know. Now I'm discovering there's al lot I dont know yet. I do find reading along in discord and journals helps me, I discover a lot there. Doesnt mean I can apply it yet, but in time I will.
I'll add some charts to my trading plan just to have more options to look at. I only have 3 charts now.
At the same time I'm watching the 2 courses, these are great, I take notes ad re -watch some videos.
I find it very inspiring you guys having success, it's very attainable, you guys showcase it.
