Minsk T20 - Banana D1

[Minsk]

Here will be the journal of the Banana trades on the Daily timeframe.
Trading Plan is very short. This will be a work in progress as I probably need to put things in I havent thought of now.
 
 
 
 

[Minsk]

I'm moving house again this week, so I probably won't get any trades this week.
Last move before we can go to the new, yet to be build, house in 2024 Q1.


Education:

increase profits.png

 

[Minsk]

First trade on daily timeframe. 
Let's see what comes out of it. 

Update 4-10-2022:  SL got hit. 

[Minsk]

 When  take signals that are visually going against the H1 Trend? 

Let's look at example on Dax that happened on the 10th of Aug 2022. 

Slide 6.png

 

Slide 7.png

 Conclusion and Rules

1. It must have a CLEAN and Clear Banana Pattern 
2. It must have either broken out of a contracting channel / Wedge or a Breakout of a TTR. 
and lastly and more importantly.
3. The trend on the D1 must be clear. We will take a trend change or reversal in the direction of the D1 trend. 

[Minsk]

 

BFC3.png

 

Correct Banana Pattern.png

 

[Minsk]

Trade on H4.

Is there a signal?
yes, Banana #2

Is there a breakout or a trend?
Break of level downwards, and trend is down too.

Is there a correct Banana Pattern?
In hindsight I could debate about that. I saw it as TTTPP. But looking back I can also see TTRPP. 

Is the range of signal candle correct (1ATR)?
Todays ATR is 264 pips. Signal candle is 42 pips. So 3R (TP target) would be within ATR range.

Is entry clear of levels to the left?
Yes, clear of levels. 


Discipline Score = DS1
Running DS = 2/2 =100% 
 
UPDATE: SL got hit at BE. 
 
 

[Minsk]

NZD-JPY on D1.

Banana Flowchart question:

Is there a signal?
yes, a seed, 56.10 pips

Is there a breakout or a trend?
Trend within wide trading range.
Look at Immy's comment below. This can't be, it's a range or it's a trend. So a DS0 for trading in a range and not in a trend.

Is there a correct Banana pattern?
TTP

Is the range of signal candle correct (1xATR)?
yes is ok. ATR is 142, signal is 56.10 pips

Is entry clear of levels to left?
Trade is within wide trading range. So there are levels, but these are far enough away. Although I will keep a close eye on it as direction can change before the range levels.

UPDATE: SL got hit at BE

 
 
 

[immy]

Correction: 

"Trend Within Wider Trading Range"

Trends Don't exist on the same time frame that is classed as Trading Range. 

A Breakout is the "break" of the outer walls of the trading range. A Trading range is a fortress, a walled city within which the price remains until it breaks the barriers (support or resistance levels). 

A Breakout is not a breakout if its still inside the Trading Range

A trend is not a trend if its inside a trading range. It may be a trend on a lower time frame though. 

This is a trade inside a Tall/Wide trading range on a breakout of a box. Not a trend trade. Expect choppiness and price turning around quickly and sharply when these levels exist. 

e.g. my Long trade on EUR/USD H1 on the 20th of Oct. It was inside a tall/wide trading range and i was aware of it so I had to move SL to BE at +1R. And i got 1R . 
 

[Minsk]

Correction: 

"Trend Within Wider Trading Range"

Trends Don't exist on the same time frame that is classed as Trading Range. 

A Breakout is the "break" of the outer walls of the trading range. A Trading range is a fortress, a walled city within which the price remains until it breaks the barriers (support or resistance levels). 

A Breakout is not a breakout if its still inside the Trading Range

A trend is not a trend if its inside a trading range. It may be a trend on a lower time frame though. 

This is a trade inside a Tall/Wide trading range on a breakout of a box. Not a trend trade. Expect choppiness and price turning around quickly and sharply when these levels exist. 

e.g. my Long trade on EUR/USD H1 on the 20th of Oct. It was inside a tall/wide trading range and i was aware of it so I had to move SL to BE at +1R. And i got 1R . 
 

 

thanks for these corrections, When you say it like this it makes sense.
And also for pointing out that if you trade in range be aware and manage your trade. For me it's a DS0 as I need a trend and not a inside range trade

[immy]

Correction: 

"Trend Within Wider Trading Range"

Trends Don't exist on the same time frame that is classed as Trading Range. 

A Breakout is the "break" of the outer walls of the trading range. A Trading range is a fortress, a walled city within which the price remains until it breaks the barriers (support or resistance levels). 

A Breakout is not a breakout if its still inside the Trading Range

A trend is not a trend if its inside a trading range. It may be a trend on a lower time frame though. 

This is a trade inside a Tall/Wide trading range on a breakout of a box. Not a trend trade. Expect choppiness and price turning around quickly and sharply when these levels exist. 

e.g. my Long trade on EUR/USD H1 on the 20th of Oct. It was inside a tall/wide trading range and i was aware of it so I had to move SL to BE at +1R. And i got 1R . 
 


 

thanks for these corrections, When you say it like this it makes sense.
And also for pointing out that if you trade in range be aware and manage your trade. For me it's a DS0 as I need a trend and not a inside range trade

 

Yes, 

The rules of play are different for trading ranges. When you trade inside a trading range, you have to target previous levels for profit. Those can work too but its a different type of game play. 

cheers