Some of you may skip this, but it’s very important. For those who do, save it. Last time we spoke about the right mindset. Today we will talk about the power of pre-planned analysis. The power of pre-planned analysis? What is this and why is it important?
Creating a pre-planned analysis is a crucial step towards becoming a consistent trader. Why? Simple. Before you put together a piece of furniture from IKEA, you have the guide on how to put it together right? Consider a pre-planned analysis as that guide. With marked key levels, important prices and uptrends/downtrends marked, you have a pretty good guide to put together a nice trade.
How many times have you as a trader entered a trade on LTF (Lower Time Frame) and then wondered why the trade is going against you? It looks bearish! It should go down! But it hits your stop loss.
The truth is, you don’t have a long-term pre-planned analysis. You are lost. You are guessing, as much as you don’t want to admit it. Then the comments such as “market is being manipulated”, ah gold is “SL hunting”. No. You are not prepared.
Majority of the time, you think you are right but you are missing the bigger picture. And losing causes stress. Stress causes more losing or even worse, blown accounts.
To avoid being in the dark, and making these mistakes, having a pre-planned analysis is crucial.
Did you notice anything? Did you see how we prepared for all outcomes? What did gold do? It broke from 2666 all the way up to 2690. After that we already anticipated sells or pullbacks back down to 2666 where we hopped into buys. Riding those buys we gained over +500 pips once gold reached 2714.
THE POWER OF PRE-PLANNED ANALYSIS.
While majority of people were lost, asking why gold is moving as it was, everyone calling the tops, talking about ceasefire.. nothing stopped gold. And it was all shared in the pre-planned analysis.
I am giving you a challenge. Create a long-term analysis. Share it. Follow it and see what happens. See where you made mistakes, how certain key levels affect the price. Come back after a while and share your progress.
USDJPY I don’t rush trades. When I move, I’ll make sure we took 100+ pips in the bag🔥 That’s the difference between me and the rest, you guys can see it right🤣🤣
USDJPY looking v good for longs, provided there is a HH above 156.500. Normally I wouldn't take a trade at this time or a Friday, however with Trump coming into the WH, it is likely to make the dollar surge and at present the JPY is showing weakness which is shown by a dip in the JPX tradingview.com/x/MrBbcyRu/
USDJPY Accumulation during the Asian session, followed by manipulation in the last 4-hour candle. Seems like we are finally entering the distribution phase just in time for the inauguration on monday!
USDJPY I took a short position entry was slightly early and stop loss pretty wide price is currently trading below VWAP on the M5 and failing to break and close above - going to leave this open and take my SL or 1:1 given the conditions.