WillssFXThe YouTuber discusses their conservative trading style and recent trades, experimenting with tighter stops on shorter timeframes. They also talk about a potential upcoming FTMO series and share their process for finding, executing, and closing trades, emphasizing the importance of taking breaks and not burning out.
A Guide to Finding, Executing, and Closing Trades in the Markets
Introduction: Slow Uploads and a Strong Start to the Year
Starting off the video, the speaker acknowledges the recent slow uploads on their channel, but lets viewers know they are back with a strong start to the year in terms of trading. The speaker mentions trading conservatively by entering only two to five trades per week maximum. They disclose their previous week’s performance wherein they entered four trades, and they’re already up one trade for the third week of February, with a three percent gain. The speaker emphasizes not forcing trades and protecting capital.
Future Plans: Turning 18 and FTMO Challenge
The speaker shares their plans for the year, which includes them turning 18 next month and going through the FTMO challenge. They propose doing a series on their channel where they share all their trades, verification, and keep going with the funded account. They intend to show how much they will get from FTMO payouts and how they will use the profits. The speaker asks viewers to smash 500 likes if they want to see an FTMO series next month.
The Importance of Taking Breaks When Trading
Before diving into the analysis, the speaker cautions viewers against trading all day long. Instead, they recommend taking breaks once in a while to prevent burnout. Viewers can go for a walk, do some gym work or engage in other activities to refresh their minds.
Analysis: Start with the Four-Hour Chart
The speaker begins by mentioning the 4-hour chart as their starting point, unlike others who start with the daily or weekly chart. They discuss a 500-pip range that lasted from January 10 to February 3. When they broke out of the range, they saw a significant drop in the price by 50 pips, followed by a reversal.
Analyzing Candlestick Patterns: Zooming In
The speaker gets more in-depth with the analysis by zooming in on candlestick patterns. They drew a Fibonacci retracement line and observed a perfect rejection at the 61.8% level after the price bounced off a support zone. Upon checking the one-hour chart, the speaker noticed a rejection from the same level, leading them to enter a long position.
Going Down to Lower Time Frames: The 10-Minute Chart
The speaker went down to the 10-minute chart and explained how they entered the trade. They noticed some consolidation, which is common in lower time frames, then looked closely and discovered a push up followed by a bullish engulfing pattern. The price was trading above a level they had earlier identified as a support zone, leading to their decision to enter a long position.
Conclusion: A Guide to Finding Winning Trades
In conclusion, the speaker has shared a step-by-step guide to their winning trading strategy. They start by analyzing the four-hour chart, then zoom in on candlestick patterns, and move down to lower time frames. They also emphasize the importance of taking breaks to avoid burnout. Finally, they remind viewers to protect their capital and avoid forcing trades, and they share their plans for an FTMO challenge.
