Lets start this New Year and New Week of Trading
Today we looked at The DAX30 (German30) and found it to be trending strongly on the Hourly chart but towards a possible end of a trend on that time frame. The Daily chart shows it probably needs a 2-3 candles retrace. But that does not really help me with the time frame I wanted to trade.
Back on to the M1 chart and I found a setup. We talked about it in Skype group and took it. It took longer, Way longer than the usual. If each candle was to be considered as a D1 Chart candle it would have taken almost 8 weeks to complete. i.e. because it took 39 candles. i.e. 39 minutes. The patterns we see on the M1 chart and/or the D1 chart are LITERALLY the same. Its just a matter of "micro and macrocosm".
Here is today's Trade. Long with 10 SL and 2R target point i.e 10x2. 1R = 1 unit of Risk and 2R Profit = 2 Units of Profit. This then becomes a 1:2 RR trade. (risk / reward)
This method that we use gives us 33% winners, 33% break even trades and 33% losing trades. Now this isn't supposed to be always 33% for everything as you may well understand because these are the averages. But it should give you a good fair idea of what this method is capable of. Simply put, you'll grow your account by 6-7R i.e. 7% (@1% risk per trade) and 14% profit per 20 trades. The T20 Principle is a Unique Powerful Technique of AIMS Stress Free Trading.
dax S1 Buy Trade
|I saw a bigger box but I also saw 1. that its London Open and its possible it may breakout 2. Trend was UP|
Target Point Hit: The fun part is that I went to drop my kids off to school. And before you ask why do I drop my kids mid london session, my reply is "this is what I live for".
So because the trade was in, and ATM was set all I had to do was to do nothing. So I did that and went to school. Came back and it had hit my Target Point. Happy Days...
Discipline Score 2/2