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From version 7.1
edited by Drunk Monkey
on 2020-06-28 19:14
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To version 32.1
edited by Drunk Monkey
on 2020-07-06 18:14
Change comment: Uploaded new attachment "Screenshot 2020-07-07 at 02.14.22.png", version {1}

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1 1  {{box cssClass="box floatinginfobox" title="**Quick Links**"}}
2 -{{toc start="2"/}}
2 +{{toc start="2" depth="5" numbered="true"/}}
3 3  {{/box}}
4 4  
5 -== Optimal Trade Entry Primer ==
5 +== {{id name="Primer"/}}Optimal Trade Entry Primer ==
6 6  
7 7  * one of many trading patterns, one of the easiest
8 8  * trading plan needs to be simple:
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14 14  ** how do you manage the trade?
15 15  ** where do you take profits?
16 16  * what make the market predisposed to go higher or lower?
17 -** ​​​​​​​look at HTF (M, W, D, 4h) and look for key levels where price has moved away from in the past
18 -** HTF shows where the big players are most likely going to push things around.
17 +** look at HTF (M, W, D, 4h) and look for key levels where price has moved away from in the past
18 +** HTF shows where the big players are most likely going to push things around.
19 19  ** LTF is too noisy to show this detail.
20 20  * Assuming bullish market, we are looking for where the market wants to trade higher.  OTE is based on buying during the retracements that occur before the further push upwards.
21 21  * The impulse move has to incorporate a break in Market Structure.
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33 33  * First Scaling, or slightly before, represents the place to take initial profits.  It should be a decent return, preferable better than 1:2 risk/reward, but slightly less than 2 (1.5? 1x75?) is also acceptable.
34 34  * Setups on 1h charts better than 5m charts because the pip movements will be larger.
35 35  * Key levels xxx.00, xxx.20, xxx.50, xxx.80, yyy.00
36 +* Place the fibs on the body of the candles
37 +* Market structure - example given:
38 +- monthly view
39 +[[image:Screenshot 2020-06-29 at 03.11.56.png]]
40 +\\- daily view
41 +[[image:Screenshot 2020-06-29 at 03.14.02.png]]
42 +\\- 15m view[[image:Screenshot 2020-06-29 at 03.06.46.png]]
43 +
44 +* Note the following:
45 +** institutional levels
46 +** old monthly high at 1.1720 (1.17137 rounded)
47 +** price runs down until it hits the 20 level (1.1720), rallies and creates a new short term high (old - middle red line, new STH, top red line. It's also called a "market structure break"
48 +** the new STH makes for a more likely trade opportunity. (market maker model) and opens up the chance for an OTE.
49 +** also, a high, with two lower highs on either side makes that high more significant.  when this high is broken, it's a more convincing move than breaking the other shorter term highs, thus giving us the opportunity to find a likely OTE.
50 +** at the fib, we see price rockets away from a STL
51 +
52 +* when old highs/lows are broken, trades will tend to reach back to those old positions (retail calls it "support")
36 36  
37 -== Introduction ==
54 +====== ~[[[top>>doc:]]] ======
38 38  
39 -== Example 1 ==
56 +== {{id name="Intro"/}}Introduction ==
40 40  
41 -== Example 2 ==
58 +* how to annotate the charts to look for specific price patterns
59 +* study for the patterns for a month, and it'll start to become more easily recognizable as you train your brain to recognize it, then see if you can see it live
60 +* the pattern should appear every day, but not necessarily on the same pairs
61 +* daily chart - audusd, 20-apr-2020 contains two down candles, showing orderblock
62 +[[image:Screenshot 2020-06-29 at 04.21.46.png]]
63 +
64 +* the two equal lows in May are sensitive to prices in that order block
65 +[[image:Screenshot 2020-06-29 at 04.23.52.png]]
66 +
67 +* we are primarily looking for reactions to the previous days range. (last visible green candle in the picture above)
68 +* can we determine whether the price is going to be able to break the previous days high or low?
69 +[[image:Screenshot 2020-06-29 at 04.50.28.png]]
70 +We can see that the recent lows pushed slightly into the order block, but returned indicating that prices doesn't currently want to run lower.
71 +
72 +* AUDUSD 5M example[[image:Screenshot 2020-06-29 at 04.58.02.png]]
73 +Mark out the previous days high and low.
74 +\\The black line (6450) represents the closest institutional or key level near the previous days high.  The blue lines above and below are a 10 pip spread.
75 +
76 +* The OTE pattern occurs during the 8:30 to 11:00am NY session.  That's when the major news and reports tends to come out. 
77 +[[image:Screenshot 2020-06-29 at 05.02.49.png||queryString="width=385&height=579" height="579" width="385"]]
78 +The green box represents the 62 to 79% Fib retracement levels in the OTE pattern
79 +
80 +* The Fib box is drawn from the low to high when the previous days high has been broken.
81 +* Trade
82 +** lot size that allows taking the partials (0.04, take a bit off each time? 
83 +** SL will be set below the 100 level.
84 +** Profit taking
85 +*** take at 1st scaling at -0.5 or 15 pips or more
86 +*** take next at -1.0 or 15 pips or more (or slightly before - round down to the nearest 10 level)
87 +*** take a scaling at 100 pips regardless of where you are
88 +*** take next at -1.5
89 +*** take next at -2.0
90 +*** once price moves beyond the 1st scaling, move the SL up (just beyond BE)
91 +*** 2nd scaling - move SL above SL.
92 +*** other scalings - watch the trades, then set SL beyond BE, not to close so there is room for the trade to run.
93 +*** get out by the last scaling
94 +* Fib settings for Trading View:
95 +[[image:Screenshot 2020-06-29 at 05.10.27.png||queryString="width=363&height=533" height="533" width="363"]]
96 +We could also at -1.5 level
97 +
98 +* key things learned
99 +** when to move a stop
100 +** what entry price to look for
101 +** where stop loss should be
102 +** where do you take partials
103 +** what you avoid doing to your revised stops (choking them out)
42 42  
43 -== Example 3 ==
105 +====== ~[[[top>>doc:]]] ======
44 44  
45 -== Example 4 ==
107 +== {{id name="Ex02"/}}Example 2 - USDJPY ==
46 46  
47 -== Example 5 ==
109 +* Daily Chart
110 +[[image:Screenshot 2020-07-07 at 01.38.28.png]]
111 +\\fib drawn from the swing low, to the swing high
112 +
113 +* previous days high (2nd last candle) broke the high from the day before that.  This means we could potentially see a turn, or an expansion to the upside
114 +[[image:Screenshot 2020-07-07 at 01.40.40.png]]
115 +\\Our high is 106.65(7)
116 +
117 +* Dropping into the 5m chart:
118 +[[image:Screenshot 2020-07-07 at 01.43.50.png]]
119 +\\Where do you think the OTE is going to be?  Look before scrolling further.  Remember the magic hours of 08:30 - 11:00 NY time. 
120 +
121 +* Fib added from the previous low at point 1, to the last recent high at point 2
122 +[[image:Screenshot 2020-07-07 at 01.47.47.png]]
48 48  
49 -== Example 6 ==
124 +====== ~[[[top>>doc:]]] ======
50 50  
51 -== Example 7 ==
126 +== {{id name="Ex03"/}}Example 3 ==
52 52  
53 -== Example 8 ==
128 +* example
54 54  
55 -== Example 9 ==
130 +====== ~[[[top>>doc:]]] ======
56 56  
57 -== Example 10 ==
132 +== {{id name="Ex04"/}}Example 4 ==
58 58  
59 -== Example 11 ==
134 +* example
60 60  
61 -== Example 12 ==
136 +====== ~[[[top>>doc:]]] ======
62 62  
63 -== Example 13 ==
138 +== {{id name="Ex05"/}}Example 5 ==
64 64  
65 -== Example 14 ==
140 +* example
66 66  
67 -== Example 15 ==
142 +====== ~[[[top>>doc:]]] ======
68 68  
69 -== Example 16 ==
144 +== {{id name="Ex06"/}}Example 6 ==
70 70  
71 -== Example 17 ==
146 +* example
72 72  
73 -== Example 18 ==
148 +====== ~[[[top>>doc:]]] ======
74 74  
75 -== Example 19 ==
150 +== {{id name="Ex07"/}}Example 7 ==
76 76  
77 -== Example 20 ==
152 +* example
78 78  
79 -
154 +====== ~[[[top>>doc:]]] ======
155 +
156 +== {{id name="Ex08"/}}Example 8 ==
157 +
158 +* example
159 +
160 +====== ~[[[top>>doc:]]] ======
161 +
162 +== {{id name="Ex09"/}}Example 9 ==
163 +
164 +* example
165 +
166 +====== ~[[[top>>doc:]]] ======
167 +
168 +== {{id name="Ex10"/}}Example 10 ==
169 +
170 +* example
171 +
172 +====== ~[[[top>>doc:]]] ======
173 +
174 +== {{id name="Ex11"/}}Example 11 ==
175 +
176 +* example
177 +
178 +====== ~[[[top>>doc:]]] ======
179 +
180 +== {{id name="Ex12"/}}Example 12 ==
181 +
182 +* example
183 +
184 +====== ~[[[top>>doc:]]] ======
185 +
186 +== {{id name="Ex13"/}}Example 13 ==
187 +
188 +* example
189 +
190 +====== ~[[[top>>doc:]]] ======
191 +
192 +== {{id name="Ex14"/}}Example 14 ==
193 +
194 +* example
195 +
196 +====== ~[[[top>>doc:]]] ======
197 +
198 +== {{id name="Ex15"/}}Example 15 ==
199 +
200 +* example
201 +
202 +====== ~[[[top>>doc:]]] ======
203 +
204 +== {{id name="Ex16"/}}Example 16 ==
205 +
206 +* example
207 +
208 +====== ~[[[top>>doc:]]] ======
209 +
210 +== {{id name="Ex17"/}}Example 17 ==
211 +
212 +* example
213 +
214 +====== ~[[[top>>doc:]]] ======
215 +
216 +== {{id name="Ex18"/}}Example 18 ==
217 +
218 +* example
219 +
220 +====== ~[[[top>>doc:]]] ======
221 +
222 +== {{id name="Ex19"/}}Example 19 ==
223 +
224 +* example
225 +
226 +====== ~[[[top>>doc:]]] ======
227 +
228 +== {{id name="Ex20"/}}Example 20 ==
229 +
230 +* example
231 +
232 +====== ~[[[top>>doc:]]] ======
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