Why You Should Follow The Market Instead Of Your Forecasting

Hello, guys, this is Shubham Tamraka, welcome to the #Traderlifestyle, in I hope you will be fine and doing well in your trading, first of all, I want to thank you all for the sharing my last blog and giving a tremendous view on it if you dont read yet must-read
so let's talk about today's blog which is about "why you should follow the market instead of your forecasting " this is one of the best things which I have learned in this first half the July so I thought I should share with you, so this Is the mistake which I was doing from very long time but realize in this month and this pains me a lot, I dont know how many trades I was missed because I want to trade it from my advance entry which I was decided before t price reached there, so in this blog, I am going to share with you my last which I missed trading because of I did not get the entry which I was forecasted before.

look at the above image carefully this is the chart of the EUR\JPY, so first of all, I want to share with you a trade analysis so in the longer time frame the structure of the EUR\JPY looking very bulling but when I turned into the small time frame I get the THREE more structure which is the DOUBLE TOP, ASCENDING CHANNEL AND THE RAISING WEDGE STRUCTURE, so as the theory behind the double top structure is, when the price does not break the double to structure there is the 90% probability that the price will move down and the theory behind the ascending channel structure is the that when it made in a bullish phase it is making a higher highest and lower lows structure and the theory behind the raising wedge structure is , actually it is the continuation structure but it made very near to the resistance level it work as the indication of the reversal.

so all the three structures which I found gave me an indication that the price will move down and actually this happens the price moved down also give me a full targe but I couldn't capitalize on it. because I was waiting for my forecasted price, my best price to initiate the trade.

look the closer chart, the price was making the rising wedge structure and I want to initiate a trade when the price touches the double top, so you understand what the mistake I was doing I am waiting for the price which is not realistic because it is decided by me, so this is the biggest thing I learn in this month and from today I have started to correct my this fault correction.

loosk how the price braked the raising wedge structure and, how I missed this trade so I hope you understand what I want to show you that forecasting is the good thing it gives you a slight view of what can happen. but you should have to be more focused on the market structure instead of forecasted, so that is the biggest thing which I want to share with you and I also want to share you the KEY POINT which learns from the very first half of July.

focus on the structure because
always make the channel form the top not from the lows of the structure
if the trade has the low probability and the structure is also small so in this situation try to book your profit instead revise your stop-loss into the cast but if the structure has the high probability and the structure is also small in this situation if you get your first target and you feel that the price will move down more so just revise your stop-loss into the cast instead of book profit
have patience in the correction phase
must think about the correlation before initiating the trade
choose your stop-loss wisely
close your trade if you get any doubt in your position
sometimes you get the stop-loss because if the market condition, so happy with it because stop-loss if the part of to become a consistent trader.

so these are the eight things which I pointed to remember always

so thank you for reading this blog I hove thing blog gives yous some value and if you like this blog share this with your trading community and also comment on what is your biggest learning in this month of trading and what it's the best take away you get from this blog

Thank you

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