To: Your Trading Coach
I thought this was pretty cool and just wanted to show it to you.
(*** Click on the image to open a larger copy in your browser! ***)
I love this!
For a number of reasons…
It clearly shows that Nick has a passion for this business of trading. After all… who else would think something like this is cool and go to the effort of sharing it, unless they had a high degree of passion for market structure and price action. In my opinion, passion for this business is an essential requirement for a long and successful career. (See here for more – http://yourtradingcoach.com/trader/a-passion-for-trading/)
It allows me to remind you all of the importance of a Market Structure Journal. (See here – http://yourtradingcoach.com/trading-business/the-greatest-trading-book-ever/) (Or here for a PDF version of "The Greatest Trading Book – Ever!" see here – http://yourtradingcoach.com/books/)
If you haven't started your Market Structure Journal, do so now. Click on the image to open a larger copy and print it out (I hope you don't mind Nick!).
Place it into a folder.
Highlight the notes that say "Each test of the gap acts as strong S/R"
And add the following note, "Gap closure offers good structural target locations for intra-session trades in the direction of the gap."
The continue adding to your journal each day, with a new chart and new market structure or price action observations.
Either find something that you think is cool.
Or set common themes for each week (or month) and look for chart examples within that theme. For example, you might continue this current theme for the remainder of the month by studying gap closures – when did they work, when did they not work, and how did they offer trade opportunity?
A Couple More Gap Examples…
They're easy to find. Look at any gap… there will be something of interest on the chart.
Let's look at two more examples from the past few days.
First from the Hang Seng 5-minute chart on Wednesday…
And looking at forex on higher timeframes at the start of the week…
Every day… find one more example, study it, file it, review it in future, and LEARN.