Market Structure Review

October has been a great month so far. The planning that I've gone through with preparing my trade entries and exits have paid off. While a single month could potentially be an outlier, only time will tell if I can keep this up. However, I have been spending more time focusing on my development.

In addition to reviewing my trades, I have also been focused on reviewing the market structure in a weekly fashion. This is being manually done in Tradingview, meaning that I am not simply using the Replay function. The risk here is that I may have the tendency to plot out more winning trades because I know where price will move next. 

I have been doing my best to stay honest by plotting both winning and losing outcomes. Despite being able to see the outcome, I am performing my review at discrete points in time utilizing the data that is already available (focusing on the left side of the chart). For example, here is an intraday structure review below.

EURUSD 1-Hour

Without any context, it may seem that I'm plotting every possible trading opportunity especially on these minor levels. I wouldn't necessarily say that is accurate because I also had to factor in the movement of the DXY (US dollar index).

Minor levels mark potential trading opportunities. If I were to watch these levels form in real-time, I likely wouldn't be taking some of these trades. However, this is more so done as I consider it important to track the stats of various setups. If certain setups consistently generate lower payoffs, then I will know to avoid them since they won't be sustainable with my target win rate.

If I were to be as precise as possible, I would have to document the risk and payoffs in absolute price moves. This would take significantly longer, which I don't think is quite feasible for me yet. This is also considering that visual learning tends to be more effective.

My current plan is to continue committing chart time and reviewing these structures as much as possible. Once I have refined this routine, I will jump to the next step of record keeping by determining how each one of my setups plays out across various time frames and currency pairs. Ultimately, this will help reduce the number of mistakes and impulsive trades that I end up taking.