Not planning is planning to fail.
The above statement is 100% true in trading.
Our Lead Analyst Daniel has often said that trading is 90% analysis and planning, and 10% executing the plan.
In the trading-updates channel in our Discord server, you will notice that every day we provide an updated list of key levels in the BTC market along with the current trend in play.
We also encourage that you make a note of key levels and price action that are relevant to yourself and your style of trading.
Developing a plan that compliments your style of trading will take you a long way and increase your odds of success.
Time Stamps
3:55 – XTZ/BTC Previous Chart Of The Week (DO NOT TRADE THIS).
- You always start TA from HTF to LTF
- When Market Structure is in your favour you are greatly increasing the probabilities of winning a trade
17:14 – ROUTINES
- If you do not have a plan your plan is to fail
- Daniel is always prepared for the day ahead
- He marks out his key levels
- He plans all possible trade setups (bullish and bearish)
- He only takes the trade that comes to him (no pressure, Daniel trades whenever he wants to, whenever the setup is there)
- Not taking a trade is a trade
- In a daily trading sheet, he has all the key reference levels and knows which setup he will take. He is prepared for the setups before they are visible (new daily updates!)
- Every single morning you should work out the context because it gives you a base and understanding of the structure for the day
- Keep things simple in trading in order to not get lost
22:06 – CONTEXT
- Daniel firstly identifies the context – trend direction on LTF (15min to 1h) and on HTF (1-day chart). If something goes sideways you trade it different than if it is trending. This has a massive impact on the whole day, it is one of the first things to write down
- If something is trending Daniel is buying dips and trailing SL, not taking profits
- If something is going sideways he does not add to the position, he buys at the low of the range and sells at the high of the range
- Higher time frame EW count is also extremely important
- If price is for instance in trending wave 3, Daniel will be aggressively longing the dips, compound and trail SL
- If Daniel thinks the price is in a 4 wave triangle, he will be expecting ranges, taking TP’s, and interested in longing lows and shorting highs
- CVD divergences – when in a sideways range, Daniel looks for CVD divergences to get the context of what the larger trader is doing
- These will give Daniel a daily bias and he will then decide if he is more bullish or more bearish for the day and he will take longs/shorts accordingly
28:10 – IMPORTANT LEVELS
- CC Fibonacci global and local
- 4 hour EMA’s 55 and 200
- POCs (Daily, Weekly, Monthly)
31:05 – KEY HORIZONTAL LEVELS
- These are the biggest trading levels (with several layers of confluence) = strong support/resistance levels
33:28 – VOLUME INFORMATION
- OI
- Daily volume and delta
- Funding – bullish or bearish?
- BTW, recording statistics is one of the major ways that Daniel became successful in trading!!!
37:16 – OPENS AND NOTES
- Daily, Weekly and Monthly opens
- What Daniel is trading and key day notes
39:10 – IMPORTANCE OF DAILY SHEET
- Identifying these levels gives Daniel an edge, it identifies his setup
- Knowing exactly where you want to short and where you want to long in advance gives you a massive advantage. No plan loses you money.
- After you identify all these, set an alert and wait.
- When an alert goes off Daniel reviews the trade
- Is there rejection?
- What is the volume like?
- What is the OI like?
- What is the delta like?
- Is there any type of divergences?
- Daily routine – plans – levels you want to trade off of – alerts – times to make informed decisions!
48:55 – QUESTIONS
- 1hour time frame divergences are good for day traders and swing traders
- Daniel likes 1-hour TF
- Daily open is more important for day traders
1:06:11 – NEXT CHAMPIONS STREAM + SUMMARY