The life of an intra-week trader

Does trading seem illogical to you? Have you seen the price always go against you just to take you out and then continuing in your original direction? Our trader Elliott has learned how big institutions look at retail traders and pushing the price in their opposite direction to get the best entry. Be inspired by Elliott’s view on the markets in his article he shared with us. 

About my strategy

My style of trading is very low risk, understanding that price forms in cycles of weeks are firstly very important to the success of your trading journey.

Price always tends to run up (in a bearish week) forming the high of the week between the Sunday open at 10 pm GMT to Tuesday London close latest Wednesday.

In a bullish week, we tend to see the low of the week forming between the Sunday open at 10 PM GMT to the Tuesday latest Wednesday.

Knowing this gives a great way to start thinking for the week in terms of setups and psychology.

Knowing if you are bullish for that specific week, the price will tend to drop first giving you the best price to buy into and if you are bearish for the week price will tend to rally to the upside first giving you the best price to sell at.

Why does the price do this? Well, definitely not for us as retail traders’ benefit, but to give the institutions and all the big players that are trading the Forex market the best prices to buy. In fact, it is them pushing the price up with big orders at the start of the week which gives them their best prices to buy or sell at later.

Before knowing this valuable information, this usually tricks retail traders thinking that because the first half of the week may rally up or drop-down, that it’s the way it will continue for the rest of the week. The orders will seem priced in already in that direction then sadly by Wednesday, all of the positions are wiped out and they are back to square one.

This is not to say there is no success being a retail trader but in my opinion, it is more of a gamble using trend lines and basic support and resistance and everything like flag patterns etc that retail traders use. The institutions know this and play against you for that reason. How many times have you placed a trade that was stopped out to the pip and then it went and flourished in your direction just to hit your original take profit…

Yes, I know a lot of people will say “oh well that’s just trading but I have no such theory”. My theory is if you are not playing with the smart money you are untimely fooling yourself not to say you won’t make profits but trust me, you will continue to get burned as this was also me a year ago.

In Conclusion

My advice is to find an institutional mentor and my best option to give is a man named ICT he has a bunch of free videos on YouTube totalling to around 118 which is 6 months worth of free content!!

Just teaching how to trade as an institution if you are dedicated and focused you can do it in a month. This would be daily video watching and note-taking, however, pacing yourself in trading is a very mental game and if you overload yourself with information, your brain will not retain anything. So my advice is to go at your own space and speed. SLOW AND STEADY WINS THE RACE.