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The PlayBook FOREX Trading 2024

The playbook with rules for successful price action trading based on top-down analysis.

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babusi balopi
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266 views5 pages

The PlayBook FOREX Trading 2024

The playbook with rules for successful price action trading based on top-down analysis.

Uploaded by

babusi balopi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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THE PLAYBOOK

Boosca Balopi, 2024


INTRODUCTION: The PlayBook

The PlayBook must be an integral part of a professional and successful trading


journey. Having it as part of your trading journey HELPS to get rid of emotions and
bad trading habits.

Understand that taking positions off your playbook will result in long-term successful
setups. These are 85% profitable setups, leaving 15% unpredictability. One loss
should not affect the way you view these setups.

Instead of reinventing the wheel, this playbook, otherwise known as the trading plan,
is extracted from the most successful traders “Raja Banks and Trader Nick from the
TimeToEat YouTube channel”. The setups and entries have been tested thousands
of times on YouTube livestreams.
The Rules

What to NOTE: Just like in other businesses with expenses, Losses are considered
EXPENSES in trading.

• Minimise trading variables by ONLY focusing on trading setups in this


PLAYBOOK, and trade at the same trading window, that is the New York
Session.
• The securities to trade are the beast “GOLD” and NAS100.

DAILY PROCEDURE Before the New York Market Opens

1. CHECK the FOREX FACTORY (at https://www.forexfactory.com/ )for HIGH-


IMPACT Economic News.
2. CONDUCT a Top-Down Analysis to check the context of where the price is,
that is to determine Daily Bias (at 1D TimeFrame), Session Bias (at 4H
TimeFrame), mark Key Levels/ Points of Interest (swing highs/ swing lows/
supply/ demand/ support/ resistance at 1H TimeFrame), mark small
RANGES (at 30M TimeFrame) & ENTRY CONFIRMATIONS (at 15M
TimeFrame).
Note: High Probability entry setups are Aligned with Bias while Low
Probability entry setups are Against Bias.
3. Then it is the PATIENCE GAME: WAIT for one of the setups in the
PLAYBOOK to unfold at the marked KEY LEVELS (BUY Low/ Discounted Price
& SELL High/ Premium Price).
4. The ENTRY: Execute trades on the second candle after the SET-UP is
confirmed at 15M TimeFrame, entry can be REFINED by executing trades at a
second 1MN candle with the same colour is painted, DON’T trade any candle
after 2 push candles, RATHER wait for a PULLBACK.

ALWAYS CUT losses to less than 2% by placing a stop loss at a level where a
setup is INVALID & maximises profits by allowing winners to run.
EXAMPLES of the Price Action Set-Ups

Entry Triggers at 15MN, but 30MN is much better.

Bullish/ Bearish PINA BAR

Bullish/ Bearish Engulfing

15 MN/ 30 MN Range Breakout before reaching 1H/4H LEVEL/POI


Important Notes

Attributes of my High Probability A* Trades

• The price must be at a Supply/ Demand level/ Support/ Resistance or POI.


• The price must raid/ sweep liquidity at a Lower TimeFrame (15 mn LTF)
before reaching the supply/demand level or POI at a Higher TimeFrame (at
1H or 4H).
• Execute a trade immediately after a Set-Up Confirmation.
• Entry Timeframe should be aligned with higher Timeframes such as 30MN, 1H
and 4H.
• Trades should be executed at the New York Session Market Open at 1400
hours and the Stock Market Open at 1530 hours.

Best Timeframes Step-by-Step Top-Down Analysis

Determining BIAS and High-probability setups

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