EURUSD is at a weekly resistance zone but there is room for further northward move, GBPUSD is retesting the weekly pivot which corresponds with a weekly resistance zone possibly for a further southward push, USDCAD is making a bearish push through a weekly support zone. Trade well.
Although there is a bearish streak in the EURUSD on the 4-hour chart at the moment, the RSI on higher time frames (daily and weekly) portends a potential for some northward push. GBPUSD is still bearish and currently testing a daily support zone. Trade safe.
Tip: Trapping the market involves building a trading edge over the market on a consistent basis. This is not a matter of winning 5-10 trades but showing consistency over many (say hundreds of ) trades during which the trader's net results show remarkable profit which is sustainable.
So does any kind of profitable trading, surely - more or less by definition? Nobody's going to profit consistently without having a trading edge over the market?
Yes, that't the point. However, many traders focus on temporary gains or the few trades they make money without working on the rules and system that form the basis of building long-term profitable trading edge over the market. Trade safe.
Does having a profitable trading edge over the market mean that a trader will not experience some losing streaks? If you were to apply what you learnt recently for better trading, which aspects of your trading would you focus upon?
Last edited by TrapTheMarket; 06-15-2016 at 04:17 AM.
The GU is potentially northward-moving for about 120 pips to the next resistance on the weekly chart around the 1.49 area unless fundamentals cause an upset. But I'm not trading GU today as I have a number of positions I am monitoring. Trade safe.