So very true and this concept can be applied to all aspects of life.
Agreed! Trade safe.
[B]Nuggets:[/B]
‘Give me six hours to chop down a tree and I will spend the first four sharpening the axe.’ – Abraham Lincoln
I have just completed the weekly scan and analysis of the pairs on my watch list. Only three pairs made the grade for the week; these are: AUDUSD, NZDUSD and USDCAD. I will look for long trades on USDCAD while I will be bearish on AUDUSD and NZDUSD.
Trade safe.
My trading strategy is linked to tracking and trapping the market, therefore one of the things I have been working upon in the past few months is to better read and understand the market - particularly in regard to market structure, order flow context and price action. Trade safe.
[B]Just my 10 cents[/B]
Get the few most potent tools you need for consistent trading success and nothing more - use just those, drop anything in excess.
During the week, I will be looking for the right opportunities for short trades on GBPAUD, GBPNZD and GBPUSD as they meet my weekly scan criteria.
I am bearish on GBPNZD and will look to trading it southwards if it breaks the micro trendline on the 4H time frame targeting 1.67533 which is in the region of the weekly support and was last visited on August 16. Otherwise, if it breaks the mini trendline on the 4H time frame northwards I will wait for it to retest the mini trendline on the daily time frame near the 50.0 Fib and then look to short it from there.
Trade safe.
I like this quotation:
‘Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.’ - Michael Carr
[B]Tip[/B]
To be consistently profitable in Forex trading or in any other career/ business for that matter you need to grow, improve and learn continuously.
I am tracking the loonie (USDCAD) and if it retests the 61.8 Fib from the most recent swing to the downside and this is successfully done, I will will drive southward with it and target the next significant support zone adjoining the monthly pivot.
See attached 4H chart. Trade safe.
[B]Tip:[/B]
Let the market be but do what you need to do to effectively and efficiently read, track, stalk, and trap the market.
I will be looking to trade USDCAD northward this week. The pair continues its ascent. On the 4H time frame, although, the most recent high of 1.33122 was formed on Friday October 8, 2016 by the penultimate candlestick, the last candlestick has made a bullish push apparently for a further northward drive.
For more details on USDCAD technical analysis, visit top-down outlook.
KP
My fundamental approach to gaining a profitable edge over the market is to set a trap and wait for the best opportunity to strike. Trade safe.
I now realize the value of using more S/R zones on my set-up timeframe than I was using. Trade safe.
I am now tracking EURJPY as it is on an upward retracement within the channel on the 4H time frame. If it bounces off the upper trendline, which is proximal to the 76.4 and 61.8 Fib levels, I will be interested in a southward drive with it.
