I am bearish on the EURUSD this week. All the technicals on the weekly, daily and 4H time frames are aligned for further southern move after a long period of sideways mode.
On the weekly timeframe, although the horizontal channel is still in play, the order flow is largely dominated by the bears and key support zones have been broken. Recent bearish price action is disposing towards a further target downside. I may be wrong. Trade safe.
This post was meant for my other thread on EURUSD Technical Analysis; I apologise for inadvertently posting it here but hope a few traders find it and the others that were posted here almost at the same time helpful. Trade safe.
[B]Just my 10 cents:[/B]
Mastering your system and working on it to make it highly efficient and consistently productive over time is far more important than jumping from one system to another. There is no holy grail or a perfect system anywhere.
I look into some market analysis and trade accordingly, and also use different strategies for each and every condition.
Did you learn anything recently that helps improve your trading or makes you a better trader? Trade safe.
How are you doing on your trading rules? Are you following them? How are they helping your trading? Trade safe.
I will not rush and jump on a system in a live account because I hear it is winning. I will carefully backtest it in my demo account and see if it fits me and my trading psychology.
Good point mate. Any new trading strategy or technique should be tested before it is fully embraced. Trade safe.
Patience is a key virtue in this business. Last week I selected three pairs I found amenable to my trading strategies and techniques. However, as I normally use much of Monday to observe price action and validate my biases, I noticed on Tuesday the behaviour of the GBPAUD and decided to wait and map out the trapping boundary to trade it. Rather than trading all the three pairs I had in mind, I focused largely on milking as much pips from the GBPAUD as possible. You may say, waiting and focus can be critical to successful trading. Trade safe.
I agree, patience is very important during trading. Sometimes it’s better to wait and see how the market will develop than to rush in .
Have you ever thought of throwing in the towel after a few losses?
The temptation is always there, borne out of frustration and perhaps based on a wrong perspective on the Forex trading business. However, Forex trading, for meaningful success, requires taking a long-term view of your trading business; never seeing it as a short-term, quick fix thing. Losses will come but managing the losses and keeping them to a bearable/affordable level as you build your skill and experience, ensuring you have enough fund in your trading account to trade tomorrow, will lead to much-desired results. Trade safe.
[B]Nuggets
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‘The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.’ Jack Schwager – Author of Market Wizards
I will watch market for some time then see charts of different time frames. Set effective indicators to get help of in finding trend after it I will decide according to my plan how to trade with any currency pair. I will try to manage my risk as market will move.
Watching the market with specific things in mind, e.g. nature of price action, order flow context, market structure and primary market direction of a specific pair will be highly profitable.
Money management is central to long-term success in this business. So, just trying to manage the risk will not be enough, that should be the number one focus in my humble opinion. Trade safe.
I would stick to one trading method, instead of jumping from one to another for the first two years…
Any trading lesson learnt from the US Presidential election?