alphatrader

It's NOT what you think it's what you see!

FX:AUDCHF   Australian Dollar / Swiss Franc
13 0 1
Neutral for now ....

How ever once the market wakes up next week and starts to move I will see what the chart is doing and place a trade based off of that movement. Only two real options, up or down, even a super green trader can tell us that.

I learned a long time ago don't trade off of what you think, trade off of what the chart is actually doing.

Early on in my trading I would just enter a short trade at this level - my thought process would be ....

Trend is down, pull back to 50% fib level, pull back into what was once a strong zone, makes sense it should go down .... now that may end up being correct BUT if it is not I jumped into a trade based off of what I think and I always end up with more losers when I trade that way.

Instead I will wait for a break out either way then enter on the pull back on say a 4hr chart. To be honest if I want even a better trade I will wait for a break out to the down side and enter on pull back, this way I would be trading with the dominant energy. If it breaks up I will pass ..... next

Happy trading folks and happy EASTER to those who celebrate.

All the best!


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