FX:EURAUD Euro Fx/Australian Dollar
Hey, traders. With the last HL violation to the downside the market gives us a sign of reversal. There's a high probability for downtrend to install. Let's see if we get other impulse to the downside... Check the ralated ideas links to see how this kind of setups work.
Scott Carney only gives a general idea. It's up to you to make a strategy based on these ideas. For example, if your stop is very tight and your tp is huge then you will have a very small win rate. You will be stopped more often. On the other hand, if you stop is huge and you tp is tight then you will have a very high win percentage. You may win 9 trades and then lose what you have won in one trade. We are all here to make money so it requires lots of work to find out the most appropriate risk to reward combination. When your own strategy is ready its only a third of the journey. The other two thirds are your ability to execute your strategy the way it is supposed to be executed. Most of traders think that the better they analyse the better results they have, but that's not the case. It is only the way you execute the strategy. If the strategy has more then 50% win rate then executing it the way it is supposed to be executed is the key for genrating profits. If the strategy has exactly 50% win rate then having wins larger than losses is the key for generating profits. If the strategy has less then 50% win rate then executing it the opposite way it is supposed to be executed is the key for generating profits. You just buy instead of sell)). No matter what strategy is, you can generate profits. It's only up to you. You are responsible for your results. I mean reading books on analysis is a waste of time, because the outcome of the trade never depends on your ability to analize. The outcome of the trade is only depends on other people stepping into the market. Most of them never look at charts when decide to exchange currencies.
Yes, I am a fan of this book. Things become a lot easier if we take a careless, fearfree state of mind as objective instead of making money. Eliminating the four fears with 5 truths of probability thinking and 7 principles of consistent winning is the way to reach this goal. We are always to examine our state of mind, every minute, every second... And immediatly refocus our attention when we find even a slightest shadow of these fears in our mind. "Rewiring brains daily" is not enough. Constantly focused on the fearless state - this is the perfection)