EURJPY: Walking Your Through A Trade Setup (Video)

FX:EURJPY   Euro / Japanese Yen
With the FOMC Statement/ Interest Rate decision coming later today, I have no intentions of having any exposure in the market. If you're like me and plan on sitting on your hands until the dust has settled then feel free to kill some time by watching my latest Forex Weekend Review video.

It's a little on the long side but in this week's video I walk you through how i breakdown a potential trading setup as well as share with you my thought process as the trade progresses. I also share with you a very powerful speech by Jason Stapleton talking about "the Reality of Trading Performance" and what the reality of ta trading equity curve looks like as well as some insight into "Why we started the Syndicate program"

"FOREX TRADING: Looking Over A Trader's Shoulders" https://www.youtube.com/watch?v=QegwE4S1Imc

I hope you guys can kill some time before the 2pm (NY) news event and PLEASE be careful out there. Don't try and get cute, it's really nothing but a gamble...and not the educated ones that we like to involve ourselves in.
Here's A Free Training Lesson for you on "The Only 3 Ways to Trade"

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There was a smaller gartley which turned to be a loser. I took it and was stopped. I'm so glad that I got out of that trade because priceaction shows a NSH above Cypher's B. Usually when I'm stopped I turn my views 180 degrees. I won't take this Cypher because my rules tell me to avoid revenge trades. The rule is not connected with the Cypher itself. I has more a psycological reason. the more revenge trades I take the more rigid my views are. But I want my views to be flexible. The only rigid thing I want to be are my rules. Rigid rules, flexible expectations. Once again, it's not analisys which prevents me from being involved but psycology.)) Good luck.
+2 Reply
Akil_Stokes Alexander_Nikitin
The cypher as already completed and hit targets, i had just left it up there because I was too lazy to hit the remove drawing tools button lol
+1 Reply
Well, this fact doesn't invalidate the idea I wanted to express here))
+1 Reply
Akil_Stokes Alexander_Nikitin
Okay, i got you. So what you're saying is even if the next trade is valid, you'll pass on it if you feel that you're in that "revenge" state of mind? I like that, I feel as if you know you're not in the right state of mind when trading even a "good" trade can end up being bad if you self sabatoge.
+1 Reply
Yes, I have an additional rule to stay out if my minset is not ok. for me a good trade is not only good ROE but ROE+appropriate mindset.
+2 Reply
Captain_Walker Alexander_Nikitin
I very much like that. The mindset leaves one vulnerable to slipping back into revenge mode, even if revenge is not the driver. It is a slippery slope - one just has to know one's self. Thanks for sharing.
+1 Reply
Akil_Stokes Alexander_Nikitin
I had rushed through reading your post earlier before the live room started so my apologies for not digesting the entire thing before responding
Eur seems to be quite bullish. Although I entered this euraud to see if I could catch some correction and then stop and reverse to the upside.
+1 Reply
Akil_Stokes Alexander_Nikitin
Just got involved in this short as well
+1 Reply
was your stoploss hit (bat pattern). I think my broker widened the spread while FED meeting so I was stopped, but looking at the chart i don't see priceaction to hit it. It should not be touched... Nevertheless, the profits from uppward movement recovered the loss of the bat))
+1 Reply
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