Technician

The other perspective. Try to be Open-minded #forex

FX:GBPJPY   British Pound/Japanese Yen
956 11 18
This post is closely related the my earlier analysis (
GBPJPY: Approaching Kill Zone! #forex
), where i was waiting for a bearish signal at the confluence of potential resistance zone. So to understand what i am trying to illustrate better, if you haven't read that post i strongly recommend that you do.

Should we be open-minded when trading? In my view, it's Essential that we be open minded when approaching the price action, and try to resist our inner bias which is usually a driver of our thoughts in certain directions without us feeling.

I usually look at the market from different perspectives, so i think am sort of open minded to a certain extent. However, as long as we are not machines :), and we continue to have human emotions, bias will continue to take over in many cases. In my previous analysis i have to admit that i was biased.

Despite the fact that any technician would agree with the reasoning behind my previous analysis, which had many valid technical assumptions and logic, I was attached to that view in a way that blinded me from seeing an alternative assumption, the bullish case which i illustrated on chart for your review.

This assumption clearly validates a long position at least over the short term for a quick entry and exit. But being focused on that potential reversal zone and waiting for a reversal confirmation signal have took all of my attention. I could have had a reasonable long on this setup, and let it run until a bearish confirmation signal present it self, instead of standing pat waiting for that bearish signal.

Thank you for reading, and i hope you learned and extra thing reading this post.
Good luck

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Technician
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Olu
2 years ago
Thanks for this write-up Technician. Bias affects us all. There are many a trade that I have missed because of not trading what the technicals are saying right now because of bias. Bias is a very strong force indeed. I think it is detrimental most of the time imho
+1 Reply
Technician TOP Olu
2 years ago
Absolutely, its always there in the back of our heads, we need to spot it and hold it back to see things in a fair manner
Reply
Olu Technician
2 years ago
I am generally a technical trader looking to jump on trends and ride it for as long as possible. However you hear fundamental news that 'should' affect markets and you form an opinion (bias) and then it rules you and your trades. A good example is the current state of the EU with all the Greece issue still in the air. The 'bias' should be that the eurusd should be travelling in a straight line towards parity and beyond. However check out the price action in the last few days. Bias will be screaming 'its only a small bounce'. A small bounce? It has tacked on 600 pips from the lows. We just need to trade what we see on the charts
+2 Reply
Technician TOP Olu
2 years ago
Great Olu, love that
-1 Reply
Daniel.B
2 years ago
Very good post Technician! And a good write up on a factor of trading that affects us all as traders. =)
Reply
Technician TOP Daniel.B
2 years ago
Yes mate true. Thanks
-1 Reply
Jeff_Wheelwright
2 years ago
Thank you Technician, a few good points in your post. Often I'm dazzled by 'obvious' chart patterns. Since a year or so, I keep pinbar detectors running all the time on 1H, 4H and 1D charts for every instrument I trade. This spared me from many wrong trades and sometimes opened my eyes for perfect entry setups.
Reply
Technician TOP Jeff_Wheelwright
2 years ago
Totally agree, they give an extra insurance(yet there is no guarantee).
-1 Reply
MisterTrader
2 years ago
it's really hard to have different perspective as a single trader, sometime working in team help to give more perspective and a better vision of the market!
Good post, thanks Technician
Reply
Technician TOP MisterTrader
2 years ago
Thanks Mate, this is the beauty of tradingview, posts by other authors can help widen our view.
-1 Reply
pervej.khan.33
2 years ago
realy good
Reply
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