LewipapersFX
Long

722 AGGRESSIVE SOARING EAGLE

FX:GBPUSD   British Pound / U.S. Dollar
722
45 0 0
722
GOOD AFTERNOON FROM CALIFORNIA,

THIS HAS BEEN A SLOW WEEK TO SAY THE LEAST.

THIS SOARING EAGLE PATTERN IS 95% COMPLETE. I SAY 95% BECAUSE THE LAST CRITERIA TO MEET IS PRICE ACTION TO FIND SUPPORT AT THE 0.114 FIB LINE. THIS WOULD VALIDATE ENTRY.

WITH A 3:1 RISK REWARD PROFILE, THE PIP TARGET WOULD BE 142.

SOME PSYCHOLOGICAL EDUCATION:

I ALWAYS WORK BACKWARDS WHEN ASSESSING A POTENTIALLY PROFITABLE TRADE. YOU SEE, FOR THE MOST PART TRADERS LOOK AT THE RISK OF ENTERING A TRADE, THEN THEY ID THE FAVORABLE REWARD.

INSTEAD OF ASSESSING RISK...I SEARCH FOR POTENTIALLY PROFITABLE MARKET CONDITIONS...AFTER I IDENTIFY A PIP REWARD I AM COMFORTABLE WITH, I IDENTIFY THE RISK - IF THE TRADE IS FAVORABLE WITH A 3:1 PROFILE OR BETTER - I EXECUTE. I NOT - I WAIT OR LOOK FOR ANOTHER OPPORTUNITY.

THIS IS A LESSON ON TRADING PSYCHOLOGY - ESTABLISH YOUR SET OF RULES AND REPEAT IT - SOON YOUR MIND WILL BE CONDITIONED LIKE RIDING A BIKE ON HOW TO ASSESS TRADE SETUPS LIKE THE ONE ABOVE.
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