6.8.23 This is a video follow up on coffee that started out as a great long trade for my students and then the market transitioned and started going lower to the point it looked like sellers were going to prevail. However the market Started reversing and moving higher but not with Reckless abandon. It looked more like a difficult grind moving higher as opposed to a clear Bullish price Action Moving higher. It's different... and therefore it can be more difficult to trade... and or stay committed to the grind going higher. So it didn't look really bullish but the sellers weren't Pushing it lower and so we stayed with the thought that the Buyers have a slight edge over the sellers and that we should hold with a long position as opposed to Exiting the market,,,, and this paid off. It's about what the market did and what it didn't do for my perspective: It was grinding higher, but not in a very convincing way.... so that's what it was doing. And the market really didn't show any significant selling at all...So we can stay in the trade. I find these harder trades to stay in personally. But sometimes it pays to just stay in the market a little bit longer even when it's not as convincing as you would like it to be that it will stay trading in the direction that it is trading at this time when you're not enthusiastic about the price action. When the market was grinding higher... there really was no evidence if the sellers were pushing it lower.... so stay with the trade. This kind of price action and the price action.
I felt the exact same trade. I was monitoring it, was suprised at the sudden move down, but it appeared to close the gap created the previous session.I almost took it, and am kicking myself because It would have been a 150 pip trade :(
ScottBogatin
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@rahdigga, If you had the right feeling about the market and you didn't take the trade, I don't think that's a big problem at all. you read the market correctly.... which is the most important thing you can do and you didn't lose any money. You should be pleased that you were correct. You won't go broke missing good trades that you read correctly.... but you can go broke Losing trades that you shouldn't have traded. Go back and analyze it to determine why you were hesitant... and how you might have taken the trade if you had a second chance. It's not a big deal Did you didn't take the trade... it's a big deal that you read it correctly. Another good trade possibility comes up Feel free to post it and make sure Notate the stop and the target. BUT....When the trade is over you have to post another chart whether the trade loses money or makes money. This is the hold yourself accountable... and it also helps other Traders learn to go back and review. Try to use some of the tools that I use.... and it's okay if you have tools that I don't use. There's no purpose in using Elliott wave or harmonic patterns or andrews forks in a forum like this.
rahdigga
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Thank you for the kind, encouraging words, they are appreciated. I saw a few people on here calling shorts for coffee, but the price action, plus the news, and the El Nino coming, could truly impact the supply chain. I think it will still head up higher, but now need to see if there is any luck to get a pullback 😌🙏💪 EurGBP 4h double bottom, upcoming Rate differentials, possible for a massive swing trade up. have a look, let me know what I think.