KEEP IT SIMPLE !!!!! THE ANSWERS ARE RIGHT THERE !!!!!!Its easy to get carried away and over analyse our charts, but a lot of the time all we need to do is keep it simple; our biggest barrier is our emotions. ALWAYS KEEP THEM IN CHECK x
Learning
Trading Divergences - An Alternate View for New TradersTrading divergences is a very common technical analysis strategy, but it comes with one big problem: the most common divergences (not hidden) trade against the trend. This means that new traders can often get into trouble by constantly looking for, and trading, against a dominant trend.
Here's an idea to help you become more profitable over the long-term: identify divergences on your chosen momentum indicator, but only trade on trend continuation signals. I'm not saying you need to do this forever, as once you're experienced you can trade both pullbacks and continuations - but doing so requires multiple layers of confirmation, and a lot of knowledge/planning/experience.
By trading trend continuation signals after divergences, you're stacking the odds in your favour by going with the dominant trend. You're also training your eye to see divergences, and seeing how the markets react to divergences. For new traders this can be a valuable lesson in the power of momentum in financial markets.
So, what are trend continuation signals? It depends on your chosen momentum indicator, so I can only provide general ideas; you need to adapt things according to what you're using. My chart contains a custom momentum indicator, loosely based on the RSI. However, it's far smoother than the RSI, so I can reliably trade precise signals (e.g. for me, a cross of 0). On the RSI, you may choose something a bit further down the scale, for example, a cross below Oversold (20/30). If you're using a Stochastic indicator, you may trade a cross below Overbought (70/80). If you don't understand why I'm suggesting you trade signals at the opposite end of the scale for RSI and Stochastic, let me know.
Hopefully this all makes sense, and remember that it's just an idea if you're a new trader and struggling to make good trades.
Let me know if you have any queries.
DD
How to Trade Correlations for New Traders - AUD/USD vs NZD/USDWelcome!
Here's a super simple chart, and strategy, which can help you get started in your trading journey.
Trading strongly correlated pairs and looking for divergences is hardly an industry secret. It's a standard technique, and one that is heavily employed by large institutional investors.
Basically, correlation means that certain pairs move in a similar fashion. For AUD/USD (AU) and NZD/USD (NU), they are both based on the USD, and the Australian and New Zealand economies are, broadly speaking, based on similar fundamentals. This means that the factors that impact the price of the AU market, will naturally have similar impacts on the NU market.
The great thing about the AU and NU correlation is that it's long lasting, and strong. For a few decades now, the pairs have had a 80%+ positive correlation (a positive correlation means two markets move in the SAME direction, whereas a negative correlation means that move in the OPPOSITE direction). This strong correlation has held steady through some significant market events. The exception is a period between 2014-2016, where correlation dropped to a low of 15% - but that was due to a variety of factors that are too in-depth to cover here. However, it's worth stating that if the correlation were to drop below 80% in the future, this strategy/technique would no longer be valid.
Hopefully the chart broadly explains things, but in a nutshell:
The pairs should move the same.
If they don't, e.g. if AU forms higher highs, but NU forms lower lows, that's a correlation divergence. Basically, the markets have moved out of synch for some reason. Often, these are simply short-term phenomenon, and we're counting on the correlation to re-establish itself, allowing us to profit from it.
The nature of correlation divergences is that you don't know which pair is going to break first. Therefore, you need a secondary signal in order to make a trade. For example, AU is making higher highs, and NU is making lower highs - which one is going to break? Well, a simple idea is to grab your favourite momentum indicator and look for divergences on either market. On our chart, this plays out in the mid-late April trade. AU is grinding higher, but forming a bearish momentum divergence. Therefore, we're looking for AU to break lower. We can use a moving average, or a trend line break as our confirmation signal to enter the trade. This one worked out wonderfully, but not all of them will.
Positive correlations are, like nearly all trading signals, stronger on higher time frames. on a 5min chart, correlations, like the markets themselves, are far more volatile. This is why I would suggest using H4 as your smallest time frame chart, and look at correlations on a Daily basis.
A great website to measure/track correlations is www.mataf.net
I hope that that all makes sense. I encourage you to try it out for yourself - pick two strongly correlated pairs and start training your brain to look for divergences. And, as with all trading, don't jump on the first correlation divergence you see. You need a secondary confirmation (e.g. momentum divergence, support/resistance), and then a confirmation signal, before making a trade. Trading success is all about how you do things, not what you do.
If you have any questions, feel free to contact me.
DD
USD/CAD BEARISH MARKET STRUCTURE*-CONSECUTIVE LOWER HIGHS AND LOWER LOWS
*-REJECTED WITH A PIN BAR OF 1.30684 SUPPORT ZONE
*-WE MIGHT SEE A CORRECTIVE PRICE BEHAVIOUR
*-POSSIBLE CORRECTIVE STRUCTURE UP TO 1.33 FIB/RES/TRENDLINE
*-I AM SEEING A POSSIBLE NICE DOWNTREND HERE AFTER WE HAVE BROKEN A MASSIVE&HUGE IMPORTANT UPTRENDLINE
*-PRICE MIGHT ALSO CORRELATE WITH 50 EMA
*-WAITING TO SEE SOME PRICE ACTION/CANDLESTICK PATTERNS ON MY POCKET BEFORE ENTERING A LONG TRADE
*-BE CAREFULL OF NFP THIS FRIDAY
*-ITS BETTER TO CLOSE ALL OPEN TRADES BEFORE NFP
#tradesafe #education #bestsetup #learn #freecontent
What I Think About TA, And Why I Love ItJust wanted to do a short video on the Bitcoin chart about how I feel about TA - what I think it is and also why I find it interesting. I hope someone finds this video interesting as well, and I'm curious to hear people's thoughts.
This is not financial advice. This is purely an educational video, and it's based on my own observations, assumptions, and opinions.
-Victor Cobra
Market Volatility The vix indicates how volatile the market currently is. Right now, the VIX is sitting at 14.40. A neutral market is indicated by a vix being at 17. Since the vix is sitting on the low end, we should continue to see the market stay relatively safe. However, with all the ongoing issues of a slowing global growth, trade, and poor economic data, it would be best to keep your risk appetite low until things smooth over. The VIX is currently trading below the 50 EMA and 200 EMA.
Learn how to fish Support orange arrows.
Resistance purple arrows.
Who says you cant see trade setups just using zones and levels? It looks pretty simple to me, You can see how strongly this zone is respected from where price has entered our zone and then bounced ( marked by arrows )
Now it seems pretty clear to us where price is heading and we haven't got any indicators on our charts at all, just clean fresh charts.... quick someone call the FOREX POLICE because we must be committing a crime as everywhere we look we see stupid charts that look like a 5 year old has drawn on them... These charts may work for the person using them but they are also used to try and confuse people into thinking that trading is hard so they will pay for help from this person.
Yes we sell high quality signals, but honestly we would rather people learnt to trade themselves, this is why we don't over complicate charts... YOU CAN GIVE A HUNGRY MAN A FISH TO CURE HIS HUNGER FOR A FEW HOURS... OR YOU CAN TEACH HIM HOW TO FISH SO HE CAN EAT FOR THE REST OF HIS LIFE. We prefer to show people how to fish if you get my drift ;)
Keep charts simple... Dont let them fool youORANGE ARROWS - SUPPORT
PURPLE ARROWS - RESISTANCE
Look at the chart and tell me that support and resistance and supply and demand zones are not the way to trade, then I will tell you to folk off ;p
As you can see that every time price entered into one of our zones it bounced or if it did break it made a big move, the same happened with our support/resistance line... Come on people it really doesn't take a genius to work this stuff out!
Find a strong area/zone of support and resistance, place them on your charts and price will respect them time and time again for years to come, this gives you a head start over the market, you see peoples charts that look like an artist has thrown up over them, charts with more lines on than a table at a wall street office party :p.... These indicators only confuse you and stop you seeing what's going on, look at our charts they are nice and clean and you can spot setups easy.
Keep it simple and you will succeed, confuse things and the market will destroy you.
Using A Manual Stop Loss For Beginners @alanmasters (Learning)Hello my dear supporter, Alan Masters here and I want to share a few details about stop losses, the different types and how to better interpret them to maximize potential profits and reduce potential losses when trading with me.
Manual Stop Losses
Right now we are using what I call a "manual stop loss" and I will explain to you why.
Trading cryptocurrency isn't that easy, conventional markets are way easier to trade. Here the cycles are faster and the bots are more advanced, there are many ways that beginners can get lost in the simple actions that are: buy, sell and hold.
The purpose of a stop loss is to close a trade if the trend changes or is certain to change. Meaning, if we are aiming for a target to the upside and the price of an altcoin starts to go down, we close our trade when we confirm that the price will continue falling rather than bounce and go up. This confirmation normally happens where we analysts place our stop loss.
Now, it happens that the same place where a change of trend can be confirmed is also where support is found, in the example above. So imagine the price of the altcoin you are trading quickly going down and hitting support. A conventional stop loss would get activated and you lose your money, but with a manual stop loss, you don't close the trade unless the candle closes below the stop loss price. So in the case that the price is hit but quickly bounces, then there is no need to close the trade as the uptrend will be resumed.
I will share some charts to make it easier to understand why we use a manual stop loss.
First example:
Imagine your stop loss is set at $3579. BTCUSD goes down and hits this price, your trade is stopped and you lose money, but the price quickly bounces up.
With the manual stop loss, you would have to have the candle close below $3579, meaning at least $3578. And the candle on the chart above would look completely red/yellow (negative).
This manual stop loss requires more work as it needs to be checked manually, but this is something necessary when trading crypto as the markets are very volatile.
Other types of stop loss
The basic stop loss is the one where your trade gets closed as soon as a certain price level is hit. If you use this type of stop loss when trading cryptocurrency, I would suggest placing the stop loss at least 5-8% below the actual support.
One final strategy to take your stop loss effort even further, more advanced, is the full candle close below support.
This is a method that I highly recommend as well. For some people it isn't enough to close below support to confirm the trend change, they expect to see a full candle close below support before closing their trades. Taking it even further, you can look for big volume and any type of bearish candlestick or candlestick pattern for additional confirmation.
Piece of advice
We use a stop loss in order to avoid losing money in the case our trade goes wrong. The stop loss is not meant to indicate if the trade is active or not, or if I got it right or wrong... That's not the purpose, we are here to make money.
If you are trading and learning you can always adapt to the moment and make your own decisions based on what you see and not what is written. For example, if a stop loss is hit by 3 satoshis or few cents (in USD) but you notice that the price will move back up, you can keep your trade.
The purpose of the stop loss is to cut your loses but not to close a valid trade.
So take into consideration the market, the charts, signals and everything that is going on. You can also contact me and send me the PAIR you are looking at and I will be happy to help.
For beginners, you can simply follow our trade instructions and start creating your own strategy as you get used to these markets.
Thanks a lot for reading.
Namaste.
Technical Analysis 101!!SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
Technical Analysis 101!!
Interpreting the candlestick
This type of chart is an extension of the bar chart as discussed and is actively utilised by
the investors in China for more than 500 years of time period. It helps in providing the
information regarding open, close, low and high in the dimensional format. It can be seen that
the vertical axis of the chart helps in providing information on the prices of the FOREX whereas
the horizontal axis represents the time period. The white candles are the representation of the
advances of the currency and the black candles, on the other hand, represents the decline in the
value of the FOREX. Moreover, the body denotes the thick portion of the candle, and the vertical
line represents the wick. This chart helps the investor to forecast the future price movement of
the FOREX.
b) Charting systems
In the mind of a few people, charts are the exemplary image of the trader’s speciality. The
experienced eye can make ups and down. Charting is a questionable piece of the fund. Future
research is probably going to reveal things about outlining that would amaze people today. All
things considered, even individuals who eagerly restrict the training are ought to be acquainted
with the essential techniques of charting.
Follow your Trading plan, Remain disciplined and keep learning !!
Please Follow, Like,Comment & Follow
Thank you for your support :)
This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Achieve Financial Security through Self DevelopmentSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
Achieve Financial Security through Self Development
What skill set will you further develop over the next 90 days?What books will you read? What courses will you take? State specifically your personal development action plan for the 90 days...(your personal development is an ongoing process)............................
Strengths and Weaknesses
1. What are your skills?
...................................................
2. Do you tend to be compulsive?
...................................................
3. How much social contact do you need?
...................................................
4.Can you work by yourself day after day? Do you need other people around you?
....................................................
5.What are your psychological strengths and weaknesses? In terms of trading system development?
....................................................
6. Do you have deadlines to meet in your trading?
....................................................
7. And lots more..............................
Please let me know if you have any questions or would like to know more
Happy trading :)
"Invest 3% of your income in yourself (self development) in order to guarantee your future" Brian Tracy
A different system - explore.I'm showing another way with trend-following that I'm experimenting with. I invite all traders to get involved, so some back testing on paper-trading accounts and see if we can work this thing. Let's share and grow together.
Part 1: What is Technical Analysis? Starters guide for investingDear investor,
Welcome to my blog, where i am trying to learn investing with technical analysis (TA). I will share my studies and investings ideas with you, so we can discuss with each other.. First off all i'll investigate a theoretical studie. After this i'll try the theoretical studie on cryptocurrencies. This blog is for everyone who wants to start investing, but does not know how to begin.
Why cryptocurrency?
The volatility makes it more attractive to invest in Cryptocurrencie. Because of the volatility we can invest in short and long term targets.
My opinion: do not invest money what u can't loose and make youre own strategy on how much money you can invest.
What is TA and prognosis?
Technical analysis is an anlysis method whereby we will make an prognose by watching historical price.
From this sentence we can conlcude that all our prognoses are related on just one piece of information: the historical price movement. For the technical analyst the price movement is the only objective information what he has. All other informations are subjective and can be interpreted in different ways.
Another important word in the previous sentence is prognose . This word prognose is carefully chosen, because making of an prognose is not the same as predicting. Predicting suggest any certainty, but this is not possible. My analysis can be verry good, however it can be wrong because of all kinds of unexpected external/internal factors. The course is never unclear: it rises or goes down . This can not bi disputed.
With prognosing we sketch the most likely scenario, with targets and stop loss. Targets are my selling points. I'll not sell all my coins in just 1 target, but spread it in 1/4 part on each target. The stopp-loss is the level where i will get off my coins with loss. When reaching this level, i say that my analyse is wrong and i have to step out with loss timely before i'll have bigger problem (If i do not step out at this level, a will have a bigger loss what means i have to wait to long time to get my money back). When finishin my investing scenario, i'll make an counter scenario with the possible movement if my scenario fails.
(This is just an example on how to note targets and stopp-loss on youre charts, not an trade idea. Finding the target areas and stopp-loss are will be studied in another part..)
Summary:
For the technical analyst the price movement is the only objective information what he has;
Making of an prognose is not the same as predicting. Predicting suggest any certainty, but this is not possible;
The course is never unclear: it rises or goes down;
With prognosing we sketch the most likely scenario, with targets and stop loss
In the following parts i'll write about charttechincal and statistically analyse. I'll studie Elliot wave and combine this with indicators to prognose an scenario. If you like to know more about investing with TA please follow me and feel free to place youre comment.
One generation passeth away, another generation cometh, but the earth abideth forever. The sun also ariseth, and the sun goeth down, and hasteth to his place where he arose.
The wind goeth toward the south, and turneth about unto the north; it whirleth about contunually, and the wind returneth again according to his circuits. All the rivers run into the sea; yet the sea is not full; unto the flow from whence the rivers come, thither they return again...
The thing that hat been, it is that which shall be; and that which is done is that which shall done; and there is no new thing under the sun..
Source: Elliot Wave Principle, Key to Market Behavior.
The books i mostly use and reccomend are:
- Elliot Wave Principle, Charles J. Collins
- Investing with technical analysis, H.J. Geels (Dutch)
Pending Orders ExplainedWhat are Buy & Sell Limits, Buy & Sell Stops? When and where is the best place to use them?
My main strategy is called 'cycle-trading' a unique concept. My main strategy is called 'cycle-trading'. After years of learning and practicing after I bought a teaching-package from a visionair, I found a way of how to trade successful with CFD's on the stock-market. Every stock is following an certain cycle which repeats itself. So, movements are often appearing in the same percentage, aswel long as short. This cycles appear at all levels; when you analyse the chart at 1 month, 1 week, 1 day, 1 hour. (others I don't use). This is the case, because all in life is build by the fibonacci sequence. When you analyse the chart, you'll also see the stock market is behaving itself as the fibonacci sequence. But, still the most difficult part and what it's all about, is where does a long or a short start? and which point is telling you that the cycle is started, so that you know it will probably go to the next fibonacci resistance? .... therefore I have developed some own indicators!
The exact positions of where to open, to close and the stop loss position and take profit position is very important to be successful with trading!
My strategy is to never trade on volatile markets. You will lose your money when you do! Trade on technical-chart analysis! not on news and volatility!
One of my other strategies is that trades are only interesting and ‘safe’ to open when: you can possibly lose 1/3rd of the possible profit. So; when you set the indicators after analysing resistances, and you can lose 100 but win 300, it is worth the try!
How do I decide to open a position or not? First I analyse:
- sentiment on the market > are people in buy mode or short mode
- I have some own created indicators, some I show in my charts. Therefor I use the fibonacci sequence. My indicators tell to open a position or not and in combination with other own created indicators I decide where to place the stop loss and take profit positions.
- and this own indicators tell me when probably a new long position starts or a new short > these are the positions where I place my orders! or open directly.
- and again other own created indicators tell me how far long or short it probably goes. The take profit and stop loss positions are other positions than the resistances in the market!
- the moving-averages and bollinger-bands are very important indicators also. They are helping a lot! by making decisions.
And that is Why I win more than I lose in the end. Patience is everything, we’ll wait for the right moment! But don't forget; trading means investing. Sometimes you lose more than you win in the beginning of a period!
Most of the times the sentiment changes on Monday! please consider that when you start a position on Monday. Tuesday, Wednesday and Thursday are on steady markets normally calm trading days. Than, my strategies work at their best!
Like my analyses? don't forget to follow me, so you get updated when I post new ones. Also read my account and the 'status updates' to be informed.
Thank you for following and Succes with trading !
Richard from Rich.Exclusive.Trading
The Beginning..............Hello My Soon to be extremely wealthy friends!
I am going to be providing you a free educational course on technical analysis. Whilst your learning technical analysis to keep things exciting we are going to make money off our trades and I mean real money. I am going to teach you (free of charge) the ins and outs of everything you need to know to ensure you can make educated decisions in the marketplace resulting in high profits.
I have viewed many charts posted here and while some are great some we don’t want to touch and once you have followed me for a short period your eyes will open to the people that are traders and the people that are just comedians and social gurus. Don’t get me wrong I love a joke, love fun, love a drink, love spending money BUT love making it more. Together we are going to get used to making money and understanding how we earned it.
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LET’S BEGIN…………..
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We are starting with raw basics if you know this already read it anyway to make sure you understand it ALL . There are 2 types of analysis in financial markets this being fundamental analysis and Technical Analysis. We are only going to learn one as that’s all we need.
Technical Analysis we are going to refer to as TA and fundamental analysis as FA.
The 2 analysis are very different and I want to explain why we can forget learning about FA and only learn the TA . TA once learnt you can apply to ANY market from crypto, stocks, commodities, forex and YOU WILL BE successful in all of these market sectors.
FA is conducting research to specific industry types example if your trading stocks you may trade Tech companies so you must learn about all the tech companies on that exchange and which company you believe has the edge not only is this time consuming it limits your trading to Tech companies. For you to start trading let’s say Banks with FA you need to learn then entire market of banks and discover why they have the edge against one another and then decipher which stock will rise.
TA all we do is look at the chart and find the trend we can trade any market, any sector and industry. We can find everything we need to know to enable us to trade the crypto, stock, currency etc WITHIN 5 MINUTES of looking at the chart. There are 2 main charts types we are going to look at now and will always look at in the future.
This is a LINE CHART and a CANDLE DOJI CHART, now you will see above the chart in the heading is a line Chart. A Line Chart is the easiest chart to read and great for beginners or pro’s to figure out what trend we are in either an upward or a downward trend or there may be no trend. Candles Doji charts which is the default setting on most exchanges in crypto are great to see the live action these candles all explain to us as to what is happening next, below is an example of the Candle Doji chart. Timeframes of charts are important from Monthly, weekly, daily, 4 hour and hourly. We will always look at the Weekly, then the daily when we first check a crypto.
A line chart will link all the closing prices of the chart into a line marking this VERY EASY for you to see trends. The chart at the Top of this page shows LTC BTC in its uptrend we are in now; using the line chart.
The chart below shows LTC in its downtrend just recently using Candle Doji.
Earn And Learn, The Beginning..............Hello My Soon to be wealthy friends!
I am going to be providing you a free educational course on technical analysis. Whilst your learning technical analysis to keep things exciting we are going to make money off our trades. I am going to teach you (for free) everything you need to know to ensure you can make educated decisions in the marketplace resulting in high profits. We will build a team that follows textbook trading and we will have the power to move markets and profit from the novice and greedy.
Seen all the charts here most we don’t want to touch and once you have followed me your eyes will open to the people that are traders and the people that are just social gurus.
Don’t get me wrong I love a joke, love fun, love a drink, love spending money BUT love making it more. Together we are going to make money and understand how we earned it.
LET’S BEGIN…………..
We are starting with raw basics if you know this already read it anyway to make sure you understand it ALL. There are 2 types of analysis in financial markets this being fundamental analysis and Technical Analysis. We are only going to learn one as that’s all we need. Technical Analysis we are going to refer to as TA and fundamental analysis as FA .
The 2 analysis are very different and I want to explain why we can forget learning about FA and only learn the TA.
TA once learnt you can apply to ANY market from crypto, stocks, commodities, forex and YOU WILL BE successful in all of these market sectors.
FA is conducting research to specific industry types like example if trading Tech companies you must learn about all tech companies on that exchange and which company you believe has the edge not only is this time consuming it limits your trading to Tech companies. For you to start trading let’s say Banks with FA you need to learn then entire market of banks and discover why they have the edge against one another and then decipher which stock will rise.
TA all we do is look at the chart and find the trend we can trade any market, any sector and industry. We can find everything we need to know to enable us to trade the crypto, stock, currency etc WITHIN 5 MINUTES of looking at the chart. There are 2 main charts types we are going to look at now and will always look at in the future.
'This is a LINE CHART and a CANDLE DOJI CHART , now you will see above the chart in the heading is a line Chart. A Line Chart is the easiest chart to read and great for beginners or pro’s to figure out what trend we are in either an upward or a downward trend or there may be no trend.
Candles Doji charts which is the default setting on most exchanges in crypto are great to see the live action these candles all explain to us as to what is happening next, below is an example of the Candle Doji chart. Timeframes of charts are important from Monthly, weekly, daily, 4H and H. We will always look at the Weekly, then the daily when we first check a crypto.
A line chart will link all the closing prices of the chart into a line marking this VERY EASY for you to see trends. The chart at the Top of this page shows BITCOIN in its downward trend we are in now; using the line chart.
Chart below shows BTC in its upward trend late last year using Candle Doji.
My next post is going to be MODULE 1 // DISCOVER THE TREND
This will teach you how to find a trend by looking at the chart and using the Moving Average indicator to confirm the trend, we will apply the 200 day, 100 day and 50 day MA. This is stage one of the course; discover the trend and from what you learn on day 1 you will already know you should or shouldn't trade the chart at all. This information alone is going to Save you Losses and Earn you Profits
Please follow me to start learning some VERY basic stuff over next few days then move onto more advanced.
NKE - Nike & the home of forkerEvery mountain has it's valleys.
Besides you now know exactly where I live, here is something to learn.
Kowing that markets swing, is not enough.
You have to see it and you have to draw it.
When you draw pictures, there are many things that pop up, which would not have bevor.
If you know, that most "Mountain Bases" getting "filled", then you have one peace to the puzzle that others don't have.
So use it - not to trade immediately, but to observe, hunt, build your plan and sniper your booty.
And always remember: You better don't hunt a Grizzly (huge pendulum swing trade) with a airgun (small account).
When you want to eat such a big monster, then you better take grandpa's double whammmmmmy!
(...saying this and crawling my cuddly cat.)
Live is good, be happy.
P!
USDNOK - Search, ask and you will find...I had not clue about this chart.
So, I was laying back, squeezed my eyes and let it shine on me (...nope, not smoked anything hehe...).
Then it comes together, peace by peace.
Here's how I approach any new analysis.
- Swings & Pivots
- Identify the trend and the flow
- some support & resistance
- action/reaction & forks
- patterns...as far as I can see them (...because I'm a really bad pattern trader)
- fractals
- anything else (...letting creativity flow)
During this process, I delete the whole paintings a couple times.
So this is like Zen to me and hell, I really love what I do §8-)
Let's see if YOU can make something out of this.
Please do me this little favor and let me know if you go long or short.
P!
EURAUD: Reviewing The Tape (Education not a trade idea)I've already written my "Trading Recap" blog post for today but I wanted to share something with you guys. For you guys that have been following along with my blog you know that I've been working on an article looking at professional athletes and professional traders. One of my main comparisons is the amount of preparation and review that both do.
Just like Peyton Manning or Tom Brady do after every game, after each trading day I review the tape, meaning that I go back through my trading day and critique myself. After all, in this industry we are our own bosses so if we don't do it who will?
Last night I posted a trade looking for a potential breakout to the upside on EURAUD, although we did test the highs of our previous structure level we never got the break that I was looking for and it ended up being a scratch trade (breakeven). This morning in our Warroom meeting Jason Stapleton fired off 2618 idea for this same pair. (I'll attach a link to the FREE 2618 training at the bottom of this post). In the live room we ended up finding a bearish Cypher at the same level and ended up getting short as well. After banking some good pips, I spend the rest of our session going through the rest of my portfolio and basically but this pair on the back burner.
BIG MISTAKE, if only i would have paid more attention to it, i would have seen that IF our 2618 setup were to rally to 2nd targets THEN we'd also have a Bat pattern completion which we plant a stop & reverse at. So yeah I left a few pips on the board today but the important part is that I was able to identify my mistake and turn it into a learning experience. For those who don't take the time to review their day, well that mistake may continue to be a future mistake.
Thanks for taking the time to read this and I'll see you next week at the Technical Trader Workshop!!!
FREE 2618 Training Lesson: www.youtube.com
2015 FREE Technical Trader Workshop: promos.tradeempowered.com
