Lesson 4 Know what you want in the market Contrary to what most believe, successful traders do not actually trade constantly. Attempting to trade constantly leads to increased commission costs, random trading, and compound mistakes. In fact, successful traders spend most of their time doing absolutely nothing! How long does it take to enter an order? A...
GBPCAD on route to a sweet bit of support, it could reverse here or it could fall through and completely spoil my week
Update showing the upward trend continuing and the gap up from friday back into channel. Still long for now...
AUDNZD retracing into key horizontal and fib support levels, with what looks like a dead cat @ 0.382 and Feb high. 50 and 100 EMAs on the daily could also act as support in between the 0.383 and 0.5. Previous horizontal supports matching with the 0.5 and 0.618 fibs. Obviously the 0.382 ,Feb high could still hold and waiting for the 0.5, 0.618 level could leave us...
I think Friday we see another rip to the top of this channel then maybe a pullback. Everything is screaming BUY.
Hey everyone, I was able to take 2 trades on the EUR/USD today. Overall a red day however I was able to manage my trades rather well and minimize the losses as much as possible. Trade management does need improvement so I'll be working a little more on that now. 1st entry was not as good as I'd have hoped but I went in with smaller size which allowed me to...
Active algo target looks to have front-run "hit" it's first target with target 2 waiting for the next leg up (chart on the left). If we retrace a bit first then I'm looking to enter the second setup in the golden pocket (chart on the right) Yes, I'm using .666 rather than .65 for my stop loss these days. There are some other nice supports in this general...
SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe 4 - 16hrs Actions on - A – Activating Event Market will meet resistance in zone @1.757 - .... and fall to the 1.736. In order to enter, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market move towards the first Target 1 level @ 1.736 OANDA:GBPCAD...
Here is an interesting turn of events. Firstly we can see a possible bullish flag(bearish channel). The next thing we can see is a possible head and shoulder formation. And lastly we can see that price has create an ascending trend-line. Wait for a clear break and retest or either the bullish flag or the head and shoulder and trade accordingly.
Buy EURUSD later today. EXY Strength DXY Weakness Perfect storm for EU to have some bullish price action.
SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1 week Actions on - A – Activating Event Market will meet resistance in zone @1.0095 - 1.018 and fall to the @ 1.00. In order to enter, the pair MUST be in line with my Entry Procedure B – Beliefs Market move towards the first Target 1 level @ 1.00 FX:CADJPY Trade...
SMP Trading SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1 Day Actions on - A – Activating Event Currency Pair creating a Double Top B – Beliefs Market will meet resistance @0.946 level and fall to the @0.94 level. In order to enter, the pair needs to be rejected by the Bollinger Band line FX:AUDCAD Trade Management...
Long Breakout Setup on the 4Hr chart. Looking to reach the second TP level at .896, Expecting a minor reaction at first TP level. Wait for the breakout to trigger and use the green dots as trailing stop. If you find this useful, please like and subscribe to get notified of updates and new ideas! If you want to tryout the indicators and strategy, follow me and...
The 4Hr chart and the daily chart both have long setups as shown by the indicator. This means that if the 4HR setup triggers, the Daily setup will have a high probability of triggering also. Entry is triggered if price breaks .725777 level I’m looking to take up the the next MTF resistance on the daily chart, around .75190. Stop loss trails with the green dots,...