I didn't trade EURUSD in the last weeks/months, because it is trapped and choppy and I am not interested to make trading for 10-50 pips of profit, risking to lose money.
But, If the price action finally will take out the used supply level making rise the price, I will sell in the higher and fresh supply level.
I marked some potential entry points for sell...
GBPAUD moved down taking out a weak demand level on the daily chart. Now it is approaching to the distal line of the fresh demand. I am buying there.
I earned a lot of money trading this currency, I would continue in this direction taking advantage from the bearish scenario.
What I really take in consideration in this scenario is that the unbalancing from this...
I am waiting to sell NZDUSD high in the supply. My Trading Plan shows 2 interesting trading opportunities following the swings. Considering also the weakness of the supply level, the next swing could take out the supply and rise up more.
I marked for now just 1 potential entry point, that could be relevant for my trading.
I wait patiently.
What do you think...
BUY: new high, break of 248
TP: along the targets up to 281
SELL: break of black trend line & failure to break 248
TP: around 232.5 - 235 / Build a new long position from there.
HOLD: if you are long, the break of the C&H neckline indicated that price will try to reach the C&H target 256-258
A break of 248 would indicate that...
1:Losing Streaks:
The brain does not like repetitive losing.
Be sure to stop trading after 3 losing trades in a raw!
2: Create a trading plan and stick to it.
Successful traders have a plan and they trade nothing but the plan!
3:Manage your mood:
If you are ill, cranky, depressed, or sad, STAY AWAY FROM TRADING!.
4: Keep detailed records:
A trading log...
Gold made 5 waves move for wave A. Now it is making correction for wave B. We need one more wave to complete the GOLD corrective move. I recommend long position on gold at around 1175-11-72 For 1204. Stop order should be placed at or below 1160.
This chart is a little busy so allow me to explain what whats going on here. The Green trend lines is long term support/resistance formed in the 4th quarter of 2012. The red trend lines were formed in late 2014. And the blue trend lines is the most current trend.
Ultimately, I think we are going to get a prolonged period of sideways volatile action out of...
Simplicity is bliss. Buy when price comes down to support. Take profit at resistance. Three levels of both support and resistance for each level of risk taker. Note the change in color where resistance became support and where support became resistance. No MACD, RSI, Bollinger Bands, Fibonacci, Ichimoku clouds. Just old school support and resistance.
Platinum did hit a low at 1086 but a corrective move was is now confirmed as a bear trap. Price did recover but failed to break above 50% retracement at 1185 and so the longer trend continues. Only a break higher above 1185 or out of the long tern down trend line will be sufficient for the bulls to retake control.
Short in this sellers market.
You should always write your trading plan in advance
Write down (as a minimum) the reasons for the trade, the confirmation signal you want to have, the stop loss and the targets
The SPY sold off right into support in today's trading. I am looking for current support to hold for a subsequent reversal. Watch for higher higher highs and higher lows to begin setting in as a confirmation of a continued move
