QUICK TAKE: GBPUSD: Are You Being Told To SELL? Think Again!
I don't know that I'm right or wrong and really, I don't worry about that. I just read the chart and act according to what the chart is saying. In effect, I try to trade WITH the price action and not against it! When you purely trade according to structure or indicators, you aren't doing that! You are trading according to your own bias and what you are THINKING! Not what the chart is telling you! Trade what you see. NOT what you think!
So how do I know if I am reading the chart correctly or that I am reading it wrong? It isn't just a matter of getting the correct wave count! Although that is a BIG part of the overall analysis. The way I know that I am reading it correct is that prices move according to what I project. When it does that, that is when I can confidently take a trade. Take for example what just happened last week. Last Thursday Jan 12th, I posted this update to my member's chat room indicating and advising that I was expecting another low before a reversal:
On the market open on Sunday (EST) Jan 15th, the market gapped down on open making a new low just as I expected it would do. It didn't matter to me that it did not go as low as my projections as the gap gave me the setup I wanted. I issued a BUY to my members and the market SHOT UP from that low to where I just issued an update to close the trade with a nice +405 pips profit! This is an example of how I read the charts and let it tell me what to do! I don't predict any trade based on reaching some imaginary structure level. Remember, WE as traders PUT those structure levels there as GUIDES. I also use them in my analysis. BUT keep in mind, the chart does not see these levels! Only we as traders do! So what you need to do is watch and wait to see what happens at these levels and let the chart tell you what it is to do! Not simply take a trade just because it hits a level!
So with all that I just said in mind, Here in this post, I am showing you what I am now expecting to happen now that we've pocketed a very nice +405 pips profit. I must now see the market move according to my projections so to find another good trade. If it does not move according to my projections, then I re-analyze and BE PATIENT and wait until the picture clears up and I can see it clearly again!
Again, this is a small snapshot of the BIGGER picture and you MUST know the bigger picture in order to know WHY I see the market moving as I project.
So how do I know if I am reading the chart correctly or that I am reading it wrong? It isn't just a matter of getting the correct wave count! Although that is a BIG part of the overall analysis. The way I know that I am reading it correct is that prices move according to what I project. When it does that, that is when I can confidently take a trade. Take for example what just happened last week. Last Thursday Jan 12th, I posted this update to my member's chat room indicating and advising that I was expecting another low before a reversal:
On the market open on Sunday (EST) Jan 15th, the market gapped down on open making a new low just as I expected it would do. It didn't matter to me that it did not go as low as my projections as the gap gave me the setup I wanted. I issued a BUY to my members and the market SHOT UP from that low to where I just issued an update to close the trade with a nice +405 pips profit! This is an example of how I read the charts and let it tell me what to do! I don't predict any trade based on reaching some imaginary structure level. Remember, WE as traders PUT those structure levels there as GUIDES. I also use them in my analysis. BUT keep in mind, the chart does not see these levels! Only we as traders do! So what you need to do is watch and wait to see what happens at these levels and let the chart tell you what it is to do! Not simply take a trade just because it hits a level!
So with all that I just said in mind, Here in this post, I am showing you what I am now expecting to happen now that we've pocketed a very nice +405 pips profit. I must now see the market move according to my projections so to find another good trade. If it does not move according to my projections, then I re-analyze and BE PATIENT and wait until the picture clears up and I can see it clearly again!
Again, this is a small snapshot of the BIGGER picture and you MUST know the bigger picture in order to know WHY I see the market moving as I project.
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Mailing list: bit.ly/2iNieEY
Facebook Group: facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.com
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