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Forexeducation

⭐ HOPE AND FAITH💥 Am I the only who at some point while trading hoped for price to move in my direction or bias or rather open a position with mere hope and faith ❓... Certainly not. At one point or the other you must have done this and possibly still struggling with it. 💥Truth is, the market will always do whatever it wants regardless of your strong hold, hope or faith in your bias. What then do I do ❓ 1. Take trades that you've planned. Do not just wake up, get into the market and start executing trades without proper analysis. Take trades with predetermined entry, stop-loss and take profit level. 2. Be quick to admit that you're wrong when the market chooses to go against your bias. Stop adjusting your stop-loss when in a losing position. It will enable you cut the losses early. 3. Avoid trading based on emotions. It is easier said than done. But with practice you will get better at it. Be logical and see things as they are. 🔥 I HOPE this helps. Sage Trader's Nugget
Education
by Sage_Trader
XAUUSD - End of week!Very disappointing NFP! So they targeted just below the 1785 KOG target level and then rejected. Ideally we would have wanted more of a stage show from NFP but instead traders got choppy up/down ranging movement. In any case, it gave the entry and is following the long scenario we have mentioned in the NFP Report. We would suggest you protect any long trades you have from the lower support before market close this evening. We're hoping we can achieve that first target of 1797 before the market closes, if not, we'll look for it on market open. We'll stick with the plan for now and update it on our next post with the week ahead analysis. See you on Sunday for the KOG Report. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
5
XAUUSD 4H - LevelsEnd of day update: We saw a strong resistance at the 1830-35 region as we suggested in the KOG Report and managed to get a nice short into the 1815, 1810 and 1800 levels. We’re now removed a majority of the trade and set the stop to entry just in case we achieve our lower immediate target of 1785. We are now looking for a small push up with the first initial level being 1806-8 and above that 1812-14. . We want to see how the price reacts at this level and whether we face resistance. If we see resistance here we’re on for our target level of 1785 and below that 1777 which was a previous key level. We have illustrated what to look out for and the levels to trade between. Please have look at the linked chart which shows the range and how the price has now come back into the box. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
19
double top price failing to break the previous high. The double top is another pattern you can add to your price action trading armory. Like all patterns, you should practice the heck out of it and make sure you use the strategy that is in line with your trading personality. Don’t use the more aggressive approach if you are suited to wanting confirmation. I recommend using the double top and double bottom patterns with your other trading strategies. Whilst it can be a great method to spot market reversals, it is just one pattern. You can use many other strategies such as adding price action triggers, identifying the trend, watching the recent momentum, and using the overall price action story to help increase your odds of making winning trades. Safe trading,
Short
by nicotj