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Are you confident ?Another Forex Trading Snack. I posted up a earlier a trade that failed me and my original setup. Sudden volatility struck fast and hard! Ok, I will admit it, for a moment my emotions were crushed. I went from trading my setup emotionless, to just about packing it all in for the day! What changed? A bit of self talk changed my fear of having just lost, to playing the statistical odds of my setup again. The first top red arrow was my failure due to increased and sudden volatility. My second attempt was the lower second red arrow by the pink trend line. Both the first and the second order was to sell AUDUSD and both orders were almost at the same price & stop zone. Some might say why did I try it again? Sure volatility was still in the market, but it was my original setup along with the 21 SMA ( black line ) that gave me the confidence that after almost climbing for a week straight, this one was ready for a pullback. In addition to that increased volatility didn’t break the 21 and hold it, but price action went right back to the lower channel trend line. My thought was if it breaks lower and holds the break, the 21 would bend lower and hold the buyers at bay until even the buyers of the past week would take their profits, thus adding to the down side pressure. In early Asian trade and as I type, my trade looks fine, stops are at break even (BE) and if I got out right here and now—what once was a 30 pip loss is now a +20 pip gain if I took it off. Because my stops are at BE should they get hit there would be zero effect to the account balance as it sits now. If that happened I’d take a 30 pip daily loss on these two trades. Not a bad loss average if that happened. Because the odds are in my favor, I’m leaving it alone till early Europe’s market open to see if it drops farther. Because if it drops farther I could take a 20, 30, 40... you get the picture. I can finish my trades with making more then I lost to begin with. That’s adding to my confidence and positive consistency in trading. If this happened to you earlier, would you have had the confidence and or conviction to try again after getting stoped out suddenly by volatility?? Would you, or do you keep statistics on trading setups / trade plans or strategies, in order to give you more convenience and or more consistent results? Would you have entered the trade the second time changing entry, stops, or just did as I did , same everything? Finally do you trade Every time you see your setup as your strategies say are the best to trade, or do you second guess the setup—only to see at times the trade leave without you? The goal is self improvement! By me posting this it drives the point home in my mind that I need reminders too. Hope this helps in a small way in your trading journey. In trading you either make dust or you will eat dust! Al the best. This is not trading advice. It is however a real experience in my trading day. Off to the next trade!
by PipsTradingClub
BTC Easy Trading Pattern -30% drop = + 25% ROI GainHi TradingView, Saw a simple pattern over the last year. The best way to make money is to study the past. Consistently every time we see a 30-35% drop over a period of month/two we can easily anticipate a raise of a minimum of 20-25%. Make easy swing trades. Over the last 4 trades, a $5,000 investment would easily be $12,207.03. 244% ROI in an overall declining BTC Value Market. We can suspect the next drop of value down to $6,000. If this happens we can follow the previous rules and patterns of BTC down...Alts Up. So we can anticipate certain (ALT/BTC) to trend in the ALT favor. Simple Chart. Simple Explanation. Nice to talk to you all again! HAPPY HUNTING Reg
COINBASE:BTCUSDLong
by regalia
4
AUDUSD Idea, NOT a signal!Please let me know your thoughts on this one. I like the look of a long on AUDUSD here but I am aware of my bearish NZDUSD bias. So you can see a longer term trendline (thicker line) cutting through the chart and sitting just above price currently. We have an upwards trendline acting as support here and I have highlighted a recent resistance area which is also acting as support here. Now I know I've put Elliot Wave on here... The 4th wave pulls back more than I would like for a true Elliot Wave but could there be a 3rd impulse wave coming!
by RingerFX
EURAUD - POTENTIAL SHORT SETUPEURAUD made a short bullish run before forming a sidewards structure. Inside this structure is a head and shoulder pattern that is forming nicely. Short trades are on the lookout as price is dropping our support line, we shall wait for price action to confirm our trade. Specifically looking for a breakout and a continuation of our downtrend from the shoulder before entering this trade. Remember to use shorter timeframes for a more detailed look of the market, while waiting for a set up. This allows you to enter earlier and pinpoint a perfect entry! Market opens in a few hours, trade safe!
Short
by IndependenTradingFX