Why do you trade? Trading Goals and motivations (trade plan)Why do you trade? Consider writing down your personal trading goals.
The following are my personal Trading Goals & Motivations (taken from my trade plan).
Goals - Consistency
1. Focus on the process and let the results happen
2. Think in probabilities and whether I followed my plan. (Not right or wrong)
3. Master the ability to sit on my hands
4. Demand constant improvement
5. Follow the rules of my trade plan, ALWAYS.
6. Master the mental game
Goals - Financial
1. Fund and trade full account
2. Replicate my current income through trading (short term plan)
3. Once (1) is accomplished, maintain and build wealth (long term plan)
4. Have the freedom to quit my job if I so choose
Motivations
1. BE SUCCESSFUL = Achieve repeatable, consistent trading, reach goals,
2. Live the life I want. Flexibility, lifestyle, comfort, schedule, travel
3. Enjoy the journey
4. Continue to learn and get education
USDOLLAR trade ideas
DXY/USDOLLAR - More complex moves ahead?Bit of a ride with the USD lately, but with USDCAD now taking direction more from DXY/USDOLLAR than from OIL, this helps me understand whether there's only scalping opportunities ahead or if there's a more complex short coming up. Looking to a re-test of 12500-12510 (USDOLLAR) before we see what's next on the agenda.
USDOLLAR May Continue DownwardUSDOLLAR gapped up to the top of the bearish pin bar which finished off our previous week after coming into the 50% retracement level of the most recent bearish impulse leg confluenced with previous structure.
This could indicate that this will be a good week to short xxxJPY pairs. In particular I'm watching AUDJPY for a potential short entry and I am holding a GBPJPY short position.
USDX Short set up on 15 minute chartA nice multidiagonal short set up is forming on the lower timeframe charts of the USDX around the 12625 level. We can expect this to feed through into other multidiagonal longer term trades on metals such as gold, which could see a bounce on a USD fall at the confluence in this chart.
way down we go (???)HI ... I`m using Eliot waves for this analysis . I use different time frames to get better perspective.
I think dollar index can`t reach above 12623 resistance for now and this small upward trend will be over soon near 12623 . we can enter a sell position with a reasonable SL . for short I think it can make another low, lower than 12517 for now . maybe trump presence in not that good :))
US Dollar Counter-trend TradeWeell... As you can see our divergence pattern occurred also in the US Dollar Index.
The think is that also appeared in Silver and don't forget those two instruments have a negative correlation.
So if both diverge the same time... I don't know :P But i think its more highly likely that we are going to see a reversal
Now lets head back to the set up...! As we can see the RSI didn't give us the signal in the first leg after the initial Impulsive one because it went above the 80 level
So we had a HHL but not inside the RSI 80 level
That's why had to wait for a second chance