SOYBN/USD and GBP/CHF on watch for me today.Good morning all,
I hope that you had a great weekend and that you're feeling suitably refreshed and focused.
On the subject of focus I missed the AUD/JPY trade on Friday which I said on here as early as Thursday morning might be ready by Friday, because my mum bought herself a new phone last week and I was busy transferring all of her details and data over from her old phone and unfortunately I allowed myself to be distracted when the market didn't initially give me the entry that I was anticipating and then I took my eye off of the ball and then of course the market provided me with my entry and had I not taken my eye off of the ball then this trade would currently be running at +4.50% which would in terms of unrealised profit would be one of my most profitable live trades ever. Was I annoyed by this? Yes, initially. But not because I'd missed the trade, these things happen in trading and once you're experienced enough to know what you're doing, to know that trading opportunities are like buses and to know that FOMO and trying to catch any and every trade is one of the biggest reasons why most traders blow their trading accounts you just dust yourself off, document and move on. In fact all I was annoyed about is that I'd allowed myself to be distracted, because not only is this only the fifth time in thirteen months that I've missed a trade, but it's the first time that I've ever missed a trade because I'd allowed myself to be distracted, with three of my other four missed trades being due to me being asleep and the remaining missed trade being due to the fact that I was snowed under with trading related work when I was far less experienced and less organised according to my 'Missed Trades' folder.
But it is what it is. In my ASR (Advanced Self Review) which I completed as I always do on Saturday morning I made a note of the improvements that I need to make to ensure that I don't allow myself to be distracted again and now we simply move on to the next trading opportunity.
Where this week is concerned I think NZD/USD is looking good for a potential short trade investment opportunity which I think might be ready by tomorrow. But where today is concerned below is what I'll be looking for from the market...
Have a great day!
SOYBN/USD:
• If price pushes down to and ideally just below our lower rayline, then I'll be waiting for a convincing impulse back up followed by a tight one flag and then I'll be looking to get long either with a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
GBP/CHF:
• If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it.
• If price only pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
