Another set-up similar to USDCHF, this one involved the 50% fib level as support after being proven as a viable level in the recent past for the intraday charts.
Wanted to make a video to accompany the screenshot.
Well, price came back and we're in early. This is incredibly risky for me (I'll keep a close eye).
I love the level we are at on the Daily charts. Upon further inspection I'm considering getting in early for a breakout trade rather than waiting for a pullback entry like I typically would want.
I love trading the PRS but the momentum might be completely gone at this point. I preach about not being in this phase of uncertainty with positions. I try to avoid this at all costs. Trading is indeed mental my friends.
I'm learning to accept these harder weeks as the better opportunities for me to become a great trader. Of course I love it when every position I take jumps out at me and earns me a profit, but I remember a point when I would avoid the charts entirely after a string of either losses or missed opportunities. It's so important to continue to trade with an unbiased...
USD/CAD pyramid pattern showing signs of not forming CHF/JPY entry missed EUR/USD exited before a big profitable drop Some days are just like this, I'll recoup by putting time in and recognizing which trades were just too risky for me to have predicted and which ones were a product of me not putting in the time to ID them. I like these days, they remind me of the...
This trade is over in my eyes. Why? Because we no longer have much momentum left and I refuse to wait and hope for the best. I trade based on probabilities not hopes and dreams. Time to exit and wait for another high probability entry.
Another opportunity to ride the wave down.
USD/CAD shaping up nicely EUR/USD losing steam CAD/JPY -1%
USD/CAD building my position EUR/USD 2nd trade triggered and currently on-route to profit target CAD/JPY adjustment trade slow to move, currently close to break-even CHF/JPY no chance to continue bullish at this point, waiting for an entry to ride bearish momentum down.
I believe Soros said "A good trader can cut losses quickly, a great trader can re-enter the trade going the opposite direction."
Just a quick update post related to the vid I posted earlier. Holding myself accountable and being super thorough with updates.
Forgot to post, this position got triggered in and profit target reached all without any intervention on my part. My favorite type of trade hands down.
Live entry on USD/CAD, I usually trade strict limit orders around the Pivot, but this is cause for an exception.
Following up the screenshot earlier showing the trade and why I'm taking a base hit here rather than aiming for a Homerun.
Just a quick video update of what I'm seeing, what I need to see and my indifference on whether or not I take the trade. Honestly, this game is all about taking what you are given and letting go of what you can't control... See the Fastball before hitting it.