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EURUSD Pair Has Negative Bias to the Downside...Be CautiousBy looking at the 4-hour chart and the daily chart, the EUR/USD currency pair has taken a turn to the upside. The pair had rebounded from 1.1211 a hair below our hypothesized bullish entry point of 1.1215. The pair had a 2.5% probability of falling lower than our hypothesized support area. However, we deduced that for something like that to happen, there would have had to be some kind of dovish catalytic speech/sentiment uttered by the European central bank president Draghi or similar dovish news. Therefore, we suspected that sooner or later the pair would attempt to claw back to its hypothesized moving average of 1.1506, but before that happened, the EUR/USD pair would’ve had to elevate toward our 1.1215 mark, which it did. Now, we are convinced that it will continue in the short term toward our next hypothesized target of 1.1361 before it finally gets back to its moving average sweet spot of 1.1506. There is a strong possibility that the pair could surpass its hypothesized moving average of 1.1506 and continue toward our next target of 1.1652 and possibly 1.1798, but this is as far as the pair will go up the charts because fundamentally, the Euro zone economy is weak, and the Eurozone’s economic cycle is nearing its peak. In fact, the EU economy is already acting as if it has commenced its recession cycle. Please click here to see the entire article.
by mstardom
AUD/JPY Short Sell continue... SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY AUD/JPY Short Sell continue... Chart Time frame - 4 Hourly Timeframe - 1-2 weeks Actions on - A – Activating Event Entered short position on the 8th Nov. Below you will see trade management details B – Beliefs Continuing on with trade however moving stop loss closer FX:AUDJPY Trade Management Entered @ 82.93 Stop Loss @ 83.3 (stop loss change to 82.600) Target 1 81.500 Target 2 78.800 Happy trading
Short
by SMPTrader
Trading Journal Basics 101SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Trading Journal Basics 101 During my trading career one of the most important elements of trading is keeping records of your trading performance. Whether its using an excel document or software such as the EDGEWONK TRADING JOURNAL, its crucial to see where you business has come from and where its going!! Below is a small detailed list of elements of a trading journal; 1. Date/time entered and exited trade 2. Asset traded 3. Long or short trade 4. Entry/ Stop loss and target price 5. Risk/Reward 6. Exit price. Did i exit at the target price? If not why? 7. Profit/Loss 9. Pips amount 10.Balance 11. Notes on trade ( both Pros and cons) 12. How can i improve next time? 13. Missed trades? 14. and many more.... Once again this is just a very basic list and there a lots more that can go into the journal. Note: Edgewonk is by far the best trading journal software that i have ever used. I highly recommend it and if you would like to know more please let me know :) Happy Trading
TVC:GOLDEducation
by SMPTrader
1
Money Management & Psychology 101SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Money Management/Psychology Cycle of Market Emotions The Upturn • Optimism: The normal financial specialist enters the market feeling hopeful. They may likewise have elevated requirements for the profits in which they are involved. • Excitement: When the market goes up, the desires begin to end up noticeably a reality and the financial specialist encounters commitment. • Thrill: The market proceeds up and the financial specialist is excited. • Euphoria: As the market achieves its peak, the financial specialist is euphoric and very certain that the market will proceed up. The Downturn • Anxiety: The market starts to plunge, producing sentiments of nervousness (Point 5). • Denial—The market keeps on falling, and the financial specialist experiences dissent with so many considerations as "It's alright, I'm in it for the long run," and "This is only a transitory misfortune," (Point 6). • Desperation and Panic—As the market cycles bring down still, sentiments of urgency and anger follow (Points 7 and 8, separately). • Surrender—Panic, in the long run, offers an approach to surrender when the financial specialist supposes "How might I have been so off-base? I cannot deal with being in the market anymore. I can't take any more misfortunes," (Point 9). The Bottom and the Recovery • Depression: While the financial specialist flounders in wretchedness (point 10), the market winds up in a sorry situation and offers a route to another bull. • Hope: As the market keeps on reinforcing, the financial specialist is confident that the market will proceed up (Point 11). • Relief: Once the market affirms it is in an uptrend, the speculator feels alleviation, however, they are as yet not sufficiently sure to contribute (Point 12). • Optimism: The financial specialist holds up until the point that they feel idealistic once more (Point 1 or frequently significantly later) before re-entering the market. As we portrayed over, this typically does not occur until the point that they have officially missed a huge bit of the up move, and their opportunity to recover misfortunes with it. Position Structure There are several trading software’s, which empowers the individuals to either structure or drive their framework by an individual or by position. Before the data is set-up in the control tables, an individual should choose which technique to utilise. The framework forms the data contrastingly relying upon the person’s decision. When the software is driven by an individual, work codes are utilised to arrange work information into gatherings. These codes are utilised to connect individual information to work information. When the software is driven by position, despite everything, work codes are utilised to make general gatherings or occupation arrangements in the association, for example, EEO (measure up to business opportunity) and pay review information.
Education
by SMPTrader
USDCHF. Turning Down now. Trading Criteria: Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here. Wait for the breakout of 4hr. consolidation or daily consolidation (red border boxes) to take the trade. I usually aim for 80% of the weekly ATR (or monthly ATR for yellow solid boxes) taking profit but not always at the next yellow box. I place my stop loss above/below consolidation. *These zones, with the inclusion of price action described above, have remarkable accuracy.
Short
by ComteSt.Germain
1
New short order AUD/JPY 4 HR The market is signaling a potential short entry on the AUD/JPY 4HR chart. The upward trend channel was broken and although confirmation is almost complete that the upward trend is over, we still need the price to trade down at 81.14 first. If we do get to that level we will enter short and have a profit target at 80.63 where we will close part of our trade. Our trailing stop is sitting at 102 points. We will adjust our levels according to our strategy while we are in the trade. Entry: 81.14 P1 : 80.63 TL stop: 102 points
Short
by Tradingthechannel