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The Dollar & EURUSD Are Pulling Back |Will It Last? Hi friends, the dollar index (DXY) and EURUSD are pulling back and into areas where we want to look for more trading opportunities. Since tomorrow is Friday, tomorrow's candlestick closure could be very telling about the price direction. This video shares my thoughts on the price movement on the indicie and currency pair. If you found this helpful please like and share this video. Disclaimer: This analysis is based on my eyes. Please stick to your own analysis.
TVC:DXY
by ShaquanLopez
3 Things To Do After You Lose A TradeWe have all been there. You analyze a trade setup. You know how much you're going to risk on a trade. You enter the trade just to come back to your chart and find you've been stopped out. It's not fun. It sucks. You thought the setup would work because you followed you rules. The thing is, the market is the market. In my early stages of trading I hated being stopped out. My reasoning was because. I had no idea how to make up for my loss. I thought if I just plotted more lines and levels on my chart I could enter the trade again and make my money back. The problem I kept running into was I had no idea why I lost the trade or how to handle my feelings. I also had no real plan on how to adjust to the price change. I honestly thought my levels or trend lines didn't work. It was deeper than that. What changed? I had to change the way I viewed the market and my next steps to recover my loss. Not only that, I had to learn how to be "ok" with losing money. I created a 3 Step Process that would increase my probability of winning my next trade. Because we are a trading family, I thought I'd share it with you. Step 1: Access my previous trade You hear this all the time, "I made a mistake thats why I lost the trade." The true question is did you really make a mistake or did you follow your trading rules? When I follow my rules no mistakes are made. When I lose a trade that can mean 1 thing. The market reversed. This leads me to step 2. Step 2: Change my bias In the book The Unknown Market Wizards by Jack Schwager, I heard the most beautiful and profound statement by one of the wizard traders. He said, "I realized I have a right to change my mind about my trade at any time." I can't tell you how that made me feel. I've been doing that all along, but this market wizard summed up my actions in just one sentence. When I'm stopped out that means I have to change my mid about the direction of the trade. I made being stopped out so simple so I won't confuse the next action I should take. That leads me to step 3, update my chart and adapt to the new price movement. Step 3: Update and Adapt I have a no nonsense rule and that is to stop trading in 1 direction if I'm stopped out. Go opposite. I'm a true trend trader. I don't naturally trade against the trend. It gets me in trouble. So at the first sign of trouble, I adapt. See, USDCHF was in a downtrend. I sold the trade at 0.92835( sell limit) and overnight I was stopped out. It happened so fast and just as fast as I was stopped out, I knew I had to become the buyer. My Mental In the recent past, being stopped out would have spooked me. Now, its making me want to come back to the charts to face my fear. I used to have a fear of success and failure. Now I have a hunger to want to succeed and learn. Putting on trades is a bit more fun since I've began working with pending orders. They challenge me. Especially in situations when price reverses and I'm stopped out. I pray you gained new insight and a key takeaway on what you can do next after you lose a trade. Just remember, losing a trade doesn't make you a loser, it makes you a trader. Comment down below what your takeaway was. I'd appreciate it if you could like the post. It helps boost my Trading view reputation. Much love, Shaquan
Education
by ShaquanLopez
How to Draw Legitimate TrendlinesHey Guys! Just wanted to post a quick lesson on "How to Draw Legitimate Trendlines". In this lesson, I explain the 3 rules that must be applied for a trendline to be legitimate. 1.) Trendline's attachment points must be on the wicks of a candle. Not the body of a candles. 2.) There must be at least 3 contact points on a trendline for it to become legitimate. 3.) There must be no break outs or surpasses of the trendline. Moreover, I demonstrate these with examples. That's it! I hope this helped! Have a great day! Ken
Education
by TradingForexPriceAction
1
Gold (XAUUSD): Bearish Continuation?Gold has broken structure to the downside, and returned to the OB that impulsed down. It maintained the high of the OB, and dropped. This indicates price is maintaining the bearish momentum. Now, price has formed a bearish OB, and presents two scenarios for opportunities. Check them out with me. Are you going long or looking for shorts? Leave me a comment on your bias with Gold! Thanks for your support. Don't forget to LIKE if you find my analysis beneficial, and want to see more.
OANDA:XAUUSDShort
by RT_Money
1
Moving Averages - Effective Settings for Day TradersHello Traders, In today's lecture I'm explaining how to use Moving Averages effectively on smaller (1hour) time-frames. Moving Averages can be applied to all assets including Forex, Stocks, Crytpos, etc.. Please note that Moving Averages are a lagging indicator which means they print on screen after price action has moved. They by no means are a leading indicator. Your most leading indicator will either be price-action itself or correlating assets. If anyone has any questions about Moving Averages, feel free to leave your comments in the comment section below. Trade Safe - Trade Well ~Michael Harding
Education
by Michael_Harding