Looking for quick 1:1 trades this week from USD base pairs. I think there are opportunities for this but don't see anything long-term that I want to trade at this point.
Here's a H4 chart for USDCAD that captures where we are and what I'm planning for this trade. However, the best plan for a trade like this is the ability to adjust on the fly. We'll be testing my ability to do just that as I aim for 1 of 2 options. Breakeven or profit greatly (double digit % return).
Big bearish move has us at the bottom of a Key Level range but not quite breaking it. I'm going to need to wait and watch this one for a bit longer as we consider closing this down due to it stagnating, or actually leaving it alone as it creeps toward profit target. Either way, price action is shaping up to not behave in step with the strategy. That means it...
We did it again, frictionless autopilot trade on USDCHF. This one was outside of the PRS framework but we still used the principles that hold true to get in and out of this trade with no maintenance of the position at all. I love this, I'm slowly learning to make most of my trades enter and exit in this manner.
Hit profit goal last night around 1am. Of course it kept running and we could have made a huge profit. But, the goal is to catch the wave consistently not squeeze every ounce out of every trade.
The move happened, we just weren't on the wave.
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...
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.