Get started

Tutorials

USD/JPY and EUR/USD on watch for me today.Good morning all, I hope you're well. So I took yesterday off to go trout fishing with an old school friend of mine since I'll be travelling back home to Scotland next Tuesday. I don't normally take days off during the week, but being able to do so if I want to is one of the things that I like about trading for a living and about being self-employed in general. However it's business as usual today for me, so below are my entry requirements with regards to what I'll be looking for from the market today. These requirements may not be met before the end of today, but the market across the board once again looks like it needs a little time to develop at least in terms of how I trade. Have a great day! USD/JPY: • If price pushes up to and ideally just above our upper rayline, then regardless of how it does so I'll be waiting for a convincing impulse back down followed by a tight one hour flag and then I'll be looking to get short either 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. EUR/USD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If price simply pushes up, it does so impulsively and a subsequent tight one hour flag forms, then I'll once again be looking to get long with either 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.
by StewySongs
USD/JPY and EUR/USD on watch for me today.Good morning all, I hope you're well. So I took yesterday off to go trout fishing with an old school friend of mine since I'll be travelling back home to Scotland next Tuesday. I don't normally take days off during the week, but being able to do so if I want to is one of the things that I like about trading for a living and about being self-employed in general. However it's business as usual today for me, so below are my entry requirements with regards to what I'll be looking for from the market today. These requirements may not be met before the end of today, but the market across the board once again looks like it needs a little time to develop at least in terms of how I trade. Have a great day! USD/JPY: • If price pushes up to and ideally just above our upper rayline, then regardless of how it does so I'll be waiting for a convincing impulse back down followed by a tight one hour flag and then I'll be looking to get short either 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. EUR/USD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If price simply pushes up, it does so impulsively and a subsequent tight one hour flag forms, then I'll once again be looking to get long with either 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.
by StewySongs
Forecast Amendment: NZD/USDHi guys and girls, so because price broke our lower rayline impulsively I won't be trying to catch a falling knife, I'll instead be waiting for confirmation or as much as we could wish to see that the market actually wishes to retrace and that confirmation is as illustrated and as explained below... NZD: • If price pushes up, it does so impulsively a subsequent tight one hour flag forms, then I'll be looking to get long with either 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.
Long
by StewySongs
GBP/CAD, EUR/USD and NZD/USD on watch for me today.Good morning all, I hope you're doing well. So yesterday I refrained from getting short on USD/CHF with a risk entry because price had broken our two inflection points fairly impulsively and in keeping with my forecast I said that I was only interested in getting short with a risk entry if price broke, or at least tagged at least one of them correctively. As price came back down and then pushed back up leaving us with a clear ascending trend line to work with I then placed my order on the break of the trend line, because the overall move up had now become a corrective one (at least in terms of how I define a corrective move). However price pushed so far up from this trend line and so close to our new high without actually tagging it (which is the crucial piece of information) that I decided to cancel my order, because in my experience when price comes very close to a high or low without actually tagging it it's often the case that the orders that were placed at, or just the other side of the high or low which are dragging the mid-price towards it need to be filled (more often than not) for price to be able to impulse in our forecasted direction and sure enough, on this occasion at least price broke the trend line, it didn't really go anywhere and now it's pushed back up to that previous high to no doubt collect all of the orders that I was speaking of that are located at, or just above our new high and what happens after it's done so remains to be seen. But these are just things that you learn through experience and through backtesting. On a different day I could have cancelled my order and price could have rocketed in my forecasted direction, but the majority of the time which is all we as traders should be interested in price will do what it's doing this morning for the reasons given. But where today is concerned I think there's better investment opportunities available that now make more sense to me from a structural perspective and those opportunities and my entry requirements I've pasted below for your viewing as always. Have a great day folks! GBP/CAD: • If price pushes down to and ideally just below the lower 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 long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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. EUR/USD: • If price pushes down to and ideally just below our lower rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and then I'll be looking to get long with either 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. NZD/USD: • If price pushes down to and ideally just below our lower rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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.
Long
by StewySongs
1
GBP/CAD, EUR/USD and NZD/USD on watch for me today.Good morning all, I hope you're doing well. So yesterday I refrained from getting short on USD/CHF with a risk entry because price had broken our two inflection points fairly impulsively and in keeping with my forecast I said that I was only interested in getting short with a risk entry if price broke, or at least tagged at least one of them correctively. As price came back down and then pushed back up leaving us with a clear ascending trend line to work with I then placed my order on the break of the trend line, because the overall move up had now become a corrective one (at least in terms of how I define a corrective move). However price pushed so far up from this trend line and so close to our new high without actually tagging it (which is the crucial piece of information) that I decided to cancel my order, because in my experience when price comes very close to a high or low without actually tagging it it's often the case that the orders that were placed at, or just the other side of the high or low which are dragging the mid-price towards it need to be filled (more often than not) for price to be able to impulse in our forecasted direction and sure enough, on this occasion at least price broke the trend line, it didn't really go anywhere and now it's pushed back up to that previous high to no doubt collect all of the orders that I was speaking of that are located at, or just above our new high and what happens after it's done so remains to be seen. But these are just things that you learn through experience and through backtesting. On a different day I could have cancelled my order and price could have rocketed in my forecasted direction, but the majority of the time which is all we as traders should be interested in price will do what it's doing this morning for the reasons given. But where today is concerned I think there's better investment opportunities available that now make more sense to me from a structural perspective and those opportunities and my entry requirements I've pasted below for your viewing as always. Have a great day folks! GBP/CAD: • If price pushes down to and ideally just below the lower 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 long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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. EUR/USD: • If price pushes down to and ideally just below our lower rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and then I'll be looking to get long with either 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. NZD/USD: • If price pushes down to and ideally just below our lower rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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.
Long
by StewySongs
1
GBP/CAD, EUR/USD and NZD/USD on watch for me today.Good morning all, I hope you're doing well. So yesterday I refrained from getting short on USD/CHF with a risk entry because price had broken our two inflection points fairly impulsively and in keeping with my forecast I said that I was only interested in getting short with a risk entry if price broke, or at least tagged at least one of them correctively. As price came back down and then pushed back up leaving us with a clear ascending trend line to work with I then placed my order on the break of the trend line, because the overall move up had now become a corrective one (at least in terms of how I define a corrective move). However price pushed so far up from this trend line and so close to our new high without actually tagging it (which is the crucial piece of information) that I decided to cancel my order, because in my experience when price comes very close to a high or low without actually tagging it it's often the case that the orders that were placed at, or just the other side of the high or low which are dragging the mid-price towards it need to be filled (more often than not) for price to be able to impulse in our forecasted direction and sure enough, on this occasion at least price broke the trend line, it didn't really go anywhere and now it's pushed back up to that previous high to no doubt collect all of the orders that I was speaking of that are located at, or just above our new high and what happens after it's done so remains to be seen. But these are just things that you learn through experience and through backtesting. On a different day I could have cancelled my order and price could have rocketed in my forecasted direction, but the majority of the time which is all we as traders should be interested in price will do what it's doing this morning for the reasons given. But where today is concerned I think there's better investment opportunities available that now make more sense to me from a structural perspective and those opportunities and my entry requirements I've pasted below for your viewing as always. Have a great day folks! GBP/CAD: • If price pushes down to and ideally just below the lower 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 long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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. EUR/USD: • If price pushes down to and ideally just below our lower rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and then I'll be looking to get long with either 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. NZD/USD: • If price pushes down to and ideally just below our lower rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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.
Long
by StewySongs
USD/CHF, USD/CAD and EUR/JPY on watch for me today.Good morning all, I hope that you're well, you have a great weekend and that you're feeling suitably recharged. So it looks like there could be some decent opportunities shaping up across the board this week, as always with some of them requiring a little patience and others looking a little closer to being ready. But where today is concerned USD/CHF is looking the closest to being ready where what I'll be looking for today is concerned. Is it the perfect setup? No. But we as traders aren't looking for perfection because the market is imperfect, we're simply looking for a setup which gives us an edge over the market and then we execute on that edge and let probabilities play out in our favour over a large enough sample size of trades. Below is my forecast and my entry requirements for today, have a great day and I'll speak to you again tomorrow. USD/CHF: • If price pushes up to and ideally just above our upper rayline 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 lower 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 rayline 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. USD/CAD: • If price pushes up to and ideally just above our lower rayline 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 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. EUR/JPY: • If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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.
by StewySongs
USD/CHF, USD/CAD and EUR/JPY on watch for me today.Good morning all, I hope that you're well, you have a great weekend and that you're feeling suitably recharged. So it looks like there could be some decent opportunities shaping up across the board this week, as always with some of them requiring a little patience and others looking a little closer to being ready. But where today is concerned USD/CHF is looking the closest to being ready where what I'll be looking for today is concerned. Is it the perfect setup? No. But we as traders aren't looking for perfection because the market is imperfect, we're simply looking for a setup which gives us an edge over the market and then we execute on that edge and let probabilities play out in our favour over a large enough sample size of trades. Below is my forecast and my entry requirements for today, have a great day and I'll speak to you again tomorrow. USD/CHF: • If price pushes up to and ideally just above our upper rayline 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 lower 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 rayline 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. USD/CAD: • If price pushes up to and ideally just above our lower rayline 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 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. EUR/JPY: • If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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.
by StewySongs
USD/CHF, USD/CAD and EUR/JPY on watch for me today.Good morning all, I hope that you're well, you have a great weekend and that you're feeling suitably recharged. So it looks like there could be some decent opportunities shaping up across the board this week, as always with some of them requiring a little patience and others looking a little closer to being ready. But where today is concerned USD/CHF is looking the closest to being ready where what I'll be looking for today is concerned. Is it the perfect setup? No. But we as traders aren't looking for perfection because the market is imperfect, we're simply looking for a setup which gives us an edge over the market and then we execute on that edge and let probabilities play out in our favour over a large enough sample size of trades. Below is my forecast and my entry requirements for today, have a great day and I'll speak to you again tomorrow. USD/CHF: • If price pushes up to and ideally just above our upper rayline 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 lower 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 rayline 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. USD/CAD: • If price pushes up to and ideally just above our lower rayline 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 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. EUR/JPY: • If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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.
by StewySongs
USD/CHF on watch for me today.Good morning one and all, I hope you're doing well. So the good news is that late last night I booked my train journey back home to Scotland. So on the 5th of October I'll now be returning home, meaning that from the evening of the 5th of October onwards I'll have access to a reliable internet connection again with a substantial amount of bandwidth. Meaning that from the 6th or the 7th of October onwards (depending on how quickly I can get myself set up) I'll be bringing you video forecasts again where I'll be able to talk you through my through process, instead of the image based ones which I've been sharing with you these past few weeks which I'm super excited about. Where today is concerned the market isn't looking quite as attractive as it was yesterday in my opinion and experience, at least in terms of how I trade. But what most traders don't understand is that the market moves in cycles and that said there are three pairs in particular which I've got my eye on for next week, those being EUR/AUD, USD/CAD and USD/JPY with EUR/AUD being my favourite of the bunch and it and USD/CAD looking like they might be ready the soonest with USD/JPY looking like it could shape up shortly afterwards. Whilst I was being taught to trade I was always taught to look for trading opportunities which "smack you in the face" and since I now trade professionally and I've backtested close to twenty five years worth of data since the 16th of August the only setup which "smacked" me "in the face last night whilst I was creating my Friday Forecast was the one which is potentially shaping up on USD/CHF. So the latter is all I have on watch today and below as always I've listed my entry requirements. Have a great day and a great weekend folks and I'll be back on Monday with another forecast. USD/CHF: • If price pushes up to and ideally just above our upper rayline 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 lower 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 rayline 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.
Short
by StewySongs
NZD/USD, NZD/CHF and EUR/GBP on watch for me today.Good morning one and all. So I didn't place any trades yesterday to a large extent because there were some volatility spikes that occurred across the board yesterday and in my experience price will often come back up or down to fill such spikes before it can continue in my forecasted direction, which in some cases appears to be what's now happening. So once again I was happy to sit on the sidelines and wait for something which meets the requirements of my trading plan to present itself. Some of what I'm looking for today is going to need a little early London Session momentum for it to be ready before the end of today, but if I have to wait a little longer for what I'm looking for to shape up then so be it. Trading is about patience and trying to catch the investment opportunities which give you your edge over the market, it's not about trying to catch every conceivable investment opportunity. So below are my entry requirements for today as per usual for your viewing. Have a great day and I'll speak to you again tomorrow! NZD/USD: • If price pushes up to and ideally just above our lower rayline 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 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. NZD/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 lower 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. EUR/GBP: • 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 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.
Short
by StewySongs
4
NZD/USD, NZD/CHF and EUR/GBP on watch for me today.Good morning one and all. So I didn't place any trades yesterday to a large extent because there were some volatility spikes that occurred across the board yesterday and in my experience price will often come back up or down to fill such spikes before it can continue in my forecasted direction, which in some cases appears to be what's now happening. So once again I was happy to sit on the sidelines and wait for something which meets the requirements of my trading plan to present itself. Some of what I'm looking for today is going to need a little early London Session momentum for it to be ready before the end of today, but if I have to wait a little longer for what I'm looking for to shape up then so be it. Trading is about patience and trying to catch the investment opportunities which give you your edge over the market, it's not about trying to catch every conceivable investment opportunity. So below are my entry requirements for today as per usual for your viewing. Have a great day and I'll speak to you again tomorrow! NZD/USD: • If price pushes up to and ideally just above our lower rayline 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 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. NZD/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 lower 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. EUR/GBP: • 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 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.
Short
by StewySongs
NZD/USD, NZD/CHF and EUR/GBP on watch for me today.Good morning one and all. So I didn't place any trades yesterday to a large extent because there were some volatility spikes that occurred across the board yesterday and in my experience price will often come back up or down to fill such spikes before it can continue in my forecasted direction, which in some cases appears to be what's now happening. So once again I was happy to sit on the sidelines and wait for something which meets the requirements of my trading plan to present itself. Some of what I'm looking for today is going to need a little early London Session momentum for it to be ready before the end of today, but if I have to wait a little longer for what I'm looking for to shape up then so be it. Trading is about patience and trying to catch the investment opportunities which give you your edge over the market, it's not about trying to catch every conceivable investment opportunity. So below are my entry requirements for today as per usual for your viewing. Have a great day and I'll speak to you again tomorrow! NZD/USD: • If price pushes up to and ideally just above our lower rayline 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 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. NZD/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 lower 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. EUR/GBP: • 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 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.
Short
by StewySongs
SOYBN/USD, USD/SGD and USD/CHF on watch for me today.Good morning all, I hope you're doing well. So yesterday I was eyeing up a risk entry within the tight flag that had formed on USD/CHF with the view of riding the bearish momentum to the downside which I believed would likely come into the market now that we'd potentially filled all of the buy and sell orders which were inflating the mid-price up, in part because an amendment that I made to my trading plan recently based on the testing that I've done is to try and avoid taking reduced risk entries on the break of tight flags when the lower trend line (if I'm looking to get short is sloping downwards) has a notable descending gradient to it. So I was sat with my deal ticket filled in, about to pull the trigger but the momentum came is so quickly that I didn't get chance to place my order. Had I been able to do so then I would have likely been running at around +2.75% profit for much of yesterday with just over +1% of it locked in. But I'm running a business and self-discipline is far more important to me than not missing out, as indiscipline is largely why many traders blow their trading accounts. So I was happy to stick to my plan and let this investment opportunity go without me, safe in the knowledge that trades are often like buses. Sure enough, a little while later the investment opportunity which I was looking for from NZD/USD which I posted yesterday also presented itself and this time I was able to catch the risk entry that I was looking for from the top of the larger flag which had formed and once again, once the orders had been filled at the top of this flag the momentum to the downside kicked in almost immediately as I'd anticipated it might. However swap hours then came and with my stop loss now at break even I had to make a judgement call on whether to temporally put my 1% risk back on the table until the spread which can get pretty wild on NZD pairs had calmed down, which I was happy to do based on what the DXY, other NZD pairs and what other correlated pairs were showing me and once the Asian Session had started and the spread had calmed down I moved my stop loss back to break even. However during the early hours of this morning I was alas wicked out of my position to the pip, but looking at how price is moving it would appear that we're likely moving back up to the top of our lower time frame structure to form an even larger larger flag which I'll be considering getting short on once again most likely tomorrow. So that's a break even trade on NZD/USD for me which Im very happy with which I'll finish documenting and journaling tomorrow and below as always is what I'll be looking for from the market today. Have a great day! SOYBN/USD: • If price corrects and a tight one hour flag forms, then I'll be looking to get long with either 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. USD/SGD: • If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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. USD/CHF: • If price corrects and a tight one hour flag forms, then I'll be looking to get short with either 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.
by StewySongs
2
SOYBN/USD, USD/SGD and USD/CHF on watch for me today.Good morning all, I hope you're doing well. So yesterday I was eyeing up a risk entry within the tight flag that had formed on USD/CHF with the view of riding the bearish momentum to the downside which I believed would likely come into the market now that we'd potentially filled all of the buy and sell orders which were inflating the mid-price up, in part because an amendment that I made to my trading plan recently based on the testing that I've done is to try and avoid taking reduced risk entries on the break of tight flags when the lower trend line (if I'm looking to get short is sloping downwards) has a notable descending gradient to it. So I was sat with my deal ticket filled in, about to pull the trigger but the momentum came is so quickly that I didn't get chance to place my order. Had I been able to do so then I would have likely been running at around +2.75% profit for much of yesterday with just over +1% of it locked in. But I'm running a business and self-discipline is far more important to me than not missing out, as indiscipline is largely why many traders blow their trading accounts. So I was happy to stick to my plan and let this investment opportunity go without me, safe in the knowledge that trades are often like buses. Sure enough, a little while later the investment opportunity which I was looking for from NZD/USD which I posted yesterday also presented itself and this time I was able to catch the risk entry that I was looking for from the top of the larger flag which had formed and once again, once the orders had been filled at the top of this flag the momentum to the downside kicked in almost immediately as I'd anticipated it might. However swap hours then came and with my stop loss now at break even I had to make a judgement call on whether to temporally put my 1% risk back on the table until the spread which can get pretty wild on NZD pairs had calmed down, which I was happy to do based on what the DXY, other NZD pairs and what other correlated pairs were showing me and once the Asian Session had started and the spread had calmed down I moved my stop loss back to break even. However during the early hours of this morning I was alas wicked out of my position to the pip, but looking at how price is moving it would appear that we're likely moving back up to the top of our lower time frame structure to form an even larger larger flag which I'll be considering getting short on once again most likely tomorrow. So that's a break even trade on NZD/USD for me which Im very happy with which I'll finish documenting and journaling tomorrow and below as always is what I'll be looking for from the market today. Have a great day! SOYBN/USD: • If price corrects and a tight one hour flag forms, then I'll be looking to get long with either 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. USD/SGD: • If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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. USD/CHF: • If price corrects and a tight one hour flag forms, then I'll be looking to get short with either 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.
by StewySongs
SOYBN/USD, USD/SGD and USD/CHF on watch for me today.Good morning all, I hope you're doing well. So yesterday I was eyeing up a risk entry within the tight flag that had formed on USD/CHF with the view of riding the bearish momentum to the downside which I believed would likely come into the market now that we'd potentially filled all of the buy and sell orders which were inflating the mid-price up, in part because an amendment that I made to my trading plan recently based on the testing that I've done is to try and avoid taking reduced risk entries on the break of tight flags when the lower trend line (if I'm looking to get short is sloping downwards) has a notable descending gradient to it. So I was sat with my deal ticket filled in, about to pull the trigger but the momentum came is so quickly that I didn't get chance to place my order. Had I been able to do so then I would have likely been running at around +2.75% profit for much of yesterday with just over +1% of it locked in. But I'm running a business and self-discipline is far more important to me than not missing out, as indiscipline is largely why many traders blow their trading accounts. So I was happy to stick to my plan and let this investment opportunity go without me, safe in the knowledge that trades are often like buses. Sure enough, a little while later the investment opportunity which I was looking for from NZD/USD which I posted yesterday also presented itself and this time I was able to catch the risk entry that I was looking for from the top of the larger flag which had formed and once again, once the orders had been filled at the top of this flag the momentum to the downside kicked in almost immediately as I'd anticipated it might. However swap hours then came and with my stop loss now at break even I had to make a judgement call on whether to temporally put my 1% risk back on the table until the spread which can get pretty wild on NZD pairs had calmed down, which I was happy to do based on what the DXY, other NZD pairs and what other correlated pairs were showing me and once the Asian Session had started and the spread had calmed down I moved my stop loss back to break even. However during the early hours of this morning I was alas wicked out of my position to the pip, but looking at how price is moving it would appear that we're likely moving back up to the top of our lower time frame structure to form an even larger larger flag which I'll be considering getting short on once again most likely tomorrow. So that's a break even trade on NZD/USD for me which Im very happy with which I'll finish documenting and journaling tomorrow and below as always is what I'll be looking for from the market today. Have a great day! SOYBN/USD: • If price corrects and a tight one hour flag forms, then I'll be looking to get long with either 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. USD/SGD: • If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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. USD/CHF: • If price corrects and a tight one hour flag forms, then I'll be looking to get short with either 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.
OANDA:SOYBNUSD
by StewySongs
1
SOYBN/USD, USD/SGD and USD/CHF on watch for me today.Good morning all, I hope you're doing well. So yesterday I was eyeing up a risk entry within the tight flag that had formed on USD/CHF with the view of riding the bearish momentum to the downside which I believed would likely come into the market now that we'd potentially filled all of the buy and sell orders which were inflating the mid-price up, in part because an amendment that I made to my trading plan recently based on the testing that I've done is to try and avoid taking reduced risk entries on the break of tight flags when the lower trend line (if I'm looking to get short is sloping downwards) has a notable descending gradient to it. So I was sat with my deal ticket filled in, about to pull the trigger but the momentum came is so quickly that I didn't get chance to place my order. Had I been able to do so then I would have likely been running at around +2.75% profit for much of yesterday with just over +1% of it locked in. But I'm running a business and self-discipline is far more important to me than not missing out, as indiscipline is largely why many traders blow their trading accounts. So I was happy to stick to my plan and let this investment opportunity go without me, safe in the knowledge that trades are often like buses. Sure enough, a little while later the investment opportunity which I was looking for from NZD/USD which I posted yesterday also presented itself and this time I was able to catch the risk entry that I was looking for from the top of the larger flag which had formed and once again, once the orders had been filled at the top of this flag the momentum to the downside kicked in almost immediately as I'd anticipated it might. However swap hours then came and with my stop loss now at break even I had to make a judgement call on whether to temporally put my 1% risk back on the table until the spread which can get pretty wild on NZD pairs had calmed down, which I was happy to do based on what the DXY, other NZD pairs and what other correlated pairs were showing me and once the Asian Session had started and the spread had calmed down I moved my stop loss back to break even. However during the early hours of this morning I was alas wicked out of my position to the pip, but looking at how price is moving it would appear that we're likely moving back up to the top of our lower time frame structure to form an even larger larger flag which I'll be considering getting short on once again most likely tomorrow. So that's a break even trade on NZD/USD for me which Im very happy with which I'll finish documenting and journaling tomorrow and below as always is what I'll be looking for from the market today. Have a great day! SOYBN/USD: • If price corrects and a tight one hour flag forms, then I'll be looking to get long with either 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. USD/SGD: • If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from 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. USD/CHF: • If price corrects and a tight one hour flag forms, then I'll be looking to get short with either 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.
by StewySongs
1
SOYBN/USD, USD/CHF, NZD/USD and EUR/AUD on watch for me today.Good morning all, I hope you're well. Experience has taught me not to fret when the market doesn't look great at least in terms of how I trade, because when some pairs do shape up the whole Forex market tends to shape up across the board and so it appears to be doing again at the moment. To the extent that I actually found it difficult to leave one or two pairs out of my Tuesday Forecast last night whilst I was creating it and difficult to decide which pair to swap to USD/SGD for this morning after I decided to remove this pair for my forecast due to how it had moved during the Asian Session and that's one of the many reasons why I always say that patience is one of the keys to trading. With the above in mind I have four pairs on watch today for the first time in a little while and my entry requirements I've included for your viewing as per usual. Have a great day! SOYBN/USD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If price simply impulses up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight one hour flag forms, then I'll again be looking to get long with either 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. USD/CHF: • If price corrects and a tight one hour flag forms, then I'll be looking to get short with either 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. NZD/USD: • If price pushes up to and ideally just above our lower rayline 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 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. EUR/AUD: • 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 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.
by StewySongs
SOYBN/USD, USD/CHF, NZD/USD and EUR/AUD on watch for me today.Good morning all, I hope you're well. Experience has taught me not to fret when the market doesn't look great at least in terms of how I trade, because when some pairs do shape up the whole Forex market tends to shape up across the board and so it appears to be doing again at the moment. To the extent that I actually found it difficult to leave one or two pairs out of my Tuesday Forecast last night whilst I was creating it and difficult to decide which pair to swap to USD/SGD for this morning after I decided to remove this pair for my forecast due to how it had moved during the Asian Session and that's one of the many reasons why I always say that patience is one of the keys to trading. With the above in mind I have four pairs on watch today for the first time in a little while and my entry requirements I've included for your viewing as per usual. Have a great day! SOYBN/USD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If price simply impulses up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight one hour flag forms, then I'll again be looking to get long with either 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. USD/CHF: • If price corrects and a tight one hour flag forms, then I'll be looking to get short with either 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. NZD/USD: • If price pushes up to and ideally just above our lower rayline 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 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. EUR/AUD: • 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 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.
by StewySongs
1
SOYBN/USD, USD/CHF, NZD/USD and EUR/AUD on watch for me today.Good morning all, I hope you're well. Experience has taught me not to fret when the market doesn't look great at least in terms of how I trade, because when some pairs do shape up the whole Forex market tends to shape up across the board and so it appears to be doing again at the moment. To the extent that I actually found it difficult to leave one or two pairs out of my Tuesday Forecast last night whilst I was creating it and difficult to decide which pair to swap to USD/SGD for this morning after I decided to remove this pair for my forecast due to how it had moved during the Asian Session and that's one of the many reasons why I always say that patience is one of the keys to trading. With the above in mind I have four pairs on watch today for the first time in a little while and my entry requirements I've included for your viewing as per usual. Have a great day! SOYBN/USD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If price simply impulses up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight one hour flag forms, then I'll again be looking to get long with either 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. USD/CHF: • If price corrects and a tight one hour flag forms, then I'll be looking to get short with either 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. NZD/USD: • If price pushes up to and ideally just above our lower rayline 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 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. EUR/AUD: • 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 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.
by StewySongs
SOYBN/USD, USD/CHF, NZD/USD and EUR/AUD on watch for me today.Good morning all, I hope you're well. Experience has taught me not to fret when the market doesn't look great at least in terms of how I trade, because when some pairs do shape up the whole Forex market tends to shape up across the board and so it appears to be doing again at the moment. To the extent that I actually found it difficult to leave one or two pairs out of my Tuesday Forecast last night whilst I was creating it and difficult to decide which pair to swap to USD/SGD for this morning after I decided to remove this pair for my forecast due to how it had moved during the Asian Session and that's one of the many reasons why I always say that patience is one of the keys to trading. With the above in mind I have four pairs on watch today for the first time in a little while and my entry requirements I've included for your viewing as per usual. Have a great day! SOYBN/USD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If price simply impulses up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight one hour flag forms, then I'll again be looking to get long with either 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. USD/CHF: • If price corrects and a tight one hour flag forms, then I'll be looking to get short with either 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. NZD/USD: • If price pushes up to and ideally just above our lower rayline 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 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. EUR/AUD: • 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 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.
OANDA:SOYBNUSD
by StewySongs
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.
by StewySongs
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.
OANDA:SOYBNUSD
by StewySongs