USDJPY Whilst I am confident in a long expecting a possible rejection of the OB on 10th January M15 @ 9:15AM which aligns with the M5 timeframe also on Weekly price has tapped off a bearish OB supported with a bearish BoS with imbalance with 158.880 and 157.228 being key swing points on M15 looking at last weeks close and Fridays close on 10th January we could see bearish push to Bullish OB on the D1 timeframe. before continuation to upside further supported with heavy week of not all so positive USD news.
USDJPY update h3 Timeframe usdjpy Supportzone; 156.350 touching two time and Resistance a weak candle BOS usdjpy again touch 156.350 three 3 touching Support Zone
Another long mind but as you guys liked the previous one a lot and found value in it we are sharing more on these topics. Again, a lot to read but for those who do, it’s pure value.
Let’s talk about mindset! You hear everyone saying; mindset is the most important in trading. But what is having “the right mindset” ?
Now here is a little secret. Mindset is not just being focused on the money. “I must be profitable”. No. Having the right mindset is having a set of attitudes. Quite literally the definition..
Mindset /ˈmʌɪn(d)sɛt/ noun (usually in singular) the established set of attitudes held by someone.
How you approach the market is very important. Have a set of rules for yourself.
Do I have a trading plan? Having a trading plan is important. It helps you follow something day in and day out.
Do I have good market conditions? Having good market conditions is important as it helps you make more clear decisions. Trading in sideways markets usually ends badly. It forces the trader to become impatient and entering too soon, expecting a breakout to either side usually leads to loses.
Do I know the risk? Understanding the risk before you enter the trade is important. Majority of traders over-leverage, meaning they use high leverage thus being able to open higher lot size positions. That usually leads to blown accounts. Knowing what you are risking, eliminates a lot of the emotions.
Do I have any confirmations? Whether that’s a break, a pullback, fundamentals supporting your view that’s great! Having confirmations on your analysis or trade is important.
Is this trade forced? Am I being nervous before entering? Am I not sure? Am I gambling on this trade? Understanding your emotions is important. Ever felt like this when you opened a trade, knowing you shouldn’t and it instantly went against you? Avoid these trades.
One more thing I would like to add. Ever been stuck to your screen 24/7? Lost sleep over a trade. Here is a fact. You watching the chart, won’t change its path. Sad truth. There is nothing wrong with following your trade, but if you are watching your losing trade, then I already know where it leads. You do too. Avoid this. Going back to the #1 rule. Know your risk before entering. Eliminate emotions.
To end this mind..
Having the right mindset is following your own rules and having a set of habits. Habits that help you to grow as a trader. Eliminate bad habits. Review your past trades. You all know why you lost a trade. But will you look for an excuse? “Ah the market did a liquidity sweep” or “market is manipulated”. The market is never wrong. You as a trader are. Don’t celebrate wins or mourn loses on your account. Treat it as your full time job. You have some good days, you have some bad days. You win, you move on. You lose, you move on. As long as you are following the trading plan, you will succeed.
Understanding this, combined with experience will grow you as a trader. And guess what the by product of this is? Money.
So don’t focus on money. Focus on self-growth, mindset, experience and upgrading your skillset of trading. Money will be the byproduct of your journey.
Create your mindset plan. A set of rules for yourself. Try doing it for 30 days. Come back to this post and tell us if you have improved.
USDJPY Considering a long position on market close - Entry around 157.243 targeting 160.513 price is above the 200 MA on daily and we have a MSS further supported with multiple bullish BoS on H4 and overall swing structure being bullish.
GOLD When trading in the market, it's always essential to proceed with caution, especially during high volatility. If you're investing, ensure your strategy is clear, set a stop-loss limit, and avoid making emotional decisions.
Whenever possible, analyze the market, keep an eye on the news, and take advice from experts. Remember, market fluctuations are normal, so trade responsibly. BTCUSDTBTCUSDEURUSDUSDJPY