Patience will pay (and GBPUSD trade update)
Hope you are going well…
Sometimes I think the name of the game of trading is patience…
You need to be patient on everything: Wait for the market to trigger your order, wait for the right signal, hold your trade for longer, and so on and so forth.
Here are a few examples where patience is playing a critical part on my trading:
The EURAUD its trading at an important level… Here is my long term chart:
As you can see, it’s trading near a LT support level around 1.4326. But it’s been like 3 weeks since the market has been trading around that level.
I’ve been waiting for the EURAUD to break either extreme of the short term range… but it just wont break through that range…
Here what the short term chart looks like:
As you can see, there is a pretty clear range, so I’m still waiting for it to break either side of the range (which will trigger either a bullish or bearish condition) and then I will look for trade opportunities in the same direction.
But again.. patience my friends…
GBPUSD Trade Update
Another example where patience has been the name of the game…
I took a long in the GBPUSD two weeks ago, I held it over the past two weekends, over the FOMC meeting last week and I still have no intention to close that trade.
Here is what the ST chart looks like:
Was I tempted to close my trade?
Of course I was… Last week I had at one point 6 or 7% of return only with this trade… We always get tempted, regardless of the years of experience you may have, that’s human nature… The right question is whether you did it or not? In this case I haven’t…
I’m looking for a 9.5% return in this trade so I think its worth the risk to hold it and see what happens.
But the real reason why I’m holding this trade its because I already have a plan, and I intend to follow it.
I also know that almost every decision that I have made while I’m already in my trade, I can almost guarantee that it will not be in my best interests.
Do you feel in the same way?
By the way, my TP is at the same level from last week and I have moved my SL to get just a few pips on my favor in case it keeps retracing back.
Patience my friends… the name of the game is patience!
Have you been trading the EURAUD lately? What do you think about my analysis?
What about the GBPUSD? Did you take this trade? Are you still holding it?
Do you take trading decision while you are in a trade?