It all comes to the reasons why to take your trades…
It needs to be a sound reason, you need to have a methodology so you can determine what risks to take and which ones to avoid…
You cant take a trade because:
- You simply thought the market was going up
- You followed some one else’s advice
- You got influenced by a market analyst
- You saw the oil price moving up, etc
The idea is to get in a trade when the odds are on your favor, when the likelihood of the market of moving in one direction over the other is greater, when you’ve got a either, a very good profit potential or a good accuracy factor…
You see what I’m getting at?
So here is the reason why I decided to trade the EURUSD…
breakout, EURUSD, strategy
Hope your weekend was nice and relaxing because the market are going get a little crazy this week…
There are a ton of important announcements this week, but the most important of them all is the FOMC rate statement…
Will they rise the interest rate?
EURUSD, EURUSD Analysis, EURUSD signal
Hey trader, how is your trading going so far this week?
I’ve seen the market started to move in a few currency pairs, in some others the market has been pretty slow.
So I guess it’s all about choosing the right currency pairs to trade.
That’s the reason I encourage you to look and analyze a wide variety of currency pairs, or instruments. If for some reason you dont feel comfortable with any pair, you can always trade gold for instance, or oil, or indices or high volume stocks, etc.
But please, make sure you only trade the ones that have a clear market condition… the ones that you feel comfortable with, the ones that have clear S&R levels and clear swings.
If you focus on those, sooner or later, results will come. You just need to be patient and trade when the odds are in your favor.
That’s it, that’s what trading is all about: choosing the right instruments to trade, and trade them at the right time.
What do you say?
Ok, lets get to some charts…
The EURUSD has been trading in a very clear bearish condition, that means that it is likely to continue its way down…
EURGBP, EURUSD, forex, nzdjpy, signals, USDNOK
Hey trader, hope everything is going well!!!
How is your trading going so far this week?
By the way, did you take the GBPAUD signal that I sent you on Tuesday?
I’ve been following the GBPAUD in the last weeks and in my last article, I published a signal:
Stop entry: 1.9692, SL 1.9635 and TP 2.0190
Did you take it?
If you did, you have almost 300 pips on your favor, you need to hold it a bit longer so it reaches our TP order, which is around 200 pips from where the market is currently trading at.
200 pips might seem like a lot, but its not the case in the GBPAUD, it could move a few hundred pips in just a few hours, so you got to be patient ok?
CADJPY, EURUSD, forex, GBPAUD, signal, trading
How is it going trader?
In what currency pairs have you been focusing lately?
Please don’t tell me that majors…
From the way I see it, most of the majors are trading not in a clear market condition… Specially the EURUSD. So please, stop trading them!
Expand your horizon, yeah, you’ll have to pay more spread, but the odds will be on your favor, and that’s what we are all after, aren’t we?
I would rather trade an instrument with a larger spread, but with a clearer market condition, than a currency pairs with a tighter spread and have absolutely no idea of what the market is doing…
Please tell me this makes sense…
Here we go…
AUDNZD, EURUSD, forex, gbpchf, trading plan
Hey trader, how is your trading going so far this week? What currency pairs are you trading?
Please don’t tell me the EURUSD…
I know you like to trade the EURUSD because of the spread, but take a look at it, specially at its short term charts… its all over the place.. .
No clear support and resistance levels, no clear swings, I don’t see anything clear on that currency pair.
So please, if you only trade the EURUSD, expand your horizon, you’ll see that there are better opportunities.
The GBPJPY for instance…
EURUSD, forex, GBPJPY, signal
Look traders, there are times for everything in life…
Today (or for the next few days) its not the time to trade the EURUSD.
How do I know this?
I always try to find the currency pairs that have the cleared swings and the clearest levels, and I focus on them…
When you have clear S&R level and clear swings you know exactly what the market is likely to do, and that helps you find good trade opportunities.
Euro, EURUSD, forex, trades
You know that before taking a trade I like to do a complete analysis of both, the long term and the short term charts.
I do this to make sure that both, long and short term charts are pointing in the same direction, therefore the likelihood of my trade moving in the intended direction increases.
But there is another reason of why I like to do this…
I while back I was reading an article about Warren Buffet and how he thought about risk… He said something about risk that became part of the way I see the market right now:
“Risk comes from not knowing what you are doing”
You know something, he is dead right about it!
From that moment, I understood that it is very important to try to understand what the market is doing right now.
Once you understand what the market is doing right now, you also know what the market is likely to do, and having that information could be the difference between a profitable trader and a trader with negative results.
What do you think?
Anyways… here is why I think there is a possible 500 pip trade in the EURUSD.
Euro analysis, EURUSD, forex