How is your trading so far this week trader? What currency pairs are you trading?
You might think that one of my favorite currencies to trade is the GBP…
But that’s not correct…
I dont have “favorite” currency pairs, or at least not in the way you might be thinking…
My favorite currency pairs are those that have the clearest market conditions, the ones that have clear swings, clear S&R levels, those are the ones I like to trade every day.
So its an endless search for the pairs that have the clearest conditions, this is the only way I can guarantee that I will be trading with the odds on my favor.
And at the end, that’s what really matter, to go long when the market is more likely to move up, to go short when the market is more likely to continue its way down, and forget about trading it when you have no idea of what the market is likely to do.
Do that, over and over again, and you’ll get good results…
There is no secret trader, its all about being in the right side.
Ok, lets look at some of the GBP crosses now.
Hello traders, how is your week so far?
I have mentioned it before, and I will keep mentioning it because I think it could be the difference between a successful trader and a trader that will keep struggling to get good results.
Trading consistently is about choosing the right instruments to trade, and trading them at the right time.
That’s how some traders define as luck. But I’ve seen a pattern here, the more I do my analysis and make sure I trade at the right time, the luckier I get.
And it makes perfect sense, if you trade a currency pair because it has clear swings, clear levels, a good profit potential, most of the time, the market will move on your favor.
What we’ve got to do now is just repeat: Analyze – Determine which ones to trade – Trade
That’s it traders! That’s how the job is done!
But please don’t tell me that you are trading only one or two currencies, or that you are trading something because of the spread, or because someone else is trading it…
The only reason you should trade any instrument, its because it has both: a clear market condition and a good profit potential…
Does it make sense?
Ok, now here is what happened to my GBPCAD trade
Hey traders, How was your weekend? hope you enjoyed it… did you do something different? Or just relaxed for a few days?
I took some time to relax, because next weekend I’m going to need some spare energy…
Anyway, how was yours?
As every monday, I like to see what are the most important fundamentals of the week… But you know, this week we don’t have a lot of fundamental releases…
Which is good and bad at the same time.
Its bad because sometimes we need this type of volatility to get the market moving faster…
But its good because it will move entirely based on the sentiment of the market.
Regardless of the fundamentals… What we need to do every single day (which is by the way the most important aspect of trading) is to focus in the currency pairs that have both:
Focus on those two things day in day out, and you’ll be on your way to consistent results.
By the way, here is one of the currency pairs that I feel most comfortable trading with.
Hey trader, how is your trading going? Have you been able to bank some pips this week?
Let me share with you an email experience I had with a trader earlier this week!
On Monday I received an email from this trader, he said something like this:
“You better write an article about closing all JPY trades, (what I’ve been recommending in the last weeks) because its about to retrace back and change direction…”
The first thing I thought was, hey, he must know somethingI don’t know… So I asked him, what makes him think that…
And his reply was something like this:
Hey traders, how is your trading going?
Last week I wrote about the GBPAUD, I thought it was trading in a very clear bullish condition but didn’t mention anything about my entry signal…
The market conditions are still unchanged, its been slow, but it is still trading in a clear bullish condition… and you know what we need to do.
Keep looking for long opportunities.
One of the things that I like about the GBPAUD (and GBPNZD) is that it moves a lot, once it gets going, nothing will stop it…
So we need to get ready to trade it, otherwise we’ll miss this opportunity.
Here is my signal!
You know… sometimes I believe that patience is the most important virtue when it comes to trading.
It’s very difficult to be patient though, its far easier said than done.
But sometimes its the only way to be in the market and really have the odds in your favor, like it happened to me with this EURGBP trade, let me walk you through it…
Here is the short term chart:
About two weeks ago I got a signal in the GBPUSD, at that time, I set my stop entry order to go long based on a short term range breakout.
I decided to hold my trade over the last two weeks even during important fundamental announcements…
And finally, after almost 3 weeks, I got my alert: the market has reached my take profit order.
And you know something
I do, well… it depends, if there is no G7 meeting and I have a more than 80-100 pips in my favor I keep them open, otherwise I just close them.
This is the case for my GBPUSD trade which I opened yesterday, it was trading around my entry level, so I decided to close it. The market only has a slim chance to change its sentiment, but it is still possible.
Another possibility is that the market could gap against me, and since there is not enough room, the best thing to do is just to close my trade.
Have a great weekend!