Do you believe in luck?
Sometimes I do… and some other times I dont…
There are moments in life where we might get lucky… but when it comes to trading, I think luck is defined differently.
To me, luck in trading is: trading the right instrument at the right time.
forex, GBPNZD, signal, USDCAD
As you already know, one of our main jobs as traders is to scan the markets and try to find the instruments that have two things:
Clear S&R levels, this way we know what the market is doing and most important, what it is likely to do, and
Good profit potential, well, this one is self explanatory.
If you keep trading those instruments, you’ll get results.
Of course, sometimes the market will move against you, but it doesn’t matter, because above all, you’ll be focusing in your trading as a whole, a group of trades, not individual trades.
So you only need to make sure to win more when the market goes on your favor… and that’s it!
Forget about the accuracy of the system.
Most profesional traders will tell you that 80% of their profits, come from 20% of their trades.
Do you agree with me?
Here is the signal.
breakout, forex, signal, USDCAD
How is your trading going lately?
You know what is what I like most about the Forex market?
There are plenty of currency pairs and most of the time, you’ll find a few good opportunities.
And if you have been following me for a while, you know that the key to get good results on any market is how you choose the instruments to trade.
You could be using the best entry system in the world, but you are trading the wrong currency pairs, the market will move against you.
On the other hand, if you have an average entry system, if you are trading the right currency pairs, sooner or later, the market will move on your favor.
That’s the reason I think you should spend at least 80% of your time analyzing and choosing the best currency pairs to trade and only 20% actually looking for your signals.
Remember that: 80% analyzing, and 20% actually trading.
AUDUSD, GBPNZD, signals, USDCAD
You already know about the importance to choose the right currency pairs to trade each day.
Look, even if you have the best system in the world, if you choose the wrong currency to trade you wont get too far.
On the other hand, if you are using an average system, but you trade the right currency pairs each day, you’ll be fine in the long run.
What’s your take about this?
How do you choose which currency pairs to trade each day?
Now, these are a few of the currency pairs that I believe are trading in a very clear market condition.
The GBPUSD is trading in a very clear bearish condition, let me show you why I think its bearish:
analysis, AUDJPY, forex, GBPUSD, USDCAD
This is my second delivery, please let me know what you think.
Disclaimer: There are just the pairs I’m going to trade (or looking for trades), this should not be taken as trade recommendations. If you doth agree with this, please stop reading and close this window.
Important fundamental announcements
First of all, I’d like to remind you that we’ve got plenty of important fundamental announcements later this week:
NZD Unemployment report
GBP Interest rate
EUR Interest rate
CAD Ivey PMI
USD Non-farm payrolls report
CAD Unemployment report
Of course there are more than these, but these are the ones I consider have the potential to move the market.
Ok, now lets get to some charts
CHFJPY, EURUSD, forex, USDCAD