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.
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…
Hey trader, how is the market behaving lately?
Its been quite slow hasn’t it? In most currency pairs it has been ranging and most of the time, in a not well defined range, making it very difficult to trade.
Take a look at the EURUSD, its been like that, its been ranging since the last week of January, with only one major quick move (fundamentally driven by the way)… but other than that, its been slow, not well defined, etc.
I wonder how traders that only trade the EURUSD are doing… probably not very well…
Hey trader, hope everything is going well…
I have a question for you, have you had a chance to look at my previous articles? If you haven’t, please take some time to take a look at them…
They will save you money and a lot of time! They’ll help you understand how the market how the market works, how to choose the right instruments to trade, how to take advantage of them, etc.
Here are the links:
Important aspects of my strategy
Market Dynamics: How the market moves
When to go Long and When to go Short
How to find profitable Breakout Signals
How to take retracement signals
I’ve been looking at charts for more than 12 years, I’ve tried everything… What you see on those articles, is exactly what I think works best to get results.
What I like the most about it, is that you can even combine it with your own strategy…
Ok, lets go through some charts now!
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?
Last week I told you I was going to share my strategy with you, and started with a few aspects that are important to understand before going through the main strategy…
What I’m going to share with you today is probably the most important aspect of trading… Ironically, it has nothing to do with your entry, but get this right, and you’ll be on your way to consistent results.
The most important aspect of trading
Every week I get at least this question once:
What do you think is the most important aspect of trading?
And my answer has always been the same:
Hey traders, heading off for a good start :)
Here is a possible trade I’d like you take a look at… But first, let me share with you a few things about this particular currency pair!
Its always good to know the personality of each instrument, its not very effective to treat in the same way all of them, because they behave in a different way. Heck, you cant even treat the same instrument in the same way one day from the other… go figure…
Get to know the GBPAUD
Its the GBPAUD… The first thing that you need to know is this one is a currency pair that really moves.
A 40 or a 50 pip move in this currency pairs means nothing, that means that we need to use large SL levels.
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…
Hey trader, hope everything is going well on your end!
Since my last trade in the GBPJPY, I’ve been getting a lot of emails of traders asking me if there is any room left to trade the GBPJPY…
Now, let me tell you something, its not that I traded the GBPJPY because I like it, I traded because there was enough room to take a trade (good amount of pips by the way)… But right now, I dont thing its the right time to trade it again…
Because its trading near an important level!
But you dont have to worry about it! We are not here to trade only the GBPJPY, the idea is to find the clearest currency pairs to trade right now, the ones that have clear swings, clear levels, etc… And if you look at other JPY crosses, that’s exactly what you are going to find!
Here are a few of them…
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…