Hi team,
This week my analysis on CHFJPY got stopped out. A big part of trading is being able to understand where we have gone wrong, and adapt to the market.
I have re-worked my analysis of CHFJPY. Zooming out to the weekly time-frame, the wave analysis actually becomes very simple.
We are currently in the final (bullish) wave of this ascending channel movement. Is is never a good idea to jump in to trades in the middle of moves, and so I will be waiting for price to reach the higher time-frame target marked here, before looking for long term sells.
What are the key lessons?
1.) It is OK to be wrong - but we must discard our ego, take a fresh look, and see where we went wrong.
2.) A SL is important - better a small loss now for bigger profits later, than to sit in drawdown and hope before an inevitable huge loss.
3.) To make money, we must be patient. Discard the gambling mindset for what it is, and focus on the highest possible probability entries.
i may post some short term scalps on this pair on the way up - but for now I am sitting on my hands!
Good luck, Trade safe - and remember that it isn't about winning everything - it is about winning more than you lose, and maximising profit when the sun shines.
Thanks guys!
DrBear
This week my analysis on CHFJPY got stopped out. A big part of trading is being able to understand where we have gone wrong, and adapt to the market.
I have re-worked my analysis of CHFJPY. Zooming out to the weekly time-frame, the wave analysis actually becomes very simple.
We are currently in the final (bullish) wave of this ascending channel movement. Is is never a good idea to jump in to trades in the middle of moves, and so I will be waiting for price to reach the higher time-frame target marked here, before looking for long term sells.
What are the key lessons?
1.) It is OK to be wrong - but we must discard our ego, take a fresh look, and see where we went wrong.
2.) A SL is important - better a small loss now for bigger profits later, than to sit in drawdown and hope before an inevitable huge loss.
3.) To make money, we must be patient. Discard the gambling mindset for what it is, and focus on the highest possible probability entries.
i may post some short term scalps on this pair on the way up - but for now I am sitting on my hands!
Good luck, Trade safe - and remember that it isn't about winning everything - it is about winning more than you lose, and maximising profit when the sun shines.
Thanks guys!
DrBear