Good morning guys and girls.
I hope you're doing well.
So my NZD/JPY trade which I liquidated on Sunday night would now (had I not liquidated it) be running at just over +8.00% profit with +7.81% locked in which would have been my most profitable live trade of all time in both percentage and monetary terms. Am I frustrated by this? Not at all. In fact I actually feel motivated because I previously never even used to miss these moves because I didn't know how to forecast them in the first place and one of the reasons I feel motivated is because I was backtesting yesterday and based on something which I discovered on my charts plus one other tweak which I've made to aid my psychology I know that had I been in this trade today I most definitely would not have liquidated my position. Furthermore this is the second +7.00% move that I've missed in one week, so it's only a matter of time before these bites turn into catches!
I'm not in any trades at the moment but my forecast for today I've listed below. I only have two pairs on watch today because we've seen some big moves this week and after big moves I typically prefer to let the market show its hand rather than trying to catch a bunch of falling knives. I've just added EUR/GBP to my Tuesday Forecast but this might not be ready by the end of the day, but since I only have one other pair on watch I thought I'd add it into the mix as a bit of a hedge.
Have a great day!
EUR/GBP:
• If price corrects and a tight one hour flag forms then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/NZD:
• If price pushes down to and ideally just below our rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour rejection from it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
I hope you're doing well.
So my NZD/JPY trade which I liquidated on Sunday night would now (had I not liquidated it) be running at just over +8.00% profit with +7.81% locked in which would have been my most profitable live trade of all time in both percentage and monetary terms. Am I frustrated by this? Not at all. In fact I actually feel motivated because I previously never even used to miss these moves because I didn't know how to forecast them in the first place and one of the reasons I feel motivated is because I was backtesting yesterday and based on something which I discovered on my charts plus one other tweak which I've made to aid my psychology I know that had I been in this trade today I most definitely would not have liquidated my position. Furthermore this is the second +7.00% move that I've missed in one week, so it's only a matter of time before these bites turn into catches!
I'm not in any trades at the moment but my forecast for today I've listed below. I only have two pairs on watch today because we've seen some big moves this week and after big moves I typically prefer to let the market show its hand rather than trying to catch a bunch of falling knives. I've just added EUR/GBP to my Tuesday Forecast but this might not be ready by the end of the day, but since I only have one other pair on watch I thought I'd add it into the mix as a bit of a hedge.
Have a great day!
EUR/GBP:
• If price corrects and a tight one hour flag forms then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/NZD:
• If price pushes down to and ideally just below our rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour rejection from it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.