EUR/NZD, NZD/JPY and EUR/CAD on watch for me today.
Good morning one and all.
I hope you're doing well.
So I took another loss yesterday, this time on EUR/NZD by the first of two volatility spikes during swap hours. I placed my trade at my cutoff point of 7:30 PM BST and once again unfortunately the liquidity didn't come in which would have pushed price clear of my stop loss. I also experienced slippage too which means that I ended up losing a fair bit more than the 1% I told my broker that I wanted to risk. Those who say that you shouldn't trade at this time, or at this time, or during this session, or that session either forget or they aren't aware just how much testing I've done of this strategy and how much experience I now have trading it, which is why I trade the hours I do because I've found that over a large enough sample size of trades it's a profitable one unless you start trading beyond my cutoff point. But unfortunately testing and probabilistic thinking are concepts which the majority of traders struggle with, which is to a large extent why many of them strategy hop the moment that they experience a period of drawdown which you'll experience at some point regardless of what strategy you trade.
However thanks largely to the fact that I've trained my mind to deal with drawdown I was able to stay neutral and positive after my latest loss, which allowed me to take advantage of another golden opportunity and arguably an even better one just after swap hours had finished and the spread during the Asian Session had calmed down so I'm now currently short on NZD/JPY. Once again I was almost taken out for another loss, but price has since scooped back down to my entry point, so we'll see how this one plays out and of course I'll keep you updated on its progress.
My forecast for today which includes a screenshot of my EUR/NZD trade and the NZD/JPY trade which I'm currently still in I've pasted below, as usual I'll be selecting my Top 6 and my Wildcard list pairs tonight, tomorrow morning I'll be creating my Monday Forecast and on Monday morning I'll bring you that forecast.
Have a great day, a great weekend and I'll speak to you again soon!
EUR/NZD:
• If price impulses up, it does so in a convincing manner 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.
NZD/JPY:
• If price corrects and a tight one hour flag forms then I'll be looking to get short 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/CAD:
• If price pushes up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight 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.
I hope you're doing well.
So I took another loss yesterday, this time on EUR/NZD by the first of two volatility spikes during swap hours. I placed my trade at my cutoff point of 7:30 PM BST and once again unfortunately the liquidity didn't come in which would have pushed price clear of my stop loss. I also experienced slippage too which means that I ended up losing a fair bit more than the 1% I told my broker that I wanted to risk. Those who say that you shouldn't trade at this time, or at this time, or during this session, or that session either forget or they aren't aware just how much testing I've done of this strategy and how much experience I now have trading it, which is why I trade the hours I do because I've found that over a large enough sample size of trades it's a profitable one unless you start trading beyond my cutoff point. But unfortunately testing and probabilistic thinking are concepts which the majority of traders struggle with, which is to a large extent why many of them strategy hop the moment that they experience a period of drawdown which you'll experience at some point regardless of what strategy you trade.
However thanks largely to the fact that I've trained my mind to deal with drawdown I was able to stay neutral and positive after my latest loss, which allowed me to take advantage of another golden opportunity and arguably an even better one just after swap hours had finished and the spread during the Asian Session had calmed down so I'm now currently short on NZD/JPY. Once again I was almost taken out for another loss, but price has since scooped back down to my entry point, so we'll see how this one plays out and of course I'll keep you updated on its progress.
My forecast for today which includes a screenshot of my EUR/NZD trade and the NZD/JPY trade which I'm currently still in I've pasted below, as usual I'll be selecting my Top 6 and my Wildcard list pairs tonight, tomorrow morning I'll be creating my Monday Forecast and on Monday morning I'll bring you that forecast.
Have a great day, a great weekend and I'll speak to you again soon!
EUR/NZD:
• If price impulses up, it does so in a convincing manner 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.
NZD/JPY:
• If price corrects and a tight one hour flag forms then I'll be looking to get short 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/CAD:
• If price pushes up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight 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.