Price has remained in consolidation and we still require a break and close above the 2018 high. Price still very much has a bias to it as it is trading above the 200SMA and the 50SMA but we need a breakout to confirm a trend continuation and a move to 1.3000.
We sill have a long position in play and a breakout will allow us to compound into that trade. Until the breakout has been confirmed, we will be standing aside and looking to allocate risk on better setups that are presenting themselves.
As a trader, it is imperative to not have unhealthy attachments to instruments. When in consolidation, stand aside and apply patience and look else where for setups that are more likely to return you a profit.
The JPY currencies are certainly looking far more interesting with breakouts taking place. In recent days, we have posted on the AUDJPY and the USDJPY.
Trading is really about getting your money to work for you as opposed to working for your money. People do plenty of that in the big bad world of employment or as business owners.
Be smarter in the financial markets. Understand where the best environments are, and that is where the trends are, at any period of time and get your money to grow for you effortlessly and efficiently.
Trends will always have the edge over consolidating markets.