Traders often talk about the need to be patient but to be patient, we must know what we are being patient for. That is why we have a trade plan and know ahead of time exactly where to enter, where to place a stop, where to exit, and how much size to put on.
In this post I continue with our trade planning exercise of 30 planned trades by making a trade plan for...
This post is a trade plan of IOT. Making a consistent trade plan helps to structure ourselves as traders. This give us some control in the ever-changing uncontrollable environment of markets. At first, it may seem tedious to do all this work, but that is only because our mind resists any kind of structure. The title of this post is saying to quit chasing after the...
The primary level yesterday plan was 4430-4450 zone which was expected to be resistance for longer time frames as well as for the intraday session.
We could barely do any trading above this level and we traded down into 4400 even before the cash session opened for business. 4400-4410 has even an important level for past few sessions and I expected some support...
A few of the basket pairs seem to be lagging behind DXY. Did DXY pave the way? Is DXY showing us what the near future will hold for these pairs? Watching and waiting to see what happens here
Watching for DXY to "top out" this week and start putting in a higher low. On USDJPY I will be looking for possible short entries around the 132.5 price levels and on USDCAD I will be looking to buy pullbacks .
This is my view for the next week of trading. UJ is offering up some nice odds while we wait for DXY to figure out which way it wants to go out of this consolidation zone. Depending on how the charts play out, this idea may change, stay tuned for the updates!
not getting attached to a direction bias is key in being able to maximize profitability in sentiment shift situations. Makes sense now why our short day trades got stopped last week xD
Covered some USDSEK profits and put them into the Aussie
Covered USDJPY and profits and put them into USDCAD
The weekly chart of DXY just had a trendline break and is sitting on the 0.5 fib getting us into some pretty key levels
DXY is finally out of the HTF consolidation zone. I believe this bull run is just getting started and this pullback is just the natural breath of the market. On the LTFs I will be looking for bearish entries on EURUSD and bullish entries on USDJPY as DXY comes in to test the 0.618 retracement of the 2021-2022 bull run.
Please disregard any previously posted idea...
Top down analysis for EURUSD. Starting with the Weekly view, then looking for some entry opportunities on the smaller timeframes.
== IN SUMMARY ==
Currently waiting for a pullback down towards 50% retracement of the current bullish impulse. Should we retrace to that level, I'll monitor for a potential buying opportunity to the upside.
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