Last week I wrote that my plan was to go short EURGBP and long USDCHF depending on certain levels that must be reached and confirmation in terms of candlesticks. You can find the post from last week here.
In today’s post I’m looking the USDCHF which is in an uptrend and the EURGBP which is a downtrend.
When we first start out trading it’s all about finding that trading strategy that will give us daily / weekly / monthly positive returns, the holy grail in other words. It’s all about instant gratification and unrealistic expectations. This can cause us to take risky trades, being greedy and all the other problems that come with being a newbie trader. Slow and steady is a much better approach to trading in my experience. This post is about how trading with a long – term mindset can help traders improve their trading.
Last weekend I wrote about the USDCAD that made a lower low here. I suggest you read that post first before reading this one.
In this post I’m taking a look at the USDCAD, but first I want to make a couple comments on last week’s post where I discussed the CHFJPY.
The chart below is that of the CHFJPY daily and it is currently testing support.
People can spend a lot of time doing “things” that don’t contribute to their dreams / goals. And by simply doing the opposite, that is doing less of those “things” and more of what contributes to their dreams / goals, the faster success can be achieved in their various endeavours. This post is about learning to say NO to those various “things”. Saying NO takes a lot of discipline, over time it can become a habit, and can spill over into other areas of your life such as trading. And trading is what we are about. Let’s start.
In today’s post I will be discussing the inverse head and shoulders pattern that recently formed in the USDCHF forex pair. This was on the daily chart and the breakout happened on the 1st of February 2021. I will give my opinion / insight on how I think traders out there might / could have traded it; hoping readers gain some insight from it. Let’s start.
In this post I’m going to explain the bare essentials that are necessary in a trading strategy. As part of a trading strategy you must, at the very least know: the markets you are trading, your trading time frame, entry reasons, risk of the trade and how you manage your trades. I’ll be discussing that next with the help of some examples. Let’s start.
In one of my previous posts, I wrote about how I want to practice becoming more patient and disciplined this year and beyond; not just in my trading, but also generally in my life. In that same post I mentioned how I would start by doubling down on practicing mindfulness. It is something I’ve been doing for some time, but I never really used the benefits that come with it. This post is about mindfulness and about how I’m currently using it to become more patient and disciplined.