In today’s post I just want give a quick update and discuss some of the charts I posted over the last couple of weeks.
EURJPY (week of 26 April 2021) never reached / tested my support zone / area. EURCAD from 2 weeks ago and AUDUSD from last week both sliced straight through their respective support levels. Needless to say that I didn’t get involved in any of them.
Because EURJPY never reached my area / zone of support, I never even looked for an entry trigger. And as I discussed in a previous post, I need confirmation before I enter a trade. So even though EURCAD and AUDUSD did reach their respective support areas / zones, I never got the required confirmation in terms of candlesticks.
This is something that we as traders have to get used to. We have a trading plan. It has to reach all our requirements before we enter. In my case it was support / resistance + confirmation in terms of candles before I could enter. I didn’t get my confirmation, so i didn’t enter. That’s it.
It’s not always so easy, but we have to stick to our strategy. That is what will pay over the long – run. And that’s why patience and discipline is so important.
Thanks so much for reading.
Thanks and Regards,
Trading SOS SOS