The world belongs to the disciplined trader
This week has been hard to trade for me. I have been grabbing some pips here and there during London session, but once New York gets going, after 9 am, it gets really hard for me. I am sure some other traders are raking it in during New York, but my set ups get muddled, or I read them wrong and end up losing more than winning. Sound familiar? Could be because I am better at recognizing break outs rather than ranging markets. But the name of this game is: Protect your trade account at all costs, grow your account when you can, and try try TRY not to give your hard earned pips back to the market. That last one can be hard. You must be DISCIPLINED day in and day out to recognize the good trade and then when to STOP trading. A couple weeks ago i was raking in like 100 pips per day, now I am lucky to get 30. And that is just fine. As long as I do not give what I earn back. There’s always a new day in forex, as long as you have money in your account to trade it! Just 30-40 pips per day, and the world is yours..
EURUSD: Did you see how great that daily inside candle on Monday played out, 200 pips down on Tuesday? Lovely! And now price is sitting back at that 50% fib retracement at 1.4629. I suspect further down in this pair: first 1.4547 (61.8% retracement), then down to 1.4350 (38.2% of Aug07 low), then the 200ema will come into play..
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