30 minute view. SLOW SLOW SLOW PRICE ACTION.
Gain or loss these will be my last live trades until 17:00 GMT. 6 trades is more than enough for the day. Overtrading makes gains disappear and losses increase. I'll spend a couple of hours on the trade simulator to replay today's trades.
Flat. Small loss today.-0.45% Better that than to hold until it is a 45% drawdown!!! A small losing day, is it such a big deal to put the trading down and wait until the next day; simply accept the small loss as part of the game instead of holding and hoping.
EXAMPLE - HOLDING AND HOPING: 68% DD
Today's take aways:
Looks like this scenario may play out afterall:
Above 1.1213 for longs.
The monthly pivopt at 1.1201 did it job. There is still a short bias.
Swing traders short be short targeting 1.1078 by Friday.
Intraday traders should target 1.1157
and intraday week traders 1.1144.
EURUSD: THINK GLOBAL (Monthly, Weekly, Daily) BUT ACT LOCAL (H4, H1, M30, M15)!!!
Week beginning 5/5/19:
Forecast range: 158 PIPS
Forecast High: 1.1282
Forecast Low: 1.1144
Bull/Bear Dividing line: 1.1213
Worth a cheeky one on my main account:
Currently in scenario 1:
There is a 90% probability that either 1.1282 or 1.1144 will be touched next week.
Keeping track of this very this responsible guardian of subscriber funds. Now at 74% DD:
I used scenario one to bring the account back to break-even plus a few. If a trader creates scenarios on Sunday pre-market, it means in most cases the trader will be prepared to act regardless of price location.
I would have taken profits for 1 at the 4 level price but the double gap hinted the gaps could be run-away gaps meaning large price drop 100 - 1000 pips? So I did not close 1 and the market closed the gap and also stopped me out.
I am looking to reenter short if the yellow star at level 4 is broken then price retests that location. The 4 location is the main support: if support is breached/broken by price, support then becomes resistance stopping price from moving higher. So we wait for support to become resistance then sell at the new resistance the first time price tests and is rejected by it. REJECTION: AT LEAST A 5 MIN BEAR PIVOT AT 144.80 AFTER PRICE HAS BREACHED/BROKEN IT, THE LAST BAR OF THE PIVOT HAS TO CLOSE BELOW 144.80.
Taken a long at A (after 5min bullish pivot), stop-loss at B and profit target at C just below the weekly forecast high and the 100 fib' extension.
Win or lose: you know what you could lose, you know what you could gain so there is no need to sit at the screen biting your fingers down to the bone wondering if you'll still have an account in 4 hours time. Isn't this what you imagined it would be like when you first started your trading journey? Yes!!! So how did you end up following a signal capable of giving you a 99% drawdown?
Learn to trade your own account.