DislikedEUR NZD and NZD CHF , both pairs seems to be inversely correlated ... NZD CHF H4 if forming Head and shoulders , and Eur NZD on H4 is forming Inverse head and shoulders .....
Both seems to be moving with the flow ... Help me out people , if price action occurs , then thats good . But if it does not appear , Then WHAT ? Because it seems like both are going to work out !!!Ignored
When a toddler first learns to stand up he'll fall multiple times just in the zeal to do all the exciting stuff he grew up so far watching people do with their feet. It takes some time for him to realize they are just feet and there are only so many things one can do with them.
I guess traders go through a similar process. Its natural to want to trade everything that's out there and moving at first. The trick lies in keeping these emotions aside and going by your system that you know works for you and that you also know isn't made to extract every move in the market. It works for you because it picks out certain situations and weighs them on a scale of validity.
You're going to be extremely vulnerable if you go by "WOW! A H&S!!!" Now obviously if H&S was a primary base for your trades then maybe you could do that, but do you realize by asking the question you did (i.e if price action occurs , then thats good . But if it does not appear , Then WHAT ? Because it seems like both are going to work out), you are actually wanting to choose between two very different trading approaches i.e trading with PA and trading without it only to find a way to ride a move you can foresee. Discipline is an integral part of a successful trader. Ask Mike how many time he will look at a chart and know what price is going to do yet its a "watch from the side lines" thing for him cuz there is no strong signal provision from the methods he uses for his trading.
Maybe the next time you'll see a great pin bar and you'll want to take it because.."WOW A SUPER PIN BAR"....
And later you'll see the 365 lining up with the 61.8 fib and a PPZ and you'll say "HEY!! I GOT A TRADE THAT'S MONEY IN THE BANK"
Maybe you'll be fortunate enough to lose money in some trades so it serves like a wake up call, or maybe you are not so fortunate and end up making money in all of them which will serve as a reinforcement of the idea of "being free like the wind". Guess what? That's not how this business works. With such a mindset you're anything but successful in the long run.
g.
I believe . . .