EJ is going into 61.8% fibo monthly 119.92.
I have taken 75 pips this morning out of this pair. I wounder what it will do next?
I have taken 75 pips this morning out of this pair. I wounder what it will do next?
No brainer fundamental trades 55 replies
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DislikedHey Barak,
I hope BRV doesn't mind me answering these since they were addressed to him, but in the interest of helping the thread and keeping questions not related to action to a limit, I'll answer.
From reading the thread and his blog, he's mentioned that he does not take every trade listed. Price action and confluence is the key in whether or not a trade will be taken-- for example, let's say we've identified a support level on the USDJPY. If the equities markets are falling strong, you don't want to be anywhere near a buy on the JPY as it's tendency lately has been to strongly mimic the markets (today's mid-day sell off and then immediate reversal is a great example), and it's likely that the support would not hold. Experience and screen time are the keys to knowing whether or not to take a trade.
Levels and charts should be updated every day as circumstances and situations change. Obviously not every level will change, but you need to adapt. Personally, the first thing I do when I get home and start my work on the charts is to re-evaluate everything that's gone on, identify new price patterns and action, and formulate a plan for whatever levels I've marked up. It's not uncommon at all for me to clean sweep my charts anew and then reidentify S&R, and often times I'll come up with the same obvious ones, but without the clutter of old lines, will come up with new ones adapted to current circumstances.
I don't think he trades the Asian session, but I don't want to speak for him in that. I do trade the Asian session every night, usually doing research and drawing up my charts from around 7-8, watch the markets for a bit to get an idea of what the day may bring, and then start looking for and adapting to new trade opportunities.
Hope that helps.Ignored
DislikedEJ is going into 61.8% fibo monthly 119.92.
I have taken 75 pips this morning out of this pair. I wounder what it will do next?Ignored
DislikedHi friends could anybody tell me what is the definition for macroeconomics???
ThanksIgnored
DislikedIt broke 8 minutes ago.... 274 pips in 7 minutes . crazy. The whole world was waiting there...Ignored
DislikedHi BRV,
A great post to wake up to this morning.
1. Trader sits down at the computer, turns it on, opens up market news and research
2. Digs through data, research, opinions on macro economic conditions affecting the pairs planned to trade for the day, as well as other markets that will affect those pairs
3. Makes conclusive decisions (forecasts) of the pairs planned on being traded based on intermarket cash flows, current trends, market hype fads and potential deviations from any of these
4. Write down these conclusions with references as to why they will occurIgnored
DislikedBeen there as well, YES! My first >200 Pip trade on Live Account (but since I'm still learning I trade with very very small positions, so this resulted in just a small win)
http://img519.imageshack.us/img519/3...081024ava4.pngIgnored