Simply Keen Pips Weekly

Bearish on the main pairs I trade: EU, GU, AU.

KP

AU rejecting a strong weekly resistance zone.

KP

GU ranging within a strong daily S/R zone.

KP

Why did I join FF? Why should any FX trader join FF? Is it not primarily to improve your skills for consistent profitability in FX trading? You focus on developing one simple but effective trading strategy with which you are comfortable and you learn daily to be a consistently profitable FX trader. As you grow in skills and knowledge, you share your knowledge and skills with fellow traders. That's why I am here.

KP

Many FX traders, including myself - when I started trading about five years ago - rush their trades and take many trades. They trade as if there is no tomorrow. The truth is, the market will always be there tomorrow. What should you do? Just make sure you are there. Go slow on your trading and be careful.

KP

You are often told: 'Learn to trade Forex with a demo account.' Well, do you really learn to trade with that demo account? You will learn only if you have proper guidance and get good schooling along with the practice account. Practicing on the 'practice' account by itself will lead you nowhere! For me, it never did until I started getting good education from many reputable sources.

KP

Time to prepare my charts for the week. What this entails is primarily to redraw the key S/D zones for the pairs I trade.

KP

Going for EG short. EG has rejected a strong resistance zone.

KP

Be master of your own fortune. Be master of your trade.

KP

GU ranging at a strong S/R zone atm. Turning support to resistance?

KP

AU rejecting a strong resistance/supply zone?

KP

One of the things I am learning to do is to wait for the right time and trade based on signals I am looking for. In the past, having noticed that, for example, AU was rejecting a strong resistance zone I would have taken a southward trade yesterday. I might not have lost the trade but I would have been frustrated out by its sideways/ranging movement since over 24 hours ago.

Lesson: Wait for the best time to enter a trade based on your trading rules.

KP

Price chart changes with market conditions. If you get fixated by watching only the current shape you may be missing an important opportunity. Just keep an eye on the left side of your screen for the overall price chart’s shape and be aware of how price action is shaping on higher time frames.

KP

This week has been a matter of experimenting with the three MA-system I am settling for. It seems to be more efficient than my previous MA-combo. I will be putting the system to full scale use in the next two weeks.

KP

Here is a nugget for all newbie like me:

'Whereas the traders who are struggling and have inconsistent trading results always look for better systems or more accurate entry signals, the traders who make money consistently try to improve the one trading strategy they already have. The winning traders didn’t just stumble over a winning trading strategy, but they found ways to turn their strategy into a winning one.'

KP

GU retesting, and struggling to break below, a strong S/R zone atm.

KP

AU scheming to retest a strong resistant zone.

KP

Trade of the day among the pairs I am watching is either short GBPNZD or short EURAUD; but not taking either as I am done for the week.

KP

Time to prepare my charts for the week. Also time to review pairs I watched during the past week and decide which to keep for this week. My plan is to trade only four pairs: EU, GU and AU are top; will add one more pair by Wednesday.

KP

My current weekly bias:
AU - Short
EU - Mixed, wait
GU -Short
GJ - Mixed, wait

KP