View: Blanks of the trader
Blanks of the trader
Out of many setups posted last week, 2 came into their completion. Well to be exact i got only one fill in my portfolio on CAC40 French index. Short entry was stopped out, before market plummeted north triggering hedge trade. Another setup was USD/JPY short at 99.90, well done to the traders who got a fill in this area or front run their entries. I had 99.89 high on my charts before market went lower. Situation like this surely can have negative effect on beginners traders psychic, when they tend to chase another trade entries because such a great opportunity was missed. Actually that was me in the past as well, the only good thing that can be done in these kind of situations is leaving the market for sometime, so the new opportunities can take shape. What tend to happen when traders are chasing the trades, they deviate from their trading plan causing snowball of poor emotionally driven trades that ending up as losers in most cases. What can be done in order to avoid this kind of setbacks is to see how often entries are missed by small number of ticks and adjust trading plan perhaps to front run orders on the markets with wider spreads, especially after the weekend opening.
Looking at the next week, there are couple of setups to look at. CAC40 has two valid short entries in my book. The immediate one is 3828, where bearish 2618 pattern has a chance to complete early this week. If not, then higher at 3914's level there is point of Shark pattern completion. Personally first setup looks more appealing to me as it has more points of reference in a near past if looking left, while Shark pattern completes in the middle of nowhere.
FX side of my watchlist has two potential patterns shaping up on EUR/USD pair. Both setups are BAT patterns, where completion of one will invalidate the other. Will be looking at this sideways market with more focus as there may be many more setups in current sideways conditions.
One more BAT pattern is very close to completion on USDJPY pair. Will be wattching 97.53's area to get long at bullish BAT pattern completion. Current sideways action seem to be attracting lost of hesitation, after straight move north on this pair, will be watching closer this pair as well as many more setups are potentially to occur in these market conditions.
This will sum up today's stub, have a good one traders!
No comments yet.