View: Blanks of the trader

Blanks of the trader

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At the times when there is chance not to be involved in the trade execution, more focus can be dedicated to analysis and improvement of current trading filters and system overall. In general this is cyclical process that separates good traders from the ones reluctant to changes, with market conditions constantly changing the ones bluntly following their systems without adjusting to ever changing market conditions are doomed in my book. At the start of last week i got stopped out from EUR/USD for readjusted -32pips, it was fairly good trade despite negative monetary outcome i was able to cut risk about twice the initially anticipated. Other posted setups, have not completed yet, however still valid.

French CAC40 is about to complete another pattern, which is Gartleys to be completed at 3875's area, very close to major pivot Resistance point as well. Looking at 4 hour chart there are at least 3 advanced patterns shaping up for this market.

EUR/USD FX pair turned clearly bearish on 4 hour chart last week, however there is one potential obstacle on a way to the downside. 1.2822 area proved to be major pivot support in the past, so likely to see some pullback from there. This is clearly counter-trend setup therefore more suitable for day trading type of entry rather than longer term swing trading type. It may be good idea to watch this area on lower time-frames like 5 minutes for potential pullbacks north.   

Shark pattern on USD/JPY completion @105 seem to make progress  last week, and there are less obstacles on the way as it stands now. What may be interesting is to look at option CALLS for 105 level. Due to the fact that this is very much counter-trend setup, having option hedge likely to cover the downside of originally anticipated trade at relatively small cost.

This will sum up this week, have a good one traders!


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