View: Blanks of the trader
Blanks of the trader
With only couple of weeks remaining of the current year it makes some sense to start planning wrapping up trading activities for this year and start preparing for the upcoming one. Out of the setups from the last week there was only one i was involved in. Short EUR/USD from @1.3518 netted -41 pips in total despite going the "right" direction later on. While being caught out in this sandwich move there was a lesson to learn from it, particularly on the subject of stops. Due to decentralized nature of Fx market it is extremely difficult to evaluate the positions of other market players, however in this case it was clear that the ones that had higher stops came out with good profit at the end.
Coming trading week maybe be a bit lightweight in terms of the volumes due to public holidays in US. There will be two setups in my watch list i will be looking at closer. Earlier mentioned EUR/USD Fx pair has potential bearish BAT pattern to be completed @1.3754's area. It is very early days at the moment, however if price action will get there, will be looking for a short entry. On a side note about 100 pips of risk has to be taken on board, therefore some traders perhaps may find this setup not particularly attractive.
Bearish setup on GBP/USD pair has a chance to complete much earlier. Shark pattern is about to be completed @1.631 area on 4 hours chart. When looking at this 4 hour time frame one may think that this level is in the middle of nowhere and signal is very weak at the first sight. However daily time-frame has much more confirmation to this shorting case as this level served as pivot in the past many times. Overall it is counter-trend setup, therefore the size of the entry should be decreased in my book.
This will sum up this week, have a good one traders!
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