Browse Symbol Stacks: USDJPY: Blanks of the trader
Blanks of the trader
The move that happened last week can potentially define traders year, not as much in monetary capital as in mental one. Particularly the move on EUR/USD, smart traders that had stops deep below 1.28 level, seen huge returns after what seemed like hopeless trade initially. What made this happen was discipline and rules that were followed to the teeth. In these kind of potentially defining moments linear thinking is very often getting traders into trouble, particularly in this trade break of latest lows @1.2796 could trigger less experienced traders to short this market, however once 1.2755 was touched never came to that area again. The rest is history now, the ones that stuck with it were rewarded big time, others had very valuable lesson. Another setup posted last week on CAC40 index got filled when Gartleys pattern was completed @3875 level, currently slightly in the money, having said that it is far too early to call this trade a winner.
Next week has good potential on FX side of my portfolio in terms of setups. EUR/USD has trend continuation setup or at least channel setup between 1.3030's and 1.32. Earlier in the week i got long from 1.3030's , if will get back to this area again it will be great opportunity to go long for latecomers, see the chart below.
USD/JPY pair has another potential trend continuation setup. 98.60's will be good area to go long early in likely up trend kicking in.
Have a good one traders!