It was a good relaxing weekend for me, but not for my buddy, Rayn, who had to be in Shenzhen for a seminar/workshop. More great opportunities coming our way. Good job man !!
Well.... where ever we are in the world, the Forex markets still goes on and it waits for no one. Is the Aussie one of the currency pairs that you monitor? It has been on a downtrend since the beginning if the year.
AUDUSD H4 - I see this bounce last Friday as a good opportunity for us to continue to short this pair lower. Let's see how this pans out at the beginning of the week.
The other pair I will be watching closely is EURCAD on the H4 time frame. The pair completed a Bullish Deep Crab pattern and reacted to the PRZ. I am waiting for a Type 2 entry for this pair. Hopefully this will come back for me to take the trade.
I am having my next seminar on the 28th Aug (7pm sharp). That evening I will sharing some goodies where you can immediately implement on to your trading. You seriously would not want to miss this session, you will get a better understanding of Harmonic Patterns. I'll be sharing a trading strategy. Please come, please invite your friends.
It has been a while since I have done an educational post. Felt that I have to share these characteristics that a trader should have.
(KNOWLEDGE and EFFORT to learn)
First of all, trading is not difficult. BUT it is not that easy either. What all traders need is effort. Put the time into learning, exploring, understanding, improving. You first need to understand the market and know what you are doing.
Simple, just think back to the the first time you started driving a car. (Sorry to my younger readers, maybe you can think back to cycling a bike). There we so many things to do and remember when you drive, but you need to know your car. Brakes, accelerator, gear, signals, lights etc etc. Same as trading - charts, candlesticks, patterns, time frame, spreads etc etc etc.
The whole idea about trading is to gain that special edge over the markets. To achieve this, you will have to test out your strategies, improve it and keep trading it. I am not talking about testing out 5 trades in this week and you are ready to go. I am talking in terms of hundreds of trades over months/years. Back test the strategies
Once you established that you have a positive expectancy, that is when you know you got it.
Same thing, think back to your school days. (My younger readers are still currently in school, so it is easier for you to imagine). Try to remember the time where you walked into an examination room and you didn't manage to study for it. Did you feel anxious, nervous, panic ?? You are feeling the lack of CONFIDENCE.
Similar in trading, if you don't know what you are doing and you have not tested it before, you will never be confident of the system.
If you have the knowledge and a reliable method of trading. Reliable means a system with a positive expectancy. There will be winners and losers but in the end, you will be profitable. (please please please run away from those people promising you a 100% win rate trading strategy)
Stay discipline and trade your system over and over again. Wash and rinse, wash and rinse, your clothes will get cleaned. This is when I call it Trading in the Zone. Just trade what you see and it has become a second nature to you !!
As all of you would already have known, my discipline is in Harmonic Patterns Trading. I'll just trade what I see. How I wish I could see charts allllllll the time, but it is just not possible. That's where I reply on your guys in my trading community to share. 2 heads are better than one and definitely 100 pair of eyes (with the same trading rules) will be able to spot better trading opportunities together.
Thank you all for following me here !!
I see a potential Gartley setting up again on EURUSD H1
For those of you who are following my FaceBook Sharing page. You would have seen my trade on GBPJPY. Moved nicely to TP1, got out of my trade.
Now I am looking to add on to the short. Again using Harmonic Patterns on the lower Time Frame. let's have a look at the M15 chart, I see a bearish Deep Gartley. In lined with the identified sell zones.
Let's monitor this closely.
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I only took two trades this week, if you were following my postings, you would have gotten into these trades. Let's have a look at them below.
USDJPY H1 Gartley: (-35pips loss)
Price just bashed through the PRZ and continued moving up to hit the stop loss. Weakness in the JPY, but it looks a little overstretched now. Read on to see a potential trade.
EURUSD H4 Gartley: (TP1 with +90pips, now still running with +112pips)
First batch out at TP1 and the second batch remaining is a risk free trade. Shift your stop loss level to the entry price. My TP1 is at 1.1615.
Trade Analysis : GBPJPY H4
As mentioned the JPY looks a little stretched and there could be a potential to take a counter trend trade towards the close of the trading week. Expecting market to correct as the traders take off profits off the table.
Trade engagement: I would want to see some kind of reversal pattern at the PRZ to confirm the short.
If you have not explored Harmonic Patterns Trading yet, you are most welcome to attend my upcoming seminar on the 17th July 7pm. Please RSVP via the link below, so we can prepare the necessary logistics.
Hope that everything is good for you guys. June was quite a good month of trading and July is starting off nicely too. Spotted a few patterns for this week. Somehow, coincidentally they are all Gartleys.
USDJPY H1 - Potential Bearish Gartley
Will be seeing how the price reacts to the PRZ to go short on this pair. Let's watch this together this coming week.
EURUSD H4 - Completed EURUSD Bearish Gartley
The next few candles will be crucial for entry.
Trade well and trade safe everyone.
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I will be running a live seminar here in Singapore. Come and have a good understanding on how Harmonic Patterns work and how it can benefit you.
Date : 17th July 2018
Time : 7pm
Please RSVP via this link below. You are most welcome to bring your fellow trader friends along too. Let's grow together.
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You must have heard about the trend by now. My daughters let me hear the audio clip, not sure about you guys but I could only hear only Laurel. Made me think about the similarity of this to trading. When everyone looks at the charts, we either have a bullish or a bearish bias, that is how the market works. Just like hearing Yanny or Laurel.
I had a good trading week last week, just 2 trades. One profitable AUDCHF and the USDJPY is running in the money this moment. These trades were called before it happened and this is made possible with the predictive nature of Harmonic Patterns Trading. (Drop me a line to know more)