In the live webinar today Thinus went through the M2 setups, looked at GOLD, crypto, and gave us an overview of what the market might do ahead.
I went through the Earth and Sky setups and explained more precisely how I use this strategy and the M2 to use it as a confirmation before even considering taking a trade if things don’t line up.
Check your trades
Don’t blindly take it. You might be following people on social media, YouTube, or even in our own forum when it comes to forex setups. This does include myself. I am saying this because I myself at the start of my journey used to take some trades just because someone else had taken the trade. The logic behind it was just because he has it, it could be a winner and an easy way out as you don’t have to analyze.
Quite similar to copy trading or signals. But in the long term, this is not going to help you improve your path in trading as you will always be relying on someone. It is fine to look at what others are thinking, or set-ups people are sharing in the forum. But what I am trying to say is always DOUBLE CHECK.
DOUBLE CHECK it with yourself. You have a business plan, trading rules, and your own strategy which you might have tweaked to make it work for you. If you blindly take the trade and then lose, firstly you will be upset that you lost, secondly, you will realize later you shouldn’t have really taken it. Thirdly you might also realize that it didn’t even meet your rules and trade checklist.
Hence why always verify the trade yourself because you need to be accountable for your losses. Only then you will be able to learn from your losses, be independent and become a better trader.
Earth and Sky- Be flexible
I explained in the live webinar how I use the Earth and Sky strategy with the M2 strategy if things don’t really line up and the rules aren’t met. Pierre had 8 setups using his strength indicator, but only 1 of them met the rules which was the NZDCAD.
When a pair meets the rules, and you have several of them I prefer to take the one which has a better stop (where I Don’t have to risk a lot). Secondly, I prefer to have the WPV near the Earth and Sky zone where we also have the Fib. It just works a lot better.
Now if the pair doesn’t meet the rules, I usually ignore it. But if the setup looks attractive and has some kind of structure then I compare it with my M2 strategy. You will see the example when you watch the webinar. I showed how I do this with EURUSD, USDCHF, and also CADCHF. I showed how the M2 was more favourable compared to the Earth and Sky.
Pierre has advised using the WS1, WS2, and WS3 as regions of support to see where reversals could happen for BUYS. Alternatively, WR1, WR2, and WR3 are areas to look for shorts and reversal points.
As always, remember correlation! -Especially when taking more than one JPY trade!
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In our latest fundamental article, we have summarised the FOMC meetings and what the FED might possibly do ahead in the next meetings. What does it mean for the forex markets? Click the link below to find out more.