Hi, in todays live session I started by explaining why you need to be flexible. In your trading and in your thinking.
At different times of the year, the market pattern changes. Breakouts become ranges. Ranges turn to trends.
Trends turn to ranges. Daily ranges can become very small or extremely large. You need to be able to recognise that things are changing and adjust your trading and expectations accordingly.
If the daily range has halved and price is stuck in a small range then don’t expect to make 100’s of pips per trade.
You will sometimes need to “tweak” your strategy as Pierre has in current markets. As per his weekly analysis that he posted earlier today. Because he wasn’t seeing many trades, he has stopped looking on daily charts and is (for now) focusing only on 4 hours ones.
I usually trade from the daily and weekly charts. Since the COVID crisis started and we were not seeing so much movement I focused on the M3. It is a combination of my M2 & Earth & Sky, but used on a 30 minute chart.
In the last 10 days, we suddenly saw big breakouts (Which I have planned for over a month) and shared here with members in advance.
I am currently + 290 pips on the balance of the Gbp/$, + 100 on the Cad short from last week and + 100 on yesterdays Euro/AUD from yesterday which I had planned on Sunday and showed you in real time in todays live training session.
update 1st August: My Gbp/$ trade hit the profit take +500 pips virtually to the pip and then dropped!
- In the session I showed how to plan trades in advance- many members had there best week ever last week, then got scared..
- how to not panic when you catch a big trade! (plan in advance)
- how to add to a winning trade
- how to scale out (take some profit off).
- how “swap” interest can eat away at your profits
New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.For more up to the minute, updates do not forget to drop by the forum.
Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.
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