Hi, in yesterdays live training session I explained why Pierre & I are waiting until Monday before starting to trade.
This exact day last year there was a BIG spike on a lot of pairs including a 400+ pip one on the $/Yen.
This often happens when there is thin liquidity.
As there are a LOT of traders still on holiday so things are not likely to improve today, in fact it could well be another wild ride today.
The $/Yen has this week, broken a major trend line and is dropping now, so there is a chance that history may be repeating itself!
This screenshot is from the 3rd January 2019:
Over the holiday period, I cautioned against getting sucked into buying or selling breakouts, particularly the Aud & Nzd, both of which have turned back down. Hopefully, that kept you out of losing trades.
In the session I explained my bias remains the same on most pairs, for now at least: I still only want to sell the Aud, Nzd, Euro/$, Euro/Gbp etc as nothing has changed technically nor fundamentally when compared against the Usd.
Often the direction for the year ahead does not become clear until after Martin Luther King day in the USA which this year is on the 20th January.
In the meantime make a plan for the year ahead. If you are currently losing or not making a great deal then review your past performance. If you are doing great this still makes sense, all of us have bad habits and there is room for improvement and development.
What you did right and wrong in 2019 and then make a plan to move forwards in 2020.
Last week I posted a checklist for you to follow to help you with this: https://www.forexmentorpro.com/blog/trade-the-plan/
There is also my usual advice in the members area for treating trading like a business and the steps you need to follow in the “Preparation module”
Finally, you need some trading rules and a clear structured plan and routine to follow every week. That is what all professional traders do, including Pierre and myself.
Create a plan, structure and clear rules, weekly analysis, trade the plan. Rinse and repeat, it’s no more complicated than that, BUT you need to do the preparatory work and then apply it!
I will be back with you on Sunday with my detailed analysis for next week, in the meantime get making those plans for a successful trading year!
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