Live: Will the markets range?
Thinus And I hosted the webinar today. We went through the M2 setup, and E&S pairs and I also showed you some setups for the week ahead.
We mentioned in the webinar that the next few weeks we might see the markets hardly move/reduce the pip range. This is because of the Christmas holidays and also most institutions close their positions for the end of the year as they have to balance their books. We could see the markets entering a range.
It is also a risky time to trade because if there is less liquidity traders could react differently causing some volatile moves on which you could get taken out. Hence its best not to trade around these times. It is basically like watching the paint dry.
For me personally, this would be my last week and I’m looking to close all my positions by the end of the week. Usually, a good time to start trading back in the New Year is Martin Luther King Day which is on the 15th of January. Marc has mentioned this several times in the past few years and I have followed it.
I also showed you how I scaled into one of the trades from last week. I re-entered EURGBP when it pulled back at the 55 EMA. The setup for me is still valid and has multiple reasons for the stop and we are in a downtrend at the minute. This is one of the ways you can increase your profitability in the markets. Its currently up around 60 pips in total considering my previous entry.
It was good I scaled out of the EURGBP last week as the whole move was reversed yesterday. This is why it’s important to do it. You don’t want to be 100 pips in profit and not take at least some partial profit off and then see the whole thing reverse. The same applied to EURUSD, I was up 110 pips and I had taken some off and now it’s pulled back to around 60 pips. You can watch the video from last week of my 3 sniper entry trades below on our twitter feed.
I will be posting an article in the coming days on why I trade less pairs and will give you some tips on how you can improve your trading journey for next year. So keep an eye on the homepage or my blog.
You can watch the full webinar below: