Good Evening / Morning Dynamic Traders"Better to have tried and failed, than not tried at all"
Cross = CADCHF, Day chart below.
Good Morning Guys,
As always the markets give a little and then take a little and this has been happening over the last week.
Those that follow this blog should be in profits from the trades we have looked at and entered. If you have lost your nerve and closed your trades then you will be the long term loser.
No matter how long we analyse a trade or how many indicators we use, the market will dictate what is to happen, therefore we have to try and have things in our favour. This is where the words "High Probability" and "Confluence of Events" come into play. There is no hard rule as to how many you need on your side, the more the better.
As TREND traders we do want the TREND in our favour and our initial entry is our "Toe in the water". Our initial target is T1 and if this is hit, it will give us an answer as to whether we have found a trend or not. If T1 is hit we will be risk free in the TREND and looking to make further gains.
The mechanics as to how all this takes place, are taught in the "Trading Room" and for those interested we have a link at the bottom of this blog.
Yesterday our basket provided a further 3 crosses hitting T1 with over 500 pips of profit, which now puts us risk free in another 3 crosses. EURNZD, NZDJPY & CADJPY.
How many of these will continue to harvest profits is unknown, as the market decides, however we have taken profits on ALL 3 and are now RISKFREE.
Some WILL, Some WON'T, So WHAT, WHAT is my next trade ?
Note: the CADJPY has got a "Double Top" therefor could reverse and stop us out, it is also the only one of the 3 that DOES NOT currently have strength in the trend.
Please look at all 3 charts, we have a Short and 2 Longs, one of which is showing a "Double Top".
Please do your own analysis before entering a trade.
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Dynamic Trader members can join our trading room by clicking here.Trade with PassionJohn MaherForex Analyst
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Labels: cadjpy., EURNZD, NZDJPY