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I just used my proprietary chart setups to identify a lovely quick short GBP/USD trade for another 10 points today. I was in the market at 2.06125 and out at 2.05990 taking into account the spread of 3.5 pips making a 10 point gain.
Part of this trade was based on a really cool pattern you can watch out for. Although it is a method of technical analysis meant for short/medium/long-term timeframes rather than the very short intraday, I am finding it useful on a 5 minute chart…
I had a bad start this morning where I lost 12 pips very soon into the trading day on a GBP/USD. I then won 22 pips and another 10. My account is showing me I am 22 points up for the day.
There’s 2 things you can do if you place a losing trade. Well, normally the one thing that you will do is shout an expletive!! Very difficult not to. But after that you can:
1) Decide to beat yourself up and take trades to try to “catch up” only adding to your losses (”The animal instinct method”)
2) Take a short break, come back and look using your cortical brain at what opportunity maybe presenting itself (”the successful trading plan method”)
I highly recommend 2)
You also need to be RID OF FEAR for GOOD. Is that possible? Yes.
I recommend highly that you use the following resource (click on the graphic below) it is very powerful if you stick with it (for 10 years or more)…but you will notice results RIGHT AWAY from DAY 1 if you buy this program.
The pattern is TRIANGLE CONTINUATION and I have mentioned it several times on this forex blog already. See the pic below… the yellow lines make up the triangle (no need to draw them in) … the blue triangle and the red arrow are there just to show you the breakout from the triangle - in this case a valid entry point signalled by my proprietary trading signals generation indicators and chart setups…
The idea of the triangle breakout pattern is that the market forms a triangle of consolidation. When the boundaries of the triangle are broken (in the direction of the prevailing prior trend) the entry is signalled…
GREAT TRADING FastTrackForex.com!!
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