Note: I have taken the last couple of years off from teaching with very few exceptions. I have preferred just doing my own trading. I have now been in the financial markets full-time for over 35 years and have been trading currencies for over 20 years.
Although I have enjoyed helping others learn what to look for in a chart, and how to find high probability trade setups, I find many would-be traders don’t put the effort into practicing. Many people have come to me over the years and think that trading will be easy to learn and not require much work on their part. The truth is… trading is VERY difficult and like anything else it requires dedication, coupled with many many hours of practice.
When we watch the Olympics or attend a symphony, we admire the performance of the athletes or musicians. What we don’t see is the hours of dedication and practice that they have put in, to get to level they are at. To get good at trading requires a similar commitment of time and practice!
Today’s Trade
During the U.K. session, the CADJPY was unable to sustain above its Asian session high. It began to move lower and got down to the middle of its Asian session range. Shortly after the U.S. economic releases, the pair started to move higher. A long was taken with a stop loss underneath the U.S. session low – requiring about 15 pips.
Price moved higher to test it’s Asian session high and continued higher to our Target 1. The stop was moved higher to protect profit… just under T-1. The pair surged higher and our trade was closed at T-2.
Hint: The EURJPY and AUDJPY were moving the same direction
Tomorrow the markets may be quite volatile around the U.S. CPI releases early in the U.S. session. Currently, the market is not expecting any U.S. interest rate cuts before the fall.
Good luck with your trading!
