Thursday, May 16, 2013

USDCAD 1H BEOB Trade - Win

USDCAD H4

USDCAD H1

Right so with this trade I'm up about 4% so far with 8 wins out of 10 trades (though many are BE and some deserved to be losers), on track to my monthly target of 5%. Again I need to remind myself to be disciplined disciplined disciplined.... All I need is two stupid trades and I'll be back down to zero. That happened last month and taught me that I must never take any trade lightly, especially after a winning streak. I still feel there are a lot of market structure concepts which I don't understand, concepts that will enable me to have a much better understanding on how price moves. That is not something to be underestimated; a trader who has that knowledge is able to hold his trades through huge pullbacks knowing that they'll eventually hit his target which could be many Rs away. Right now at the very best I can only identify PA setups that I know have a high chance of hitting a nearby trouble area, beyond that I'm clueless. As such my profits are often less than 1R. ReadTheMarket is a treasure trove of quality information, I need to dedicate more time to studying and digesting its material.

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