Speaking of the routine. I followed the same pattern. Alarm at 7 AM, showered, got dressed and drove to work. I got my coffee and went up to my cubical to bury myself for 9 hours. However, I log to FXCM before I open my Outlook now. My interests have changed and I have a higher priority given to trading now.
An update for the trade I mentioned yesterday. The market made a bearish move on the NZD/CAD and I was expecting a bullish signal. My order is still pending as I am hoping for a market correction towards my favor.
An updated chart is below
What is getting my interest today is the USD/CAD. I will write more about this pair and what I think may happen in November. I don’t really follow the fundamental analysis school and I am more into technical analysis, but I believe that this pair will explode in November and it is all coming from the fundamental analysis.
On the daily chart, I notice the price is bouncing between the two white trend lines and it is nearly hitting the top trend line. I am 60 pips away from my entry point and I hope the market will bullish to hit the trend line and then I will be looking for a thick bearish move after I enter the market.
Again, the rule of thumb is to move the stop loss as the market moves towards your favor with respect to Fibonacci levels on the chart to secure profits.
Entry details (Short) are below
Stop loss: 134625
Lot size: 30 K USD
Used margin: 300 USD
Net risk: 302.40 USD
Net reward: 1,481.84 USD
I have been out of the market all this week. I have by pending orders in the queue but the market is not hitting any of them. It is frustrating to be out of the market for days but the lesson wasn’t free. Don’t rush to enter the market. Trust me, staying out of the market when there’s no setup for a trade is better than rushing into the market and losing money.
I hope the markets will move towards my entry points then reverse to start the winning trades after sometime out of the market.