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USD longs paying off (with patience)

My Usd longs are starting to pay off at last
I have been long Usd since the start of the week
UsdJpy hit a stop loss, but my Usd crosses remain open
It has been up and down all week - mostly down
Today my Usd long crosses are in the green and starting to pay off
The problem now is the weekend leverage
I will have to find a spot to close them for the week
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Patience now required

Patience will now be required of me if I want to win the contest
I know what it is like - and more importantly, what it takes
to win the trader contest - it is never easy, and a amount of luck is required
I have to be patient and wait my turn now - there are a couple of large moves
still to come on the market - there always are .. every month ..
My business will be to recognize them and act accordingly
Fundamentally, I think Gbp will be the one to sell
It will have to pop its head up, though bef…
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Day 4 - Patience & Discipline

Patience & Discipline:
"It's not the mathematical skill that's critical to winning, it's the patience & discipline of being able to stick to the system"
In my opinion, the number one reason a novice retail trader fail to become consistently profitable is due to lack of discipline to follow a trade plan. It often happens, when the market is not behaving according to their expectation, they become impatient and take trades out of frustration and deviate from their trade plan.
Perhaps this lack of…
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Waiting for a Trade

I'm still waiting for a trade as so far I don't see any swing trading opportunity. As expected we already got a slow start of the week and I have to exercise a lot of patience if I want to have any chances to get in the top rank. For now I'm going to focus on just the major currency pairs and even though they can yield less profits than some other crosses I think that in current environment they are more predictable comparing with the crosses, but at least that's how I see it.
Best Regards,
D
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EUR/USD - First steps towards revarsal !

  • Charts: 4 H,1 Day
  • Elements used: Fibonaci Fan Lines,Fibonacci Retracements,CCI
  • Current Level : 1.0823
  • EUR/USD staggering sell out that started in the middle of 2014 has developed gradually, that until of course the ECB announced its mighty 1 trillion Quantitative Easing program to boost the euro zone economies by giving them a hand and letting them breath a little from the mountain of debts they've accumulated.
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UPDATE 1: I might have been to bullish on the euro but i advocate for the saying ,,what goes up must come down ,, and vice versa. I also see a similar intensity as the sell wave  in a potential reversal. It is a  prediction that currently is not in parameters but it remains to see how it develops.

Metal_Mind avatar

UPDATE 2: The pair plunged Monday  to its lowest point of 1.0520 and afterwards started a steady rise towards 1.08.Seem that my point of view of ,,What goes up must come down '' proved correct. Of course the euro recent strength was helped by US weak  data releases.There is certain a lot of volatility in the pair which is normal due to current ,,Grexit '' situation but from the current 1.08 i can say may prediction stays in the game .

Metal_Mind avatar

UPDATE 3: The pair reached 1.09 level this week and even though there are more than 400 pips towards my target from current technical set up and with some help from the fundamentals  this prediction may come pretty close. Sometimes the ones you done believe  in come to surprise you.

Metal_Mind avatar

UPDATE 4: GREAT PREDICTION. I anticipated the reversal precisely as can be seen in the charts above if compared to current price. Also my personal view for a bullish euro in contrast to the majority of analyst which were bearish  proved to be right and top notch i may say. Current price level is 1.1130 pair reaching a high of 1.12 today. There is almost 200 pips from current price to my target. In that aspect i may say that there is a high possibility for this prediction to close at a larger deviation. Beside that fact i  am very satisfied with this analysis in terms of quality.

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Be "Patience" over the FOMC

The top piece of event risk this week is right ahead of us, and that is FOMC rate decision and the post-announcement press conference from Fed chair Yellen.
Today's FOMC decision it will have
broad implication on different assets classes. It's quite important to remember ourselves that this is not just about the rate decision but there are also other elements attached to this which is the
updated forecasts for growth, inflation, employment.
It's quite weird that the FOMC announcement has come d…
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The strength of Patience

Если хочешь поймать дичь , лучше не спеши. Молчи и жди, ей наверняка станет любопытно, и она высунет нос.
Харпер Ли

You closed position and lost most of the profits ..
If yes - then patience is clearly not your strongest quality.
Patience - it's psychological quality of person. This concept is quite abstract. First, each person understanding of ​​patience - own . Secondly, accurate measures of patience does not exist.
Suppose you tend to close positions on Forex ahead of time. This is a sign th…
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ANABEVZ avatar
ANABEVZ 23 Out

Stix I remember one saying to our topic: A bird in the hand is worth two in the bush)

MobNaga avatar
MobNaga 23 Out

Down, Wait, OK, Good boy!

Stix avatar
Stix 23 Out

I agree, ANABEVZ. Contentment is wise. Peace brings wisdom. Understanding brings peace. So, for me, it's a process. But not necessarily the right way for everyone. Maybe it is better to see a trend, get on late, get out late. And analyze later. I preferred analyze, analyze, analyze - until there is utter peace. And then know the work is done. Could be a female approach too but I prefer getting the work done, rather than having false contentment ! Silly me. :) :)

ANABEVZ avatar
ANABEVZ 24 Out

Stix I think your approach is very wise and correct. Not everyone will find the strength to choose this way. Enjoying every day, and not only on the the day of receiving the result - that's the true meaning of our existence.

isomere avatar
isomere 24 Out

Good article!

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Patience will be rewarded

It seems my patience last week was rewarded with a third spot in the competition :-)
I kept to my strategy and plan last week,
and while I was hovering around break-even for the first three days
I kept looking at the market dynamics and the price action of my chosen forex pairs,
to make adjustments in TP and SL and to switch to different pairs and adjust targets
When it was time for the ECB decision I had my plan laid down:
I sold everything euro at first as intended
then checked the movement do…
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DAY 18 - PATIENCE & DISCIPLINE

Patience & Discipline - Amateur Traders vs Professional Traders

Amateur
Traders are not sufficiently selective when entering trades. When they see volatile price movements, they become impatient and enter trades in middle of nowhere based on emotion, fear & greed rather than waiting for their system to give a buy/sell signal according to their trade plan. They want to be part of market action, as soon as they open their charts and see volatile price movements. They don't think in terms of proba…
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Jignesh avatar
Jignesh 19 Maio

I read this as I'm contemplating what to do with 2 trades I just missed and are going my way.  Your timing is impeccable!

alifari avatar
alifari 19 Maio

Jignesh, it's all part of the game, we miss some, we get some, but market provides us with ample opportunities day in and day out. Gonna write something about missed trades in my next blog.

Jignesh avatar
Jignesh 20 Maio

You're right,  But it depends on the time frame you trade.  Scalpers have opportunities all the time, but say you hold trades for a few weeks, those opportunities only come 2-3 times a month.  If you miss it, it's harder to shake off.Looking forward to reading your insight on missed trades.

alifari avatar
alifari 20 Maio

I agree with u and used to think the same, but if you have a higher time frame bias and conviction that price will go in certain direction and even if you miss the first opportunity, you can drop down a time frame or two and enter on retracement with tighter SL and earn similar R profitability then the initial trade. But this logic best work on live account, but in contest it's all about high profitability, so yes I agree that it's hard to let it go.

Jignesh avatar
Jignesh 20 Maio

Yes you are right.  I'm speaking with a bit of a bias.  I've been wanting to short Gold all year.  I missed the first entry on March 16, and then missed the retracement on April 14 by $2.  It's been hard to shake that off, these are the types of trades that make my quarter.  But for the most part, usually you get a decent retracement.

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Patience & Discipline - Posted on 19th April

I have been lacking patience & discipline this month in my trading, so did lot of reading on psychology related stuff this weekend. Here is another paragraph from my article. It's always good idea to go back to basics and learn from your mistakes.
Focus on learning how and why price moves, and you will make money.
Focus on how to make money, and you will go nowhere.

Patience & Discipline:"It's not the mathematical skill that's critical to winning, it's the patience & discipline of being able to
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