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Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Out of Gold. Not testing this level again now, scalps done, that's it
Unless scalping that level was used and ready to pop, hence the message yesterday to stay out of it, and let it go up if it wanted to. The move came nicely from resistance giving the short for a lovely capture, if you took it, that should be you done for the week! It's end of month, if you're still in the markets, well done, be happy with it and come back next week! Take when they give, give little when they take!
I missed the move:
Are you sitting there thinking you missed the move? As a trader it doesn't matter where the price goes or what it does. We need to have the discipline and a set of rules that we stick to like we're robots. We trade the day, we make the most of it and we take what we can. Whether it goes up, goes down, it doesn't matter, you're here to trade it within the parameters of your trading system and strategy, then get out and enjoy the rest of your day.
Education and analysis is so important. We have to learn the behaviour of the market makers, the price action and the structure of the chart. I need you guys to remember this, "the market will always give you an opportunity, either to get in, or to get out". Levels don't lie, price needs to create structure and fill voids, it needs to test price points almost to see if it likes it or not.
Are you sitting there thinking you missed the move? As a trader it doesn't matter where the price goes or what it does. We need to have the discipline and a set of rules that we stick to like we're robots. We trade the day, we make the most of it and we take what we can. Whether it goes up, goes down, it doesn't matter, you're here to trade it within the parameters of your trading system and strategy, then get out and enjoy the rest of your day.
Education and analysis is so important. We have to learn the behaviour of the market makers, the price action and the structure of the chart. I need you guys to remember this, "the market will always give you an opportunity, either to get in, or to get out". Levels don't lie, price needs to create structure and fill voids, it needs to test price points almost to see if it likes it or not.
Trading through accumulation:
There is an important point here when I put myself in the shoes of a new trader. I'm pretty sure some of you are sitting there confused by the markets and not sure what to do. This is when frustration kicks in and FOMO starts to develop. The market is your employer, but you're a consultant! You should work when you want to work, not when the market wants you to work. The market will usually want to employ you in conditions like this, that of choppy price action and ranging play. This is the time they accumulate orders and want to get you in the wrong direction before they make the actual move, the move that professional traders are sitting quietly waiting for. When I say level to level, scalps only, that's what I mean, if you're confused, less experienced, not confident in scalping or only trading levels without target indications, you should be sitting out! Sitting out is a huge part of trading, it's part of the profession and to be honest, although boring (which trading should be) it's what we're doing most of the day
There is an important point here when I put myself in the shoes of a new trader. I'm pretty sure some of you are sitting there confused by the markets and not sure what to do. This is when frustration kicks in and FOMO starts to develop. The market is your employer, but you're a consultant! You should work when you want to work, not when the market wants you to work. The market will usually want to employ you in conditions like this, that of choppy price action and ranging play. This is the time they accumulate orders and want to get you in the wrong direction before they make the actual move, the move that professional traders are sitting quietly waiting for. When I say level to level, scalps only, that's what I mean, if you're confused, less experienced, not confident in scalping or only trading levels without target indications, you should be sitting out! Sitting out is a huge part of trading, it's part of the profession and to be honest, although boring (which trading should be) it's what we're doing most of the day
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
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If you're still following these, what can I say! 💥