Hello everyone, hope you are having a nice weekend! In this post, I want to highlight some of the trades I took last week, as well as a selection of the setups that are part of the trade advisor members watchlist for the upcoming week.
Due to a non-stop stream of news events, last week was a week that favoured the longer-term daily setups in favour of the shorter-term setups. At the same time, we’re nearing the end of the year and a lot of traders will start to position themselves with risk reduction in mind, not so much looking to open a lot of new positions.
Nevertheless, there are definitely still trading opportunities and in fact, my full trade advisor watchlist includes 15 setups so plenty to choose from in the upcoming week. But let’s first review the past week!
I often get questions from traders to check a chart they took a screenshot from. The first thing I do is look up the same currency pair in my own charting platform. Why do you think this is?
As a discretionary trader, I value my chart layout as much as the chart patterns I look for. For many traders, chart-based discretionary trading means finding things like support and resistance, candlestick patterns and trend lines. You discover patterns in how the price behaves. This is the basis of price action theory.
Much has been written on why we need to be patient in trading. Be patient to wait for setups. Be patient with your winners. Most of these writings are correct: a lot of money is lost by not being patient enough. FOMO is real.
However, no one hardly ever talks about how to become more patient! How do we discover our patience? That’s usually a big mystery.
That’s what I want to talk about in this article.
Patience Is Also A Form Of Action
– Auguste Rodin