FOREX – GBP 60min loss

Hi Everybody

Loses – Yes they do unfold and yes all traders experience them................. Please see the same GBPUSD – 60min Chart, just before the nice +3.9R Profit there was a -1R loss. So yes, it is so important to understand that losses can and do happen. The trick is keeping them small. -1R is smaller than the profit of +3.9R. If you keep your losses small and profits large, then you are building the foundation for a successful trading approach.

But again, I cannot stress enough that losses can and will unfold, no matter what trading approach you us. It is your job as a professional trader to keep them small when they unfold.

Thanks

Steve

FOREX – GBP 60min

Hi Everybody

If you remember a few days ago I took a look at a TS4 sell that was stopped out at break-even on the GBPUSD 60min chart. Well, the GBP continued to rally to new highs, but ran into the DP resistance zone where a high unfolded. The GBP then declined into the “opposing” DP where a nice profit of approx +3.9R was available.

Yes this is an Advanced trade as it used the manual DP, but it does show how well the DP can work in the FOREX markets

Thanks

Steve

15min YM

Hi Everybody,

Yesterday the 15min YM gave a perfect example of how to use a 5-wave Elliott Wave count, which was good timing as this is exactly what I was looking at in the Blog yesterday and is what I will be looking at in my customer training later today.

For those of you who know Elliott Wave, you will already know that one place you can find a 5-wave count is in the “minor pattern” of a Wave C swing. Well, if you look at the chart, this is exactly what allowed us to nail the high on the 15min YM Yesterday. As such, this would have allowed you to anticipated yesterday’s sharp fall............

As I keep on saying, there is so much that you can do, for those of you who take the time and make the effort to learn and study. It is a sad fact that there are still far too many people who are too lazy, but then these people will never be able to nail turns like this.......

Thanks, Steve