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Forex Mind Games

Private, 1st Class
Messages
49
Spotted a good opportunity to place a long AUDUSD trade. If AUDUSD touches and holds onto the 3rd point of the rising channel, look to go long.

 

Forex Mind Games

Private, 1st Class
Messages
49
Couldn't agree with you more,

After this daily candle closes above my resistance that's now support which it is surly to do my next resistance level is 1.63197

Got to love that range:)
Got to say it is a nice range with a large playground of 500pips. Trading GBPUSD within this range should be profitable for a while.
 

dkami

Sergeant
Messages
753
1.6005 is now my support and my next resistance @ 1.63012

I must add before you say I don't see a support there that I use my own system to get my support and resistance levels,its a lot different than other traders(I don't know any other trader that does it this way besides the people I have shown)

P.S. After double checking I come up with these support and resistance levels,I don't usually trade this pair but I might still get a chance to get in
 
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Joh

Sergeant Major
Messages
976
Thank you Private-most impressed by this forum -i look forward to posts to come .
 

Forex Mind Games

Private, 1st Class
Messages
49
i love small losses

I gave a live call to short EURUSD on Friday. Click on link. This trade turns out to be a loss. EURUSD slices through this resistance zone like a sashimi knife. The bulls are firmly in control this week after Wednesday German court approval on ECB bond buying and Thursday FED QE3.
Forex Mind Games: LIVE TRADING CALLS - SHORT EURUSD
However, there is one important rule i wish to share. When this trade went wrong, i got out with a small loss of -35pips. I am immune to tiny losses. Tiny losses do not bother me anymore.
In the beginning of my trading career, i would not acknowledge my losses. I would not cut my losses. I would wail, cry, pray, play pretend for my losses to magically disappear. I remember this rule. The only way for any losses to disappear is to use your stop losses. The only way for any losses to be gone is to cut it when it is wrong.
Trading is a mind game. Train your mind to accept small losses.
 

Forex Mind Games

Private, 1st Class
Messages
49
I love third points

Successful trader's motto: Let your profits run, cut your losses small.
In week 37 review part 1 on EURUSD, i posted on why it is vital to your trading account to keep losses small. In this post, i am sharing why it is equally vital to your trading account to let profits run.
On Wednesday 12th Sept, i gave another live call to long AUDUSD when it touches the 3rd point to form the rising channel. See link.
Forex Mind Games: LIVE TRADES - LONG AUDUSD
This trade turns out to be a correct trade. It collected more than +100 green pips. See point 3 on the rising channel.

On hindsight, i could have let my profitable long trades on 07th Sept to continue running. But hindsight is 20/20. I cannot trade on hindsight. Successful traders trade with foresight. Now, i have a new mind game to learn. I have to train my mind to let my profits run even further! Trading is a mind game.
 

Forex Mind Games

Private, 1st Class
Messages
49
1.6005 is now my support and my next resistance @ 1.63012

I must add before you say I don't see a support there that I use my own system to get my support and resistance levels,its a lot different than other traders(I don't know any other trader that does it this way besides the people I have shown)

P.S. After double checking I come up with these support and resistance levels,I don't usually trade this pair but I might still get a chance to get in
Different people have different support & resistance levels. As it depends on the time frames used. Hourly traders see s&r on their 1hr charts. Daily traders see s&r on their daily charts.
 
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