Daily Forex Strategy – April 29, 2016

Tough call here today as I’ve already exited the long held “short USD trades” but….

Have now been picked up “again” with a few limit orders place under last nights action.

This is what we call a “momentum trade” and it’s pretty straight forward. I’v suggested it 10 million times in the past. If you’ve been unwilling to take trades as early as I do…then “hold” through days of sideways chop –  I can’t blame you.

Conviction is key, and in today’s trading environment it’s very difficult. I encourage you to “man up” about it ( as this is likely going to continue ) and keep trading small.

You need to stay in the game to make a living doing this. You need to learn to put “greed and fear” in their place. Trading small is the #1 way to do it as. A single loss here and there shouldn’t affect your account in such a way that you can’t continue. If so……you are trading to large.

So it’s another “failed cycle” in USD with likely 3-4 days left before it bounces –  where more trade opportunities can be found.

If you are nimble enough…do what you can to catch a couple more days action…then we will be looking for a bounce to either re-evaluate OR enter short again.

A little wishy-washy here today – I know but…please appreciate I’ve had this trade running for weeks now and only recent hit pay dirt. It’s a little tough to tell you “get in! do it you’ll be rich!” as a large part of this trade has already passed.

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