Reply To: Trade opportunity?
Hi team,
Its been pretty quiet here recently. I have started doing my analysis in the morning because the market moving during the night is pain in the arse haha.
Buuuut, looking to short USDJPY, it has had a retracement of 38.2% and found support at that level also, so will hopefully see it continue to drive down with as it has been doing since the end of august. I would normally put my targets, but that purely depends on what happens. However, if this was the morning then i would aim for 118.9ish.
I’m also looking to short GBPUSD, its finding support on the 50% retracement and I would not say that this is in a buyers bias until it atleast breaks 1.53147, so I am more than comfortable to short this giving the opportunity.
On the whole i would say i have slowed my trading right down. To start with I was very trigger happy, I was jumping in the market giving myself any reason. I still like to use patterns etc to help me have the scales tip towards my favour (as rich likes to say). However, I now rarely trade against MOR. I have been mostly studying, reading books, and i have found that patience really is key.
Cheers 🙂
Lewis