Today is a really slow trading day. It was like watching paint dry for most of the time. I did have an Australian Dollar trade, hence the picture to the right. See below for the limited action for today.
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Morning Tuesday 5/3/2016
Signal: Euro / US Dollar (EURUSD)
This trade I entered last night rocketed upwards. It hit all three profit targets and much, much more. I actually had two positions and made a quick profit on this trade.
Evening Tuesday 5/3/2016
Signal: Silver / US Dollar (XAGUSD)
Not much new on this one. Sometimes on daily charts the trade takes time to develop.
Signal: US Dollar / Canadian Dollar (USDCAD) Harmonic Shark Pattern
This looks like it is a real reversal. I entered only one position because the huge run up intimidated me a little.
Signal: US Dollar Japanese Yen (USDJPY) Harmonic Bat Pattern
Not much movement on this one. Again, these daily chart trades take time to develop.
Result: EURO / British Pound (EURGBP)
Last night I hit my profit target for a small profit.
Signal: A new signal. Only taking one position on this one. Stops and profit targets are relatively large.
Signal: Australian Dollar / US Dollar (AUDUSD)
Took two positions on this one. Already hit the first profit target. This trade is shaping up nicely.
Today’s Geography Lesson: Sydney Opera House
From Wikipedia; “
The Sydney Opera House is a multi-venue performing arts centre in Sydney, Australia, identified as one of the 20th century’s most distinctive buildings.
Designed by Danish architect Jørn Utzon, the building was formally opened on 20 October 1973.
The building and its surrounds occupy the whole of Bennelong Point in Sydney Harbour, between Sydney Cove and Farm Cove, adjacent to the Sydney central business district and the Royal Botanic Gardens, and close by the Sydney Harbour Bridge.”
Sydney Opera House
Lessons Learned 1: Always be cautious. Wait until you have your trade confirmation before entering a position. If you aren’t sure, hold off. Another trade will always come. Now, I don’t mean to be paralyzed and don’t pull the trigger. I mean wait until you have the conditions you want before trading.
Lessons Learned 2: Be confident of your decision making. If you have a good signal and you have clear confirmation, don’t be afraid to take action and to let the trade develop. Set your profit targets and stop losses and allow the trade to come to a conclusion. Don’t jump out of the trade from fear. You can turn a potential winner into a losing trade by not following your system. Follow the system!
A slow day. Only one trade hot one profit target. Kind of boring, but no losses, so that is always a positive. I think sometimes you can enjoy a slow day, it can give you a chance to catch up and do some analysis which is hard to do when you are tied up with a bunch of active trades.
For anyone who wants more details on the hands free, fully automated RYZE.Ai system, watch the videos below and drop me an email at firstname.lastname@example.org.
As I say every day, if you have questions, comments or suggestions, please leave them in the comments section below or feel free contact me.