Hello everyone,
Bye bye January… glad to see you go!
Indeed, January has been one annoying little month for me. I have only taken five trades (3 winners and 2 losers) for a total of +135 pips which is a rather humble score to be honest. But the problem hasn’t been the results but rather the lack of decent setups and solid trends all month long. Today in fact has been more of the same: barely a couple of setups on my watch list for the day and both getting violated early in the morning so… yet another lazy morning of magazine-browsing and cappuccino-sipping! I sure have been doing tons of that this week hehehe. In fact, I have taken no trade this week at all.
Let’s see if the Forex Gods bless us with some pretty trends in February, ’cause they sure have been rather unfriendly throughout January!
Let me know show you those two setups I have been following today:
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31 January, 10:08 pm
Hector,
I’m honesly glad to hear someone - especially an experienced, professional trader such as yourself - point out when the market isn’t presenting any quality trade opportunities for us traders. I say this because without that feedback I end up getting negative and down on myself, thinking it’s ME that is the problem for not finding any trades. I then become discourged, with the feeling that maybe I’m not cut out to be a trader. However, by someone else pointing out that the market isn’t acting quite right for any good trade opportunities, I realize that it’s not necessarily me - it’s the market! Thanks for your daily insights!
1 February, 12:12 am
I was thinking of watching the USDCAD as well, but I excpected the price to break to the upside of the triangle. When you zoom out on the H1 chart so you can see the entire month of Jan, you can see that the downtrend looks a lot like a standard ABC adjustment that was about to come to an end(Elliot Wave Theory).
1 February, 1:47 am
Hector, Do you think the euro will resume it uptrend now with the disparity in interest rates widening? Maybe eur/usd and gbp/usd will end their corrections.
1 February, 6:01 pm
Hector,
How keen are you in leaving trades open over the weekend? I don’t recall seeing any of your positions being left open like that before.
Cheers!
1 February, 6:07 pm
Hello guys,
TopGun - trust me, we all have weak months. January has been lame for me.
J - I am not familiar with Elliot Waves. I personally believe that they look wonderful on hindsight but useless on live charts.
Norm - I have no idea man, but until 1.4950 gives way to the upside I’m hesitant to buy EURUSD.
Tom - I usually don’t leave trades open through the weekend unless it’s a long term trade.
Cheers,
-HECTOR-
1 February, 7:05 pm
Hi,
why is GBP so under pressure?!? I can not find information.
Thanks.
1 February, 7:47 pm
gmarg,
According to Daily FX, it states “In UK the latest economic evidence continues to point to the string possibility of a rate cut as PMI Manufacturing data missed badly to the downside coming within a whisker falling into contractionary territory. ”
Hope that helps.
1 February, 8:58 pm
on one video i watched [on youtube called Stock Market Trading Dow Jones (Jan 24 2008)] a guy [OnlineTradingRebel] show how this years stock market charts have breached last years low which last happened 2001 which led to more ‘down years’. Interesting take on what is going on long term in the charts.
2 February, 1:30 am
Thanks Tom.
4 February, 7:15 am
GBP/CHF looking great right about now? anyone agree?
4 February, 12:51 pm
Any-One else’s MetaTrader charts going crazy this morning??