By Boon Hooi Wee on 20 Nov 2018 | Filed under Bat, Butterfly, EURCAD, Harmonic Patterns, News | Comments
Have you watched the movie the Perfect Storm (starring George Clooney) ? What happens when 2 or 3 storms collides? we will get a massive one rite…. Well… in trading we have these ‘storms’ too. Here on EURCAD, I see two Harmonic Patterns coincide at the same levels. To make it stronger the level is at a round number 1.5100
So what will I do when this happens? I will still put the charts through my trade analysis. At the moment of posting last evening, there were still warning signs telling me to be cautious and wait for a trigger. When I woke up this morning…. I am more convinced of a short trade.
Note : In trading, however confident we are on the trade, I believe that we should still not over trade. Yes, I do increase my trade size based on the conviction level but I will never over expose myself. You should do the same too !! Be patient, over time we will be profitable when trading with a method with a positive expectancy/outcome.
As an additional analysis, I see a well resisted TL on the Oil Charts. Breaking this TL will imply a stronger CAD. Adding on to the conviction of the EURCAD short.
Cheer everyone…. trade well and trade safe. Once you get it right, all you need to do is repeat the process and you will see the results
Calling out to all the traders out there. If you are:
- a new trade = trading for up to a year and still not profitable
- an existing trader = traded over 1yr and still not getting the consistency you want
- a total newbie to trading
We are having a 3hr workshop to share how you can kick start your trading and increase your consistency & confidence in your trading !! Invite those friends who falls into the categories above to join you too.
Please RSVP via the link here : CLICK HERE
Hope to see you next week on the 27th Nov 7pm