constitution

My FX CONSTITUTIONS
I am a PROFICIENT, DISCIPLINED and PROFITABLE TRADER. I enjoy trading to make a profit. I honour the responsibility I have to myself and to those who are watching and depending on me to be such a trader. I continue to educate myself on how the markets work and I also continue to educate myself on how the mind works so that I incur the necessary discipline to execute the right actions for my success. I know how to determine market direction and I have a simple trading methodology that has an entry and two exit strategies, one for profit, one for loss. My trading methodology feels comfortable to me, is easy to understand, obey and execute. I have a set of trading rules that make sense to me and I obey those trading rules. I always trade with a protective stop. When I find a trade, I create that trade and trade my plan. If my currency of choice does not fit my trading methodology, I look for another trade in another currency. If I cannot find a trade, I am patient until the market meets my criteria. Each trade either wins me pips or lesson or experience.

Monday, February 14, 2011

USDJPY bounce off 61% 1H


- price bounce off 61% fib 1H
- blue candle close at 61%, red pin bar appeared below 61%
- SL is quite low <40pip
- R:R min 1:1

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- SL hit at 83.73
- should avoid trade against the main trend
==
EOW Review:
- entry should have been off the price bounce 55ema (the blue candle PB few hours earlier)
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