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.

Thursday, March 10, 2011

AUDUSD - Buy of 61% fib of last week retracement


- chatting with masterfibo and he pointed out that AU has retraced to 61% fib off weekly and now touching the 4H TL
- entry was based on masterfibo weekly method.
- R:R is 1:1with SL just below last week low.
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- TP +45pip hit
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