Patience Consistency Consistency Patience
Its a repetitive circle. But there is double edged sword here, as consistency for some traders means that they have to consistently trade, that is they MUST be doing something, they MUST be trading.
I say be consistent in your WAITING, wait for that perfect test. Put up three markets if you want (just in the one time frame) and wait for it!
Yesterday on the EUR gave three near perfect setups tests on the turns. These moves covered hundreds of pips. The GBP did the same. They were CLEAR and worth waiting for.
Sorry no chart to day for you as it is still very early hours of the morning in Europe (but do go to your PAT charts and have a look at the turns and the tests ) and I will be away soon for some fishing lessons, well casting lesson really. The boys booked themselves on the course and then invited Dad. That’s nice eh! Especially as they lessons have to be paid for in full tonight….Mmmm don’t go long on the likely hood of them having already paid. But hey, that’s whats Dads are for right!
Catch up with you soon.
Have a great day trading.
Oh and well done to Bill and his live trading room, it has taken off well with new and long term PAT traders taking PART. If you are interested in taking a look at PAT drop Bill a line and see if he will let you into the room for a while. Any sincerely interested person is welcome.
October 15th, 2008 at 2:12 am
Hi Martin,
On the EURO USD yesterday, I can find two tests at 10 and 14.30. Can I ask where the other test was?
Thanks!
October 15th, 2008 at 3:23 am
Hi
I see that the turn volume circa 7.50 was tested on the 10 as you say. You are bang on again with the 14.30. Turning volume hit again on the 1530 which was tested on the 16.40 HOWEVER note that on the way to that test the highest volume of the day hit the market, and it “paused” it for a while. Sideways then for the rest of the day and ten away south as the test failed.
Note the classic 90 move form the low this morning, sweet eh!