There are two types of traders:
1. You see your trading setup presents perfectly, it ticks all your boxes(for example, price closed above moving average, x-day moving average crosses above Y-day moving average, or ascending triangle is formed, head-n-shoulder appears etc), and you start punching keyboard, submit your order. I call this Kangaroo trader.
2. You see your setup present perfectly. However you are trying to think more, looking for something that would possibly fail your setup (like a bit of fundamentals, market sentiments, and even your gut feeling etc), then you decide if going to punch the keyboard. I call this Koala trader.
I was the Kangaroo trader, but the longer I trade, I realize I am, in fact, a Koala. Note, these two types of traders are not better than each other. Being the Koala, as usual, I made mistakes, missing profitable trades. Sleep away the potential profit. Which type of trader are you?
I was looking at GBP/USD. To reveal some ‘secrets’ to you, my long setup presents now. But, my gut feeling tells me to stay away from the idea. I can’t really explain why do I feel that way. I might be very wrong and missing out another good run.
Here is the…… trend score! We are looking at a weak uptrend at the moment.
And Here is the ………CHART!
Secondly, do you have a feeling that market has already priced in the weak NFP result, and we had sold too much of USD? Maybe. You know I am not bullish about USD, for sure. But, I guess, we are looking at some rebound, pull back. What do you think? I have been into the ‘Priced-in’ factor recently. It happened to Aussie dollar as well. I might discuss more about this later.
Here is the……CHART! No, I am not looking at candlesticks pattern, so stop guessing how do I trade. 😆
OK, I am heading out for some nice Asian food and grab my coffee. I will continue my Sunday charts scanning later.
Have a good day.