So, finally we have got an answer for the short term direction for the crosses today. With the BOJ deciding to keep that rates unchanged and with the accompanying statements, no one seems too bothered abt the carry trades for now which means that the crosses will keep rising in the short term. So wait for dips, have a look at the fibos, S and R and then buy on dips. Thats the strategy for now for the crosses.
GBPUSD seems to be in a very tight range for the past 2 days which means that it is getting ready for a breakout in either direction sometime soon. With a lot of news getting released from the USA in the next 3-4 hrs, i think we should be having a short term direction for this pair as well. So with that, we will be having a short term direction for all the major pairs by the end of today.
I hope that all of those who visit this blog and who trade live have a trading system in place. It is very important that you have a good trading system in place so that you are successful on a consistent basis. Lack of a trading system may not affect you initially but as time goes on, it will lead to huge losses. As specified before in one of my articles, developing a trading system is quite easy and straightforward.
Throw in some indicators and look for patterns. For me, trading systems are purely about pattern recognition. The better patterns that you see and the better you are at seeing patterns, the more successful you will be. Take any trading system and you will see that it always comes down to the recognition of one pattern or the other. Once u have decided on a good trading system, be disciplined and have enough patience to make sure that you stick to the system at all costs. Good trading is all about money management and discipline. We decide our fate. We decide our success. No one else.
Happy Trading!!
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