Again it has been a while and it has been a challenging year in 2014. Now we are facing another year of what to come. I hope you have a goal , a target and a commitment to achieve this year in 2015. I have been grateful that my readers are still there supporting and reading my blog.
January started and it has been a while I have not much been trading. But when I have free time, I always look where opportunity provides you a time to take. And this time it started market open on Monday. Quite the gap as the market opens and after the gap during London Open, the bank traders start rolling their funds.
Why , because I only look at 08:00 GMT to tell me what they are doing. They did sell but not fully filled in my favorite pair EURUSD.
See chart below, an intraday EURUSD hourly. It got filled today during asian session.
And Close during the London session. I only took a 1:2 RR for this trade, risking 28 pip for a 56 pip reward. Why, because I am at an exhaustive price which could be nearing a larger time frame demand pretty soon for a medium term.
By nature, price move and govern by the imbalance between buyers and seller or Demand and supply. Knowing this and identifying them in the market, rest assure, you are definitely on the winning side. Was it easy ? Yes to a Trained eye BUT NO to an untrained eye.
I don’t need fancy indicators, or colorful gauge. knowing by nature where a price imbalance occur, is where the demand supply are and you will definitely know where the price will turn!
Its not just a matter of a skill but discipline , money management and mastering your very own psychology. If you are at a professional level with this trait or ability, then the market is yours to play and pick money from people who do not know what they are doing and looking.
As I mention all over again, trading is the transfer of MONEY from the PEOPLE who DO NOT KNOW to the PEOPLE who KNOWS.
Happy new year everyone!!