Good evening Nigel,Hi Basil
Yes absolutely, breakevens are very frustrating. When price action is choppy and lacking direction unfortunately there is nothing we can do about it. I like to think about it like the market making you put in a few hard shifts before giving you your payday. The market can often be quite directionless, especially during the summer. That's why all the big boys leave for July and August!
But I would encourage you to look at it this way - say for instance you traded for two weeks and neither of the weekly signals you traded worked out. You have had a run of breakevens and a few losses and you have lost, say for argument's sake, 200 pips. Hopefully it would not be as bad as that - you might have done better or you may have done worse, I don't know. But say you had a bad couple of weeks and are 200 pips down.
However, when you look at that 200 pips in the context of what is achievable when a weekly signal is successful, you will see that 200 pips is nothing.
The other week I had two shorts on EUR/AUD and from memory I had a floating profit of something like 300 pips, maybe a few more. Both positions ended up getting stopped out at break-even. Frustrating, yes, but it doesn't make me want to give up. Why? Because looking at the weekly chart of EUR/AUD, had it broken down in my direction, that pip tally would have tripled or quadrupled very, very quickly. The average weekly range of the EUR/AUD at the moment is 370 pips!
As long as you continue to control your risk and keep an eye on the bigger picture, the successful trades come along in time.
I might add too, there is nothing wrong with using a daily chart as an anchor and making your entries on intraday timeframes if that is what suits you better. A successful trading strategy will always be the one that is tailored to suit you. It's just that I prefer the weekly/monthly charts, so that is what I concentrate on.
All the best with your trading - any questions feel free to ask
Classic case of buy the rumour, sell the fact Olu!Abe got the better of his counterparts in the elections but the usdjpy didnt soar.
Hi Jasper, thanks for the question.Hi Nigel
I have been trying to find a thread on the gold trades following last weeks reversal on the weekly charts??