Gold Descending out of a Triangle
(Click on image for Larger View) Gold fell by more than 40 points today, breaking out of a descending triangle. If you’re not familiar with descending triangles, may be this would be another example of how triangles would work. A breakout trader would likely have entered the trade at the break of the previous swing low (1623.22).…
FTSE Bounces Between Support and Resistance
(Click on image for Larger View) This is another example of how price interacts with Support and Resistance levels. If you’ve not read my earlier article on this subject, please feel free to have a read here. This is the FTSE 100 on a 5 min chart on the 2nd of May 2012. Price was…
GBPAUD went South after an Ascending Triangle: Be Prepared for Anything
(Click on image for Larger View) A conventional Ascending Triangle would normally have more upward pressure and there would be more expectation for price to breakout to the upside. However, this is an example of GBPAUD on a 15min chart that went south from an Ascending Triangle. Any breakout traders who went long in this would have…
Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
My Views This book is a brilliant book for traders as the author identifies the various Human Psychology that affects the market. As a Price Action trader, human psychology is what drives price patterns. Description The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today.…
A Breakout of the Triangle? Where is the Dollar going next?
(Click on image for Larger View) The dollar index has now broken below a trenline (and triangle) and then a re-test of the trenline. It looks like it has move out of a consolidation phase and it’s potentially ready to move again. My current bias is bearish but I do need to see a convincing…
Understanding Support and Resistance: All about Apples and Oranges
Related article: When Expensive becomes Cheap: Resistance Turn Support You’re a huge apple fan and you’ve been buying apples from a specific fruit stall for the past 12 months. During the peak apple season, apples are in abundance and they cost in the region of £0.50 each. In the off peak season, when apples are harder…
Trading in the Zone by Mark Douglas
My Views This is my personal all time favorite. Have a read and you’ll soon find out amazing rules/phrases that can help you battle through the psychology of trading. Description Picking up where “The Disciplined Trader” left off, this book bridges the gap between thinking the market is actually doing something and actually making the trade.…
Forex Trading: The Four Demons of Trade Psychology
When it comes to trading in the financial markets, it is not just the lack of expertise that causes the demise of thousands of careers in the market. There are several other culprits that contribute to it. The most successful traders are generally emotionless about their trades. They are meticulous planners, foresighted and confident –…
Six Traits of a Highly Successful Stock Trader
Do you have the personality to make it big as a trader on Wall Street? On a daily basis, traders make and lose millions! It’s ahigh risk business, there’s no denying that; but if you get it right, there’s no stopping you. The ability ofsuccessfully trading stocks and securities in a financial market that is…
Trading Psychology: The Role of Discipline, Patience and Courage
Trading is not as easy as it seems, we agree. What is it that makes some traders successful and others unsuccessful? What do successful traders do differently that reap benefits? For us, its discipline, courage and patience. Until and unless you don’t follow this trading psychology, it’s unlikely that you’ll be a successful trader. Most…
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