Ok…I was starting to lose faith with my new method. I had sold the Eur hard last week and almost panicked, my pain threshold is apparently higher then I thought. I held true to my plan and added to the shorts after some deep technical analysis and decided that it has to at least take a breath before it moves up anymore… As of right now, I am at break-even and have scaled my position to half and am looking for some profits next week.
Some things of note for this upcoming week. I am noticing some huge areas of S&R coming up – one of the pairs I am keeping a VERY close eye on is EUR/AUD, I am looking for a good buy signal. In total, I think the AUD is in trouble across all pairs so I am keeping my focus on shorting the Aussie.
On the Daily there is a big BEOB on the EUR/USD…seems like it bounced right off my longer term 50% FIB from 07/08 to 10/08. I see the next minor S&R @ 3800 and 3700 and then a major S&R @ 3600 – this is my primary target, but I will be taking partial profits @ the minors.
A great example of the types of scams people are running is over at The Lonely Trader’s blog…(not Jay, but the guy that Jay met…)if you hear for the guy mentioned over there, turn and run fast…
My take on all of this is that there is no easy way to make money – even in FOREX. Anyone that offers easy money large profit returns should throw up a flag – I am not saying they are bogus, but just be VERY skeptical. The only way I know to make consistent % profit in FOREX is to develop your own method and trade it religiously – making changes along the way, but sticking to your plan is what will give your account the best chance to grow.