The reality of what the market actually is will be our theme for the next few weeks I’ve just decided. So hold on to your to trade stations ( mine is a simple laptop. You don’t need 10 screens to know whats going on) and let’s shed some light on this topic. First, lets take a look at my idea otherwise known as my opinion, expressed in the reality of the Forex market. I currently have a long bias (meaning that I am looking to buy, expecting the price to move up) on the Pound/Dollar pair. In order to make my idea a reality, I simply express my opinion by placing a buy stop order where my trading plan/strategy tells me. After that, I just let my order rest. I don’t stare at the screen. I go and do other things. I respond to emails from clients, interact on trading forums and make sure my businesses are running smoothly. I might even take a snoozer and wake up for the U.S. session. But that’s me. Unless your particular trading strategy or as I would say your avenue of expression calls for you to be present for potential set-ups, then so be it. I’ve learned what kind of trader I am and what will give me the least anxiety.
My Current resting order buy stop order :
The pending buy stop wasn’t triggered, so it was canceled. Now during the U.S. session, my idea about the the potential price direction changed.
New idea expressed:
Neither trade was triggered today. Let’s see what tomorrow brings. No need to keep looking for a trade for trading sake.
