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  • Gold back towards key resistance (1760-65) that has capped rallies over the past two months - US yields at session lows providing the latest push higher
EUR/GBP

EUR/GBP

Thomas Long, Course Instructor

Early in my trading career, I would be anxious to get that money back so I would move down to a shorter time frame chart and trade away.  After a while, it became obvious that this "revenge trading" resulted in more losses rather than gains, so I stopped doing it.  Now I move the other direction in that I look at the daily chart to see what is happening.  I assume that the wave structure on the 4-hour chart has played out and that we should start looking for a correction on the daily chart instead.  So I pick a pair that offered some solid trades and use that as my benchmark or "scout" if you will on where the markets want to go from here.  I am using the EUR/GBP daily chart as that shows a potential buying opportunity.  If the trends are to remain intact, this market should reverse at some point here and start to move back up.  I have a trendline and Slow Stochastics plotted here to offer another way to judge this countertrend move.  There are other pairs in similar situations with the USD/JPY being one example.  But the key here is to get a better feel for this move and it's strength.  If this is the beginning of a trend change, the market will move right through this trendline and continue to move down.  At that point, we must exercise some patience in waiting for the next trading opportunity.  If we see the EUR/GBP find support and start to reverse, this could be a solid trading opportunity with a chance for a big gain.  But this is the time to back off a little so we can get "in tune" with the market instead of forcing a trade.  The market will do what it wants to do in spite of what we want.  It is important to remember that.   

 

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