Good Point Zaheer and John

Good Morning Dynamic Traders,

I would like to start this morning by echoing what John Maher said on his update on Sunday, a very big thank you for all your kind words and positive feedback on our blogs.

And

Congratulations to Ash and Bijal, who I’m sure, will make great parents.

John and Zaheer have made similar points on their last updates in regards to the market performing pull backs. As frustrating it may be to watch your profits drop, they are both right in saying stick to your rules and Trading Plan. This is the reason why you would have developed the rules and TP. Something that I would like to add on to what they have said already which is – “Don’t chase a Trade”. In times like this where you have either been stopped out or still in trades with smaller profits than the week before, there is a temptation to try and win those profits back. The problem with this is that your emotions are leading the decision making and potentially you could lose more money.

A chart that I currently have my eye on and is waiting patiently on my watch list is the EURCAD. From the day chart below you can see that price has performed a pull back. As frustrating this is if your in a trade, remember that the trend is in our favour.
I’m waiting for a break below the pivot low that I have marked on the chart, before I start to work out my short entry. You will notice that a break below the this support line is also a good distance away from the RN.













What are you plans?

Remember – Don’t chase a trade?

Carpe Diem

Richard Monnery