Today we have a potential short forming on the EUR/JPY 12hr chart. We still have over 6 hours until the 12hr candle closes, so this setup is not set in stone. In today’s Price Action analysis, I breakdown the potential EUR/JPY short, and explain how I might trade it.
I also talk a little about losing streaks, how long is a normal losing streak? Should you freak out if you lose four trades in a row? I use the forex4noobs losing streak calculator to show you what to statistically expect in terms of losses. I also talk about handling losses, trading psychology, and what it takes to be a great trader…
… To be honest I kind of rambled on a bit, probably because I am getting old (30 in April)!
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I just updated my support and resistance areas, you can check them out here.
Want to know how to put this price action analysis to use?
If you’re a price action newbie, check out my advanced price action strategy. This will give you a better understanding of how you can trade the setups I discuss in this analysis.
You can also browse through my hours of price action webinar recordings here.