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Buying currency pairs is great when the price is in an uptrend. I recently recorded a video sharing a few Japanese yen pairs I would be buying when the opportunity was right and well, it was right.
Over 100 pips on each trade could have been made had I held my trades. While I am excited and happy for my students who were able to hold their trades it just didn't pan out that way for me. The biggest reason was my psychology got the best of me.
I'll do another video explaining that but first, let's get into the updated analysis.
Trading Correlations
I love correlating currency pairs. Currency pair correlations are when you take the same currencies that share a currency and trade them together such as GBPAUD and AUDUSD. They both share the AUD currency.
Also, notice where the AUD sits in both currency names. If a currency is on one side then the other is known as negative correlating pairs because when one pair goes up the other goes down.
It's like a seesaw effect. It was fun when one side went up because the other would go down. Trading can work the same way.
Some Win and Some Don't
A few of my students held the trade due to my trading strategy TMP. We share analysis in my trading community where they are able to share charts and get help on-demand. We were also able to share trade setups on the Japanese Yen pairs such as USDJPY, GBPJPY, and EURJPY.
As price moved we stay up to date with these trades and are still doing so. While I'm aware of not all trades in the same category will work out, it's always good to know when they do.
Trading is a cost of doing business game. Some trades will cost us while some will pay us. However, in my Trade On Purpose Community, it's better to trade when you're on one accord with others than to trade and overthink by yourself.
Taking Action
Trend Trading my TMP strategy is simple because #1 it works and #2 it tells on itself when you win and lose trades. You can start off understanding how to trade my strategy when you access my 4 Profitable Candlestick Candle Ebook.
It will teach and show you how you can begin making better trading decisions when you only focus on 4 candlesticks.
Then, when you're ready to join me in my Trading community, contact me, and let's chat via Zoom Video Conference. I'd like to get to know more about your trading journey so you can see if I'm the right coach to teach you.