Conquering Fear=Defining Fear

Set aside a certain number of days, during which you shall be content with the scantiest and cheapest fare, with course and rough dress, saying to yourself the while: “Is this the condition I feared?” 

– Seneca

Dear Friends,

Last week was a good week in terms of trading ideas and pips made. But as the saying above goes, let’s try not to be over-impressed or obsessed with our trading results. Let’s try to look at it from the other side- what it would have been if we were living a simple life, deprived of all material things and money. Money is not the ultimate goal for happiness. It might be just a supplementary way to help people and make others live a happier and healthier life. Think about those words every time you become too obsessed with your good runs and try to never get too obsessed with making money for the sake of it.

Last week’s last trading idea is starting to give fruits. I was commenting on a short entry at the EUR/USD. If you have followed the same approach as me, you would be already in a profitable position. I still see this trade the same way I was seeing it last week. Nothing major has changed and the short-sellers are still winning at their game. Today’s daily candle is engulfing the previous candle’s body, thus giving us further confirmation that more bearish mood is to come.

Today’s trading idea is coming from the GBP/JPY. I have been looking at this pair last week, but today I have further confirmation that a long entry is establishing. The candlestick that formed on Friday was a pin bar. Today, we have a small bearish rejection on the daily time frame and the body of the candle that formed is engulfing the previous trading session’s candle. Those signals are giving us indication that bulls are ready to take over this pair and raise it to a new high.

My trading parameters for this pair are:

I am looking to go long at around 183.400 and place a stop just under the nearest daily swing low at 181.500. The first target for this trade is the level of 185.85. The secondary target is the level of 190.000.

Happy Trading,

Colibri Trader

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