December was a good month for me. I increased my capital with profits by 50%. I figure if I can consistently do this over a 6 month period, I'll know that I'm on my way to continued success. Here is an image of my chart. We can see an inverse head and shoulders. I'm wondering if price will reach the technical target, it is selling off for now. We shall see.
My weakness is I tend to shoot for the moon instead of trading what I see. I think it is advisable to take profits when you are 2 or 3 times your risk in profit, unless the market explodes, then hold on for a bit longer. I work full time except wednesdays and I don't really like trading on my phone, but I think it's important on a social level to work and even if I make enough to support myself I would still go to work. I have a condition, that's all I'm going to say, so don't take anything I say as financial advice.
Background info: I spent the first few years of my trading journey on learntotradethemarket.com which focused on price action. They didn't like using trendlines or traditional chart patterns. I didn't have much success. I lost £5000 in my first two weeks of trading because I was a bit elevated and wild. Then over the last 14 years I have lost £3000. I started to study coinskid on youtube and I realised that traditional chart patterns were the way to go. Last month I made a good profit and I feel confident about my trading. I'm going to boss it next year, I can feel it in my bones.
Just curious, do you ever consider fundamentals or world events in your trades? For instance, this year has been all about the US Federal Reserve decisions and next year will be even more so, IMO. So, I'd be biased toward only taking long EUR/USD trades if I were you... At least until the first couple of U.S. Interest rate cuts have happened anyway.
Thanks burnout for the question. I am a technical trader and do not use fundamentals in my trading. Maybe I should but I don't know enough about it and prefer to trade what the charts are telling me. I'm happy to hear the bias for eurusd is long according to the fundamentals as that is my bias too looking at the charts,
This is why I trade the 4 hr mainly and sometimes the 1 hr because the 5 min is pure entertainment. I think the close above the M was a good sign but price dropped to take out some stops. My trade is currently in profit. We'll see what the 10am close brings.
