Taking the Best FX Setups

Last week’s recap turned out to be a party of many Green Pips!

1) The AUDUSD short closed for a cool and exact +60 pips.

2) The EURUSD had 2 entry spots both providing +50 and +75 pips of space.

3) The NZDUSD short landed a crisp +40 pips.

4) The USDCAD last but not least could have landed a neat +80 pips if you managed to get in the trade.

These trade setups might start to seem “normal” but it is important to realize that setups with high chances of success are not that common.

In a typical week there could perhaps 10 high quality setups, but certainly not hundreds of them… We traders must make sure that we trade the higher quality setups while doing our best not to take too many of the lower quality ones… and if we do, then we must minimize our losses on them.

Remember that we want to approach trading with an aggressive yet conservative attitude, which means diligently hunt for the good setups and then actually take the trade without hesitation (once everything is aligned).

Too often traders are too conservative on the good setups and too aggressive on the bad ones. We need to find the right equilibrium.

To make sure that you are on the right track, join my live FX recap webinars on Mondays at Admiral Markets. Here I discuss the best opportunities for the upcoming week. The next session is on Monday February the 9th at 5pm GMT.

Many Green Pips!

Tarantula FX