As a pattern trader the EURUSD has been one of my best performers over the past few weeks. After our last big drop from 3150's the market has finally shown some relief in the form of consolidation before the next big move. Fortunately, for pattern traders consolidation is great, because inside that choppy, nasty looking price action are advanced patterns, which if played right can yield some pretty good profits.
The EURUSD has been 3 for 3 lately and is setting up it's 4th for a potential completion today. Odds are that a loser is due, but that doesn't mean that this one is going to be it. It's not my job to try and over think the pattern. it is what it is and it's my job to participate. If it loses it's not a big deal because the previous 3 have already covered it. If it wins then I'm simply working towards padding my account to absorb the next loss. That's what trading is, wins need to cover the losses and if you're consistently doing so losses won't hurt anymore.
Akil
The EURUSD has been 3 for 3 lately and is setting up it's 4th for a potential completion today. Odds are that a loser is due, but that doesn't mean that this one is going to be it. It's not my job to try and over think the pattern. it is what it is and it's my job to participate. If it loses it's not a big deal because the previous 3 have already covered it. If it wins then I'm simply working towards padding my account to absorb the next loss. That's what trading is, wins need to cover the losses and if you're consistently doing so losses won't hurt anymore.
Akil
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