EURJPY

Since the month of December last year a bear market ensued on the Euro versus the Japanese Yen which is clearly seen by the descending price channel that has formed since then. Price has respected the resistance and support levels of the channel to the tee. Safe to say that the main trend is a downtrend. Last week’s candlestick was bearish closing off at the support level.

SUMMARY.

While the market is trading within the channel we should be patiently waiting for a breakout and follow price in that direction. The breakout may happen on either side of the channel therefore let’s be vigilant and avoid getting caught up in predicting the market movements before the breakout happens.

GBPNZD

Examining the weekly chart of the British dollar versus the New Zealand dollar which has been on an uptrend for the past 10 months, we can see that the trend up has entered a new phase. An ascending triangle formed which broke out above the pattern. A breakout on the upside of a pattern within an uptrend is a strong signal as it’s in line with the current trend.

SUMMARY.

In addition to the breakout we also have a weekly confirmation candle. The resistance of the pattern also coincides with a major level. Therefore we have a breakout out of a major level as well as a chart pattern. That’s an example of a trading confluence. As further price action guides us on the bull market, watch for the ideal areas to join the trend in case you missed an earlier entry.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.

NZDCAD

For the past year the New Zealand Dollar versus the Canadian Dollar has been on a steep downtrend with one major retracement visible on the weekly time frame. Price was recently at our major level which has been acting as our support zone. In the previous week price was supported and a dominant bullish candlestick was formed.

SUMMARY.

A bullish engulfing is a potential  reversal candlestick formation, however we can see that we have a resistance zone as our trend line a few pips away from the current price level. Further price action will ultimately guide as whether a complete reversal of the downtrend is imminent. A breakout above the resistance zone would increase the probability of a reversal.

USDCHF

One year ago the bear market on the US Dollar versus the Swiss Franc began. The gradient of the slope is gentle which informs us the strength of the downtrend is medium-weak. Last week as price approached the resistance zone, sellers pushed the price down quite aggressively forming a bearish engulfing. This is a significant occurrence since it’s happening at a price boundary.

SUMMARY.

Our main trend is bearish and a potential reversal signal towards the downside has appeared. The next action seems laid out already. However, it is important to let price action further guide you. A look at a lower time frame will be ideal to guide your next course of action.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.

I have heard that nothing gives a writer so much pleasure than when his works have been quoted and applied by the readers. On this particular evening, I find myself in a deep conversation with an old friend.

‘You should write a book’ she exclaimed, commenting about my last article; Three reasons why you must learn an online skill

I cleverly rubbed that part off, because a book and an article are two different animals. The conversation turned to forex trading, and said that she would love to start online Forex trading as a side ‘hustle’. 

“Not a hustle, it’s Forex trading as a side business”, I quickly interject. Because I personally don’t relate too well with the term ‘hustle’, same way I don’t like being ‘busy’. (Story for another day). I promised her that I would write more, but not a book yet, for her and other people who want to get into forex trading, but it would be up to them to redefine what they need from it. But I also told her that there’s simply no excuse, no fear too insurmountable, for not acting on it if it is what she wants to do, regardless of her schedule.

So this here is a piece for you, Freya, and for everyone who, like her, have busy daily schedules, whether in employment or entrepreneurship, and your only reason for not starting Forex trading as a side business is that you feel there isn’t enough time in your days yet.

The common analogy that most people with a day job, or busy daily schedules hold is one of a lack of time to trade, and to sit in front of a computer watching markets all day. Most people think that they have to watch the markets from their computers all day to be traders, which is simply not true. You don’t have to sit in front of a computer all day to trade and make returns. I, for instance, don’t stay fixated on the screens the whole day. As a matter of fact, it is unhealthy for trading, and has negative effects on the trading results, as I will explain later on. I am a trader, a consultant, and an entrepreneur, I have busy working schedules. Today, in this article, I will share with you my personal approach to trading, a significant strategy that allows me to maximize from trading the forex markets, and at the same time freeing up my day to take care of other business affairs. It’s called the END OF DAY TRADING. You get to keep your day job, run your daily business errands, and maximize from trading the forex markets. Working smart, as opposed to ‘being busy.’ Let’s get into it already, shall we?

Normally, the Forex markets have various timeframes, which gives traders the freedom to choose particular time-frames that fit the nature of their schedules and trading plan. Day traders may choose to analyze the charts and look for price action trading patterns using the 30 minutes and the hourly time-frame. In the same manner, The practice of end of day trading requires a trader to check through the various pairs on their watch list, i.e. the currency pairs that they choose to trade, and analyze the forex charts for clearly marked out price action patterns that may be available to trade using the ‘Daily Time frame’. What this means is that for End of Day traders like myself, we only open our laptops to look out for clearly marked out price action trading opportunities at the close of the day, i.e. around 11pm, just before jumping into the next day.

With this trading approach, I only need about 30 minutes to screen through my currency pairs, (because I already know what I am looking for). In case I find nice setups that offer me a good Risk to Reward ratio, I then set up my stop loss and take profits targets as guided by my trading plan. Once all parameters are set, I execute the trade(s) and close up my laptop for the markets to do the work.

I know it sounds simple, but ideally, that’s how it should be. That’s how most of life’s missions should be, if only we checked our attitude and committed to learning instead of trying to cheat the process and be heroes. Anyone out there trying to complicate trading by clustering their charts, timeframes, and complicated trading approaches is only prolonging their journey to attaining meaningful success and consistency in making money from the markets. For new traders or anyone reading this piece and you’re totally green to trading, worry not for our online comprehensive course that comes with one on one consultations/mentorship polishes you on all the aforementioned pillars of trading, ranging from Price action patterns/signals/ market analysis, risk management, trades execution and management, amongst other integral topics and principles of successful Forex trading. For new traders, I covered what it takes to be a profitable trader consistently and for the long-term in a recent article that we published on our blog. You can catch up on it right here.

All I am left to do is to open my laptop/android phone the following day to check on the progress of my trades that I set up the previous night. At this point, I am not looking for other trading opportunities/setups, which means 5 minutes or less are enough to check that all is running well with my trades. Timewise, I am totally free to run other errands, and in the case of those with day jobs, your work is already done as far as trading is concerned. You would only need to spend about 10 minutes or less, for a maximum of twice a day to check on the progress of your trades. That is if your price targets are close to being hit, or have already been hit, which would mean that you have banked some profits for the day. 

Other times, a trade might take a little longer to hit your price targets, maybe an additional day or two, which is fine as long as the trade is going in your direction. This is the real definition of professional trading, i.e. approaching trading as a business . Our sole goal as traders, which is how we approach trading, and our training our traders at Fourthstreet Consultants, is to make money, as opposed to ‘making a lot of trades.’ Big difference.

Interestingly, unlike what most new traders think that day trading and executing too many trades in a day equals profitable trading, this particular approach of trading has all the benefits, and has been proven to greatly improve trading results and simplify the entire trading process. I have marked out three ways as to how End of day trading using end of day price action trading affirmations/patterns stands out as the best approach to trading & will ultimately improve your results, even for existing traders;

1. Eliminates Overtrading

One of the biggest predicament for both new and experienced traders is overtrading, and the ability to overcome it thereof. The urge to constantly check through the markets arouses the excitement and the greed to open more illogical trades, sometimes due to the mere sense of boredom, resulting in overtrading. Money in Forex trading is made by sitting, not by trading. Take a second to ponder on that point. Contrary to the common economic concept of more input equals more output that applies in other businesses, less is more in trading.

 A trader that picks only four of the best price action trades in a month with a proper Risk to reward ratio (say 1:3), for instance, stands to make a great deal of profits compared to a trader who executes 20 random trades (scalping) out of fear and greed, that in most cases have very low or even negative risk to reward ratio. This is the logic behind practicing end of day trading. It helps traders to avoid falling into the temptation of overtrading by constantly checking through open market charts. Once you set up your trades at the end of the day, you forget them and let the market do the hard work. You avoid overtrading which is one of the main downfalls for most traders.

2. Proper Trading Psychology

You have probably heard that adopting the right trading psychology contributes to more than 40% of one’s trading success. From the word go, you’ve got to have the right expectations about the markets. For instance, understand that losses are part of the business, the same way no business out there doesn’t encounter its streams of losses from time to time. Your job as a trader, therefore, is to manage losses and keep them small, as opposed to trying to avoid them. By adopting the End of Day trading approach, you only get to set up your trades at the close of day, and leave them to work out. Consequently, you are able to detach yourself, and basically your emotions from your running trades. It is an easier way to manage your emotions and grow a strong trading psychology that enriches your trading skills and results thereof. We call it the ‘set and forget’ approach, whereby you follow your trading plan in choosing the best trades, and once they are executed, you exit the charts and let the market do the hard work. You only check on how your trades are performing at long intervals of say 5 hours or so. Easy, calm, and collected.

3. Keep Your Day Job/ More free-time

It goes without saying that adopting end of day trading allows you to comfortably keep your day job, while adding another source of revenue in your bucket. For those trading full time, they are able to free their day time for other engagements such as doing market research, back-testing more trading strategies, engaging in other business ventures, and spending time with family. This is how I am able to trade and attend to other calls of business and varied life commitments. With this incitement, No one has any excuse whatsoever for not learning an online skill such as trading the markets, to create an additional source of revenue, especially in the current internet world of information overflow. Convenience is the real value in the current day, and the future. This is the very awakening that inspired us to put forth a comprehensive Forex course that is online-based, making it available for everyone on our website for easier and flexible accessibility. Basically, you have no excuse for a lack of growth, only a call of action and commitment awaits you. Good luck!

USDCAD

Exactly 4 weeks ago in the month of February we covered this pair where there was a descending triangle which was on the brink of a breakout with price at the resistance zone of the pattern. Forex 101 suggests that descending triangle patterns do breakout on the downside. Well just like there are no guarantees  in life neither are there any in the Forex market. Price broke out on the upside which was one of the possibilities we discussed 4 weeks ago.

SUMMARY.

Price did indeed breakout and the uptrend continued at a higher velocity denoted by the steep gradient of the slope. Pay close attention to the market as price is at a major resistance level. Patience is needed as further price action will guide you on whether to follow price after it has either reversed or broken through the resistance level.

EURAUD

After an extended period of a bull market which began 3 years ago, bulls have accelerated the uptrend in recent weeks. During the week that just ended we see a prominent pin bar/shooting star candlestick on the weekly time frame. However zooming in to the daily time frame which is our time frame of choice on this episode of our weekly analysis, we can see a candlestick pattern comprising of a mother candlestick and a set of inside bars. The latter are a potential continuation signal.

SUMMARY.

It is common knowledge that a pin bar is a potential reversal signal nevertheless we see a different scenario on the daily time frame where we find evidence that the market might be on a small pause before carrying on with higher prices due to the occurrence of inside bars. Price action confirmation is key for either higher or lower prices. This would come after a breakout below the low of the mother candle which would indicate possible lower prices to come and vice versa is true.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.

XAUUSD

Scanning the daily time frame of Gold versus the US Dollar, we are made aware of a double top occurring at the top of a mean uptrend. Bulls have been on a tear on this commodity for 2 years. A double top is a potential bearish signal which in this case price may either reverse completely and be the beginning of a new trend or may be the start of a counter trend before the main trend ensues. Your analysis and time will guide you on which course of action to follow on the bearish move, whether the former or the latter.

SUMMARY.

Coming after the breakout we have to see our confirmation entry signal before we can open any position.Therefore continue to monitor this pair as we await further price action. 

CADJPY

Following up on this pair that we analyzed at the beginning of the month of March,our pattern was a double top that had made a weekly breakout. Our bias was that there’s a very high probability that sellers would take price lower. True to our analysis price fell into a waterfall moving for about 600 pips before hitting a bottom and forming weekly pin bar.

SUMMARY.

Following up on this pair that we analyzed at the beginning of the month of March, our pattern was a double top that had made a weekly breakout. Our bias was that there’s a very high probability that sellers would take price lower. True to our analysis price fell into a waterfall moving for about 600 pips before hitting a bottom and forming weekly pin bar.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.

EURAUD

Viewing the Euro versus the Australian Dollar on the weekly time frame brings us to one of the most common candlesticks we know as price action traders. A pin bar at the top of a an uptrend that has been ongoing for the past 3 years. Furthermore the pin bar comes after a gap up; knowing that some gaps are usually filled, is this a potential signal of a reversal or a minor retracement before price continues higher? 

SUMMARY.

Price action will guide us to know when and whether we should be waiting for opportunities to short sell the market. Keep in mind that selling at this point is a high risk trade especially with no confirmation candle in sight yet since the trend is an uptrend. Therefore we wait to see whether there’ll be a confirmation candle which can be done on a lower time frame.We monitor this market closely and act when there’s enough evidence and reason to.

CADCHF

During the month of October 2019 we looked at a potential break out of a symmetrical triangle on the weekly chart of the Canadian Dollar versus the Swiss Franc. It turned out that the breakout was a false one and price quickly reversed back into the pattern and went lower, retraced for a few weeks and later broke out below the triangle. Bears have shown great control and dominance in the trend lower as it’s a strong downtrend.

SUMMARY.

It’s very evident that we’re currently in a downtrend, is it coming to end? Or do sellers still have the power the price push further down? Additional price action will guide us accordingly to know whether we look for opportunities to join the trend in case we missed it or wait to see whether there’s a chance that a trend reversal is on the horizon.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.

CADJPY

Analyzing the weekly chart of the Canadian Dollar versus the Japanese Yen, there’s a double top that broke out in the past week. Price has been quite choppy for the last year and three months throwing different patterns at different stages of the consolidation. Currently the double top with a break out below is a potential bearish indication.

SUMMARY.

Ensuing the breakout , we need to see a confirmation candlestick which will increase the  probability of price falling lower. The confirmation may come as a retest or another bearish candlestick. One can observe the price action confirmation on a  lower time frame such as the daily, for clearer and prompt signals.

AUDJPY

We last looked at the weekly chart of the Australian Dollar versus the Japanese Yen at the beginning of last month where our mother candle was the last candle on the chart. Ours was to see for how long the bears would control this market. The 3 following weeks candlesticks’ resulted in forming inside bars. Later there was a breakout candle that went all the way to the beginning of the ascending wedge.

SUMMARY.

Inside bars are potential continuation candlestick patterns. Testament  to that is the breakout candlestick that continued the downtrend.In our comprehensive Forex course we teach on trading various chart patterns wedges included. This particular wedge played out exactly how we teach especially on the target and it’s no surprise we had a bearish bias all along.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.

NZDCHF

A steep downtrend on the daily chart of the New Zealand dollar versus the Swiss Franc recently consolidated in a double top with a slanting neckline. The pattern further broke out followed by a confirmation candle a sign that the downtrend may persist. Price is currently at a very significant support zone. With our main trend being bearish and a pattern breaking out below we are already forming a bearish bias .

SUMMARY.

As much as we have concluded that sellers are in control if this market, price action is going to guide as moving forward on the next market state. At the significant level, price may be supported resulting in a reversal or break through and carry on with the waterfall of prices.

GBPCAD

On the daily chart of the British Pound versus the Canadian dollar, there’s an occurrence of a head and shoulder pattern that  has taken a month to form. We have been closely monitoring this currency pair having featured it at the first week of the year, where we concluded it was at the resistance level of a descending channel. A head and shoulder pattern forming at the resistance level of the channel further strengthens our bearish bias. Price broke out of the neckline and receded back above the neckline.

SUMMARY.

This could be a retest of the neckline but only time and price action confirmation will tell. If the neckline is successfully tested and price breaks out below, then very high chances are that we will see bears coming in and pushing prices lower.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.

It’s been a while since we hanged out for coffee on these streets. Today you’ll experience what we term as ‘The FSC Experience’ (The Fourthstreet Consultants Experience). An exclusive one-on-one consultation session with you. This is what we do every day; we listen, we advise, we train, and mentor new and experienced traders into profitable and consistent independent traders. I thought to extend today’s consultation session to you, right at your convenience and comfort. I look forward to enlightening you, and there’s no better way of articulating that bargain than by sharing one of the most thrilling & revealing sessions that I held recently with a client, a gentleman who graced our offices. His name is Patrick (Not his real name).

We have held numerous consultation sessions at our offices, and others on phone and via skype with potential clients. But Patrick’s session was different. You know Catholics have a session in their worship services they call the ‘Sacrament of Penance’. The confession with a priest. I am not about to be a priest, nor am I Catholic, but with Patrick, I must admit it felt gratifying to listen and offer my professional counsel to a man really hungry and in need of the truth and growth.

I trust we’re well acquainted by now. That was the talk before Thee Talk. Let’s indulge. This article is an attempt to summarize my journey into the world of trading, while at the same time edifying you on factual guidance on what it takes to trade profitably and consistently for the long term.

It’s 2.30 PM, a gentleman walks in our offices, bold and well-composed. It’s one of those hot afternoons at the office, and interestingly, everyone is busy attending to their own business, stuck on their screens, a deafening silence! I am reading an article by Peter Thiel, the topic “Life is Short. That’s the point.” I propose you look him up, check his works. He’s one of the most brilliant thinkers and writers of our times. It’ll be worth more than a dime for your time!

After the salutations, Patrick is served coffee and we start chatting. From the beginning, he sounded so enthusiastic about venturing into the world of Forex trading. That got me hooked to the conversation. I quickly gather that he’s not new to trading. But he was oblivious of consistent profitable trading, and that’s what led him to knock our doors. 

“How and where did you learn about forex trading?” I posed the question to understand his locus. 

He is open and doesn’t shy from telling the truth about his journey into the world of trading. He explains that he has watched a number of YouTube videos on different forex ‘strategies’, including scalping, fundamental trading, and a few technical setups. He further explains that he had a chance to attend a few trading training seminars organized by Forex brokerage companies, where they were taught on how to place trades on MT4 using the short timeframes of 15mins and 30 mins. Some of the trainers had actually promised to be sending trading signals to guide them initiate trades and Wolla!! 

There was so much light and glamour to the party that he hurriedly signed up for a live account with a forex broker, funded it with $500 of his hard-earned money. Ready to set off on his journey to ‘turn his life around.’ His exact words, not mine.

I couldn’t help but only imagine the mental ruin and the emotional weight of the person in front of me. Not to mention the financial degradation he had been through for the past four months of his journey into trading. I could relate. It took me almost a year to land on a reputable and credible trading platform to learn from. Of course, I paid expensively for my mistakes & assumptions. However, 12 years later, I owe my success to that first move to go for reputable trading education. One thing that new traders fail to acknowledge is that the cost of not subscribing or enrolling for a trading course is way greater than the price you pay for that course/education. Why would you put your time, energy, and resources on the line for a ‘war’ that’s beyond your prowess? 

So guys, today I am going to be blatantly honest with you. There’s No single Forex brokerage company in the world that will ever serve you coffee, and shed light on facts about what it really takes for you to achieve consistent profitability in trading. Sounds harsh, right? The sole goal of Forex brokers is to get as many clients signing up for trading accounts as possible, and for them to fund those accounts with as much as they can, as quickly as it calls for. Brokers don’t care much if you’re losing or winning. Why should they care anyway when they are getting their profits from spreads and margins, regardless of whether your trades end up losing or winning?? The more the trades you make in a day, or an hour for that matter, the merrier for them. They all about volume, quantity over quality. This is the reason why most brokers preach the gospel of trading shorter timeframes of 5 minutes and 15 minutes. Anything to hook you into high-frequency trading. A great deal of business for the broker, but a painful journey resulting in overtrading, emotional instability, and financial losses, especially for newbie traders such as Patrick. It’s therefore upon you, as a new trader, to look out for what’s best for you.

Essentially, any credible and successful trader will outrightly tell you that trading off any timeframe lower than 4 hours or at the very least, 1 hour is guaranteed to ruin not only your capital but also your mental and emotional balance. I have been there, I have done that, and it simply doesn’t work! And even if it worked for a few individuals, why would you spend your life getting adrenaline rush and sweating your but all day, when you could place your trades, set up your limits to control your risk and target your profits, walk away from the screen, attend to other affairs in life such as family and other ventures? More consistent profits, more free time, no mental ruin/adrenaline rush. It’s an absolute win.

This is the gospel that your Forex broker and most Forex academies/trainers won’t tell you. Any Forex trainer or course out there that cares about your growth as a trader must be open with you from the word go. Trading can be relatively easy or hard, depending on where you seek education and mentorship, and your commitment to follow the various rules of the game, even when they are seemingly ‘boring’. In fact, profitable Forex/Indices/stocks trading is boring. Jesse Livermore, one of the greatest traders of all times, said it right, “Money is made by sitting, not trading.” What he meant is that the sole job of a trader is to wait patiently for the best setups, and go big with them, as opposed to trying to chase or force trades on the markets every other minute.

Having said that, I have nothing against Forex brokers, in fact, we all need them. They are our bridge to access the markets. I am only looking out for the masses out there, such as Patrick, who are enthusiastic and looking forward to kick start their careers in forex trading, so that they don’t make the same mistakes I made during my first days into trading.

I am about to cover and expound on my full consultation with Patrick, that is how I got to respond to his trading distresses and inquiries in an elaborate, but precise manner. 

I’ll put forth the questions as I posed them to him, then I’ll answer to them coherently. You’re welcome to seep some more of your coffee☺

Question One: How and where did you learn about forex trading?

Whereas attending trading seminars and workshops is a great way to expand your knowledge about trading, it would be a big joke to assume that that would be all you needed to get started on trading and to be a pro trader. Getting a reputable training education is mandatory for you to learn any new skill. Attaching yourself to a mentor in your line of career shortens your learning curve and grows you as a person. This is how you win, not only in Forex trading but in attaining any significant skill in life.

This is also true for watching YouTube videos or reading some blog articles. Not even our blog page at Fourthstreet Consultants is adequate to set off on your path to trading and making consistent returns. Yes, it’s indeed a great place to gather trading incites and knowledge about the various disciplines of the business. But until you immerse yourself into a fully developed, reputable, and tested trading course, that comes with dedicated mentorship, then you’re quite far from the real pie.

Let’s be real with life. There’s no shortcut to success. Pilots learn for 5 years before they can get their badges. Lawyers spend at least 7 years to learn and practice law. Boxers and athletes practice for at least 5 years before reaching their career peaks. What about traders? They want to learn everything about trading today and start making handsome returns tomorrow. This is the biggest irony with our industry. Shortly after, most newbies either give up or cry foul of how much trading is ‘gambling’. It might not necessarily take you 5 years to learn and practice profitable trading, but failing to invest in trading education is guaranteed to cost you more in the long-term.

Question two: What Type of a Trader Are You?

Any trader must answer this question outright without blinking or collecting words. Are you a technical trader? Or a fundamental trader? If that’s the case, are you a day trader, a swing trader, or a position trader?

Of equal importance is, do you have a trading plan that strictly guides all your actions on the markets? I put together a guide on how to develop a trading plan here.

If you can’t satisfactorily answer these questions, you aren’t yet started as a trader, you only possess ‘ideas’ about trading, and you’re not equipped with the required trading skillsets to engage in live trading activities.

Question Three: What are your expectations as you venture into the business of Forex trading?

The internet is awash with too much noise, and people selling lies and false lifestyle to woe you into their fishing nets. Most beginners go through a couple of YouTube videos, and just like that, they imagine themselves making the millions overnight from trading. Rude shock! There’s no quick money in Forex trading. No legitimate business model makes profits all the time. Even the biggest companies of our time suffer small losses, and other times, big losses. Varied performance with different seasons is a norm for any business. Different company stocks, for instance, appreciate during certain quarters of the year and dip in other months. Forex trading is no different. With this understanding, your job as a trader is not to avoid losses, but to manage losses by keeping them small, while maximizing on your profits. 

Our course not only guides you on how to manage your losses but illustrates in expounded videos how to set up your trades on a live account, one funded with real money. We took it upon ourselves to fund a live account with real money $$, and recorded all our trading activities in real-time, for three continuous months. You will hardly get this value from most trading courses out of them. Is your trading coach/trainer daring enough to trade live and record as they practice what they teach you with their money in real-time?

This is all that is covered in MODULE THREE of our comprehensive online course.

Question Four: Are you always excited and attached to your running/active trades?

Anytime you find yourself excited about your entries, getting the adrenaline rush when your trades are running, then everything you’re doing is wrong. In most cases, you’ll have risked a little too much, or got in late into the trade. Essentially, anything you do on the markets without strictly adhering to a documented Trading plan is wrong. As a normal human being, you’re prone to be fearful and/or greedy, which consequently causes you to break your own rules. 

Consistent and profitable trading is boring. This is because you follow the same set of rules and steps in all your trades. There’s no excitement or anxiety because every action is guided by the trading plan. This is how we train our traders at Fourthstreet Consultants. If you’re to approach Forex trading as a business, you’ve got to learn the rules of the game and detach trading from your emotions. We simply approach every trade with a mindset of Risk Vs. Reward. The discipline to only place trades with low risk and high rewards is not a matter of contention. You can only learn these disciplines through practicing and proper mentorship from experienced traders. So you want to be a profitable trader? Now you know what to do, right? As for Patrick, he is already on his new journey into learning and earning consistently with us, trading off the biggest financial markets in the world where more than 5.3 trillion dollars are exchanged every day.

This is it for our coffee date. Please note, you’re the one paying next time.

OH, before it slips off my mind, just in case you were still wondering whether to learn Forex trading or pick up an online skill that would add up that extra income for you, this article here is specially the Wake-up call for you. Good luck!

NZDCHF

New Zealand dollar versus the Swiss Franc on the weekly time frame shows a down trending market within a descending wedge. The pattern suggests that the main trend is bearish. Bears have been moving the market lower for the last 3 years. Currently price has formed a pin bar followed by a confirmation candlestick. This candlestick pattern is a potential reversal signal.

SUMMARY.

In as much as we have a sign that the market may reverse or change direction keep in mind that the market trend is bearish. The reversal may be short lived, happen imminently or not happen at all. Price action will continue to guide us on which of the above scenarios is most likely to happen.

USDCAD

The US dollar versus the Canadian Dollar on the weekly time frame depicts a clear descending triangle. Price has been within this consolidation for one year and four months. Price is at the resistance level of this particular pattern. Rejection of higher prices at this point would be a good bearish sign. Last week’s candlestick closed below the resistance zone.

SUMMARY.

Another bearish candlestick would act as confirmation that bears are getting into the market. Sellers may then decide to move price lower heading towards our near term level. However bulls may take charge and cause a breakout above the pattern. As usual price action confirmation will guide us accordingly.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.