Identifying Trading Opportunities...
Fridays are typically a day that you SHOULD NOT trade as a trader. Why? You will likely give back a lot of your profits. You will say that it is not much different than other days. This is NOT the case. It is when weekly options expire and price does all kinds of crazy things. For example look below at the price of oil. Do you see the choppy movement on the smaller time frames. It means that there is absolutely no direction in the market. You might get lucky and be on the right side of one of these movements but you have to ask yourself if the risk is worth it. Clearly it is not. You are simply trading market noise. So that means YOU are the target. Plain and simple. Do you know how to identify this? Probably not. However it is important when you trade. You can sometimes see this on other days too and when you do stay the heck out. If you have to be in the market then pick one that is trending. Not one that is poised to crush you. If you follow my EURO, JPY signal and you should be then you simply take and wait. That is it. You expect drawdown so therefor you need to do your homework ahead of time to prevent yourself from being trapped. Drawdown happens almost all the time when you take larger positions. It is simply a fact. An LP is on the opposite side of the trade so you are not going to move the market against them. Plain and simple. See the chart below.
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