Episode 16 – This episode covers Trading Psychology!
This is the 2nd episode of the 7-10 episode segment based on the psychological aspects of trading. These topics relate to trade execution rather than the trading methods found in the first 13 episodes. This episode covers Trading Psychology, I start off by stating my observations of trader behavior, then sharing my personal experience on the topic and how I go about approaching the concept of trading.
Hey Guys,
I’ve left this post till now because it’s taken this long to finalize my work commitments. For those of you keeners that scour my site for updates, you might’ve noticed I updated my weekly schedule (About me > Weekly Schedule). Here’s a copy below for you to take a look, for a legend of the colors, go see that page for them.
I’m taking 4 courses this semester:
As for my teaching assistant positions:
Aside from school and work commitments, I’ll still be working out everyday that I’ll be at school. Exercise = good stress reliever. Rest of the time, I’ll be at home doing the following:
I’m not sure if that’s heatlhy as some people have pointed that I don’t get that much “Brian time” to myself considering I put it at the bottom of the list. The past few weeks since school hasn’t picked up that much yet and since I know most of the content covered in half my courses, I’ve been able to allocate time for trading and blog stuff. I can’t promise the same for the coming weeks.
Onto video updates, yesterday I made some broker feature videos as I posted earlier today for newbies. I still have 4 more videos to make into that playlist, then that’ll be finish for now. As for the “How I Trade Binary Options” video series, I currently have ideas up to ep 29, so don’t worry. I have lots of content left to cover. I just may not be able to do them in a timely fashion. With that said, I’m aiming to make at least 1 video per week from now on, maybe every Friday or Saturday, I’ll produce 1 video to add onto the series. It does take a lot of time just to produce one 30 minute episode. If I get more time, I’ll produce them faster. If not, then I’ll try to make at least 1 per week. The next episode that will come out is Trading Psychology, I’m trying to blend the topics of the psychological segment on trading so that each episode flows/relates to one another. It’ll take a few points from ep 15 and elaborate on them. Then, ep 17 will follow the same way and take points from ep 16, etc.
Just updating on my life so all the new readers from youtube know how hectic my life is 
. This is why I don’t have time to trade all the time, if I did, I’m pretty sure I wouldn’t have a problem growing my account.
Thanks for reading,
Brian
Hey Guys,
Although I’m sick right now.. 
, this week’s analysis is posted on time unlike last week. Nothing much to say before hand. I will be justifying the two counter forecasts from last week though in the commentary below.
Mixed – Monthly Chart
Mixed – Weekly Chart
Mixed – Daily Chart
Mixed – H4 Chart
USD/CAD [Short (C)]: Broke the symmetrical trangle on daily chart going down. Went down to meet the support level of the descending triangle but that still held, bounced off of it to go back up to meet the previous symmetrical triangle. Previously support is now acting as resistance. This is a key level to watch depending on which timeframe you’re trading. The H4 descending triangle could provide a bounce back up to meet the downward TL of the descending triangle. Although it’s not stated in the spreadsheet. As I’m typing this up, I’d like to take this opportunity to change this to a conditional short provided that the symmetrical triangle still acts as resistance and that the support level breaks.
AUD/USD [Long (C)]: This has a conditional long because it’s currently sitting right at the weekly downward TL. Despite breaking upwards on the ascending triangle formation on the H4 and daily charts. This weekly TL will be the next resistance hurdle to overcome for more upsite potential. Watch that level carefully.
EUR/USD [Long]: I drew my monthly support 30 pips below the lowest point that EUR/USD hit this week. 30 pips on a monthly scale means nothing, so I may have dawn it a bit off. I did mention last week that monthly support was coming up and that it had to make a clear break of that for any downside. Which it didn’t, so it’s now bouncing on support. I also read (not sure though) that the IMF (International Monetary Fund) was looking to intervene with markets to help prop up the EUR with a Trillion Dollars. That may have the catalyst here. One thing to note about the behavior of EUR/USD. More often than not, whenever EUR/USD breaks it’s H4 trendline, it’ll retrace back to touch it before going in the new direction. I’m not sure how long that’ll take for this week. But, I’m assuming it’ll come back down for a few days then start going up again, this bounce up off the old H4 trendline will help form the new upward trendline.
GBP/USD [Long]: Bounced off the daily support as mentioned last week. Since support held (and didn’t break), and it bounced quite nicely, the bounce up broke the H4 downward TL. Thus, it’s looking poised to bounce back up to meet the resistance of the daily range that it’s in. That resistance level is 200 pips above the current price.
Happy Trading – See you guys next week,
Brian
sending...
