“Deja Vu All Over Again”
“It’s like deja vu all over again” was one of many quotes from the former New Yankee player and manager Yogi Berra, who put more emphasis on work ethic and results, than on style and appearance. I thought that quote apropos in describing the market action we highlighted today in our Live Market Exercise, given it was so similar to yesterday’s focus.
Very simple; identify a market already moving in the same direction on those higher time frames, wait for a price dip to support. Except the risk. Take advantage of the ensuing rally.
Stay focused on holding a position in the same direction as those higher time frames. Do not allow yourself to be distracted. Be patient and stay relaxed with the understanding that delayed gratification — holding a postion –pays better than instant gratification — trying to jackrabbit in and out on a retail spread.
To attend a live, interactive webinar next Wednesday at Noon CDT on how to determine market direction go to: Overview of Directional Lines
Jay Norris is the host of Live Market Exercise, a complimentary service for clients of Clovernest Financial Group, and the author of Mastering The Currency Market, McGraw-Hill, 2009. Jay’s second book, Mastering Trade Selection and Management, will be in book stores in May.
DISCLAIMER: Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor!