6/18 Analysis: When Not To Trade
At the London open, nothing is really trending with momentum. The market is flat. Your course of action should be to sit and wait. Have patience and see if conditions improve.
In fact, nothing ever really materialized during the London session.
If we look at the start of the NY session:
We have the same situation. The difference here is you have a strong currency up top in the NZD (purple line) and a weak currency at the bottom in the CHF (turquoise line) but we don’t yet have the confirmation for entry which is the steep line continuing in the direction of the trend.
If we fast forward into the session a bit…
You can see that having patience and not getting into a bad trade paid off because the NZD and CHF have turned in the opposite direction of the original trend.
Watch the video analysis here:
You can see that our Currency Strength Indicator is an effective tool for picking out the highest probability, lowest risk trade set ups while avoiding market conditions that aren’t favorable. If you keep using this tool every day along with our daily Forex analysis, you will increase your win rate and be on your way to becoming a profitable trader long term.
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