Forex Trading | Behavioral Analysis – Spotting the Turning Point

As mentioned in my previous post, I stuck to my trading plan for the day, which was to stick with the trend until I spot the reversal pivotal points. I went long on the EUR/USD in the early part of the day, netting about $3,000. I got out a bit too early, as the price behaviour did not feel right.

I went for dinner and waited for the right moment until I could be certain of the reversal turning point, then I struck without hesitation. I shorted EUR/USD, EUR/JPY and GBP/JPY, making about $4,000 in less than 30 mins.

Since there was no more news for the day, I decided to call it an early night.

Note to Mentoring Program Graduates:
Whether you are trading forex or stocks, the setups are almost the same. I tend to post more forex setups because they occur more frequently on an intraday basis, while stocks tend to move slower. Study the forex chart setups I post in the forum to get a better understanding of how to identify them on the stock charts.

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About the author

Spencer is an avid globetrotter who has been trading, travelling & teaching across 50+ countries, making his first million at 28 and amassing over 300k followers worldwide. As a former professional in private equity and proprietary funds, he has over 10 years of market experience, and has been featured on more than 20 occasions in the media.

 

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