A friend Craig sent me some charts in the last few days, to plan his trades. This morning it struck me why it is that I like what he is doing.
I wrote to him:
What I like most about your charts is that it is clear that you are thinking through your plans. You are not just bouncing around the charts looking for justification to take trades. You are careful about your entries -- you are not just jumping into the market, but "asking" the currency pair to do something particular before you get into a trade.
It's impressive to see a trader take his time with his trade planning. To hunker down and wait for the market to produce an opportunity. And then, when he has an opportunity -- when the market shows its hand, so to speak -- then he pounes. He's ready to trade. He knows what he wants to do, and there aren't any unanswered questions about his stop loss, or his profit target.. He's made those plans in advance and he doesn't have to hesitate because this is what he's been waiting for.
