06.04.202009:35 Forex Analysis & Reviews: Oil at 4500p. Take profits and a little psychology

Good afternoon, dear traders! Congratulations to those who used our oil trading idea on April 3.

Let me remind you that the idea was to work out the third wave from the news impulse associated with the news that OPEC countries will negotiate in the near future to reduce oil production. Donald Trump became, as usual, the unofficial intermediary and newsmaker of this holiday for oil buyers.

Plan:

Workout:

Why did I decide to stop developing this particular trading idea?

• 1. The giant potential of 4500p.
• 2. A simple three-wave setup in the ABC structure.
• 3. Impulse based on fundamental news in an oversold market.

The fact is that in any trading strategy there are signals or setups of different quality. I think that you have often come across situations when you had to choose between cool inputs and not so much. This endless choice of quality setups sometimes leads traders to despondency, and so they trade everything, falling into gambling addiction. And when there are really high-quality situations related to the coincidence of several factors, they may not have enough strength, courage or money for this transaction. But to wait for good conditions for the transaction is also an art, and it is in the PULSE style of trading that this is easy and repeatable.

Entrances based on the news are easily and permanently remembered, because not only a candlestick or wave image is stored in the brain, but also an EVENT directly connected with this setup. This is very important for trade in the future when a similar situation appears, the brain can easily find an analog of a similar situation, stored as a clear neural "image-event" connection. I hope you can follow.

This process is the same as finding files on a computer. How qualitatively you request a search - so you will find the desired one faster.

And since in the minds of most traders, complete chaos reigns in images tied, as a rule, to events of loss or profit, rather than objective market news, then finding something there is not an easy task.

And if you already understand that trade is 80% of psychology, and psychology is your inner world, then I wrote all this for good reason. If not, postpone this article until fall.

Success in trading and control the risks!