Diligence pays off in life and trading the Aussie
|That is the message Governments across much of the world are telling us.
Stay at home, be diligent about following the rules, and you will stay safe, that's the message we are given
Only time will tell of course if those countries following full lockdowns, leads to an outcome that is different from those who are doing the opposite, such as Sweden.
For several decades, the goal of western world central banks, has been maximum global GDP growth. At all costs, of which, max debt was the supporting act. It's highly likely we are watching that growth collapsing as with a chain saw taken to a rotten tree.
In time, our children and grand children will read and talk about 2020 and how life was before. It's set to be very, very different in many ways.
Diligence rules
Markets will keep trending, sometimes up sometimes down, as they always have. Despite the recent volatility, profitable trades keep on coming.
It takes a degree of diligence and discipline to find the setups and follow trade management rules of course and those that stick at it will find the trades and survive.
Last week featured such a trade as you can see at this link. On Monday morning this week, we had another great setup. It started out as a multi point reversal that gradually sloped upward, a sloping consolidation.
The full setup with points 1 and 2 was setting up from Friday. We just had to wait over the weekend for the trigger. That came just after the higher low at '5' on Monday morning. The setup was featured in the morning Traders Class video.
The initial risk of 22 pips resulted in a 6:1 winning trade as the new uptrend ran and ran. The set up was there to be seen and traded with some simple rules.
Notice how the indicators and oscillator, below the chart, showed us where the trend started and finished.
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