I hope you are enjoying the wonderful weekend so far.
Last week, we saw 3 standard opportunities presented for The Koala System users. Optimism towards the US economy battled out with the concerns surrounding the Euro Zone crisis. Although one of the standard opportunity developed on a US Non-Farm Payroll Friday, i recommended against it as US Non-Farm Payroll Fridays are usually catastrophic for trading!
This week presented us with three standard opportunities again!
A good part of the week brought us bearish momentum as concerns over Greece were mounting. The first opportunity came early Tuesday and was a potential winner for koalas using a proper trailing stop.
Mid week brought us spiky action and The Koala System identified it by displaying standard no trade zone signals.
Late Wednesday brought us the second opportunity and this ended with the test of the strong line of 1.3285+/-. Soon after, the ride back up gave us the last opportunity for the week. Relief regarding a concrete plan of action for Greece swept the EUR/USD up despite a ratings cut for Greece.
This upcoming week besides the usual caution, watch out for developments concerning Greece.
I received an interesting comment that i would like to share. A kind reader was pointing out the fact that staring at the screen for long periods and resulting in a mere 3-5 trades a week is not going to be sustainable for the long run. If one were to stare at the screen 24/7, definitely it is not the right way to trade.
However The Koala System is never about this. As we are looking for medium – long term trends, it is enough to occasionally glance at the charts. The nature of using a M15 time frame gives us a wider window of opportunity usually. Furthermore The Koala System is more of a guide to prevent trading against the trend and hence a scalper mentality is the opposite of the values of this system. We are aiming to cultivate patience, discipline and consistency. If we miss a signal, the next one will come along. No worries.
Hope i shed more light about what The Koala System is really about.
Refer to the latest EUR/USD Weekly Review for a heads up on how the upcoming week may affect The Koala System.