On the Radar Screen for Today

Today, I'll have two charts up and I'll be looking for a good signal to make some entries. Gold and the Eur/Usd will be on my chart screen for the day. Here's a screen shot:
I'll be looking to go short on both the Eur/Usd pair and gold. Gold looks to be heading down in a linear regression trend channel (see recent post) and the Euro ran out of steam rather quickly last week, which tells me that the pair will likely go down from here. My TLT Trender has given sell signals for both pairs on the four hour time frame and now I'm just going to patiently wait for the sell signals on the hourly charts.

There's always the chance that I'm just biased and that I want the Euro and gold to go down, that's why I will be disciplined and wait for my trading system to give me the sell signals. If I don't get the signals, I won't make a trade. And even if I do get sell signals, I will have hard stops in place to get me out if I'm wrong...which happens quite a bit. It can be hard to look at yourself and try to determine whether you're seeing things objectively or through a biased perspective, which is why it is imperative to have a system with easy to follow rules and to have proper money management techniques (stops) in place for when you're wrong.

We'll see what happens today.

Good luck out there.

TLT