Silver Long Developing and Trader Psychology

In today’s live trading session, we went over a possible long setup for Silver, and then we discussed the importance of trader psychology.

This morning the US Dollar Index (DXY) continued its selloff by reaching the 93.00 psychological level. At the moment, the price is resting at this level, but we are predicting that it will eventually head lower to 92.13. Therefore, we are bearish on the Dollar. We took a look at Silver and noticed a perfect buy setup. If Silver can clear last week’s high of 25.55 on the daily timeframe, we should have enough confirmation to enter long.

For the rest of the session, we focused on the importance of trader psychology. For the first time since July, we had two losing trades in a row. It is a rare occurrence for us, but it is something that can occur. Every trader responds differently to losses, but the important thing is to make sure your psychology doesn’t change. Your confidence in your strategy and your trading should not change, regardless of a winning or losing streak.

As we hit the midpoint of the trading week, we should see the midweek volatility kickstart many of our pending trade setups. In addition to our long for Silver, we are also eyeing a short for EURGBP. As always, be safe and trade responsibly!