The dollar is in a clear uptrend and has consolidated in several downward sloping pennants (a and b). In addition, the dollar is in a solid uptrend at point c. However, there is a strong fundamental reason for the upswing, largely caused by the situation is Greece which is leading to a flight for safety. In addition, notice the dollar and the euro are inversely related:
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In this phase, the trader sees what they are doing wrong and what the knowledge gaps are, but has trouble fixing the problems. The account at this stage keeps getting redder as losses accumulate. This evidence is highly confronting, things are not going to plan.This is the stage where the trader needs to make a conscious choice to begin seriously working on themselves and their trading system. It’s also the point where many new traders quit. The trader becomes fully and acutely aware of the many nuances of the market. The TA that looked so reliable in demo is failing far too often in the heated environment of live trading. Acquiring experiential knowledge of precisely how this market works; what can go wrong; how the trader’s judgement can be clouded; trading discipline; locating a TA system and trading routine that delivers the goods – these themes become the primary challenge. The trader has an important choice to make – meet the challenge and get across the issues, or quit.
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