Trading a longer time frame involves a lot of waiting. You may not get a trading opportunity every day or even one in a week depending on your trading rules. Today is one of those frustrating days. The Dollar rally has setup several “pull back” days within the various anti-Dollar rallies. Normally these pull back days would be juicy opportunities for a trend trader looking to buy or sell at a bargain but tonight there is another factor that can’t be ignored, central banks. In the next few hours we will see rate statements for EUR, CAD and GBP which may result in one of two things. Either I’ll wish I had bought the pull back days or I’ll be glad I didn’t.
When I learned to fly my fight instructor would tell me it is better to be on the ground wishing you were in the air, than in the air wishing you were on the ground. I think the advice applies to trading as well. I intend to let the fundamental dust settle over the next couple days. Then we will see where the calmer opportunities are to enter on value.
If you’re planning to tear it up on the 5 minute charts tomorrow, best of luck!
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