It was a good week last week.
Risk and reward ratio are very important when planning for a trade.
Always only risk 2% of the capital.
It will never be too late to enter a trade.
As long as the lost is limited to 2% of the capital.
We can adjust our position based on the amount of money we can risk.
The upcoming week will be bullish as well.
However, based on Daily Chart,
the price has entered into the resistance zone in the Weekly Chart.
Thus need to be careful.
Trade a larger time frame if does not have time to monitor it all the time.
Risk only the money that we are willing to lose, otherwise, we will have sleepless night.
Trading is fun, but if it creates stress, we will not be able to perform well.
Risk and reward ratio are very important when planning for a trade.
Always only risk 2% of the capital.
It will never be too late to enter a trade.
As long as the lost is limited to 2% of the capital.
We can adjust our position based on the amount of money we can risk.
The upcoming week will be bullish as well.
However, based on Daily Chart,
the price has entered into the resistance zone in the Weekly Chart.
Thus need to be careful.
Trade a larger time frame if does not have time to monitor it all the time.
Risk only the money that we are willing to lose, otherwise, we will have sleepless night.
Trading is fun, but if it creates stress, we will not be able to perform well.
Comment:
1Hour chart shows us that lower high has been formed.
If we are using this chart to trade, we need to setup based on 1H chart.
1Hour chart shows us that lower high has been formed.
If we are using this chart to trade, we need to setup based on 1H chart.
Comment:
Not a good trade. Our stop loss has been hit if we were executing the trade based on the plan above.
So lesson learnt, is to trade only chart that we understand.
Don't trade with chart that we don't understand.
This is to increase our probability of having winning trades.
Be patient. The price has dropped after the price hits the resistance level.
Not a good trade. Our stop loss has been hit if we were executing the trade based on the plan above.
So lesson learnt, is to trade only chart that we understand.
Don't trade with chart that we don't understand.
This is to increase our probability of having winning trades.
Be patient. The price has dropped after the price hits the resistance level.
Comment:
Daily Chart is showing some resistant at this level.
Pay attention to it and plan for the trade when it starts to move upwards.
From the 4H chart, the resistance level has formed.
Let's check the 1H chart.
From the 1H chart, the short term head and shoulder have been formed.
Let's check the 15mins chart.
Head and shoulder have been formed.
Since I am trading 4H chart to daily chart, confirmation price action has not shown yet. I will prefer to stay aside and observe until the price action gives me the confirmation to enter into the trades.
Pay attention to it and plan for the trade when it starts to move upwards.
Let's check the 1H chart.
Let's check the 15mins chart.
Since I am trading 4H chart to daily chart, confirmation price action has not shown yet. I will prefer to stay aside and observe until the price action gives me the confirmation to enter into the trades.
Comment:
Another reason that I am not entering into the market to trade this Forex pair is because looking at the past, the price action at this zone is consolidating before deciding the direction to move, either up or down. So need to be careful.
In my past experience, a lot of my profit was taken away as I traded to frequently, and when the price action move within a consolidation price range, it hits my stop loss and my profit was eaten up little by little.
In my past experience, a lot of my profit was taken away as I traded to frequently, and when the price action move within a consolidation price range, it hits my stop loss and my profit was eaten up little by little.
Comment:
4H chart above still consolidating and the resistance level is strong.
Better keep away and observe, before taking any action to buy up, since the trend is uptrend.
4H chart above still consolidating and the resistance level is strong.
Better keep away and observe, before taking any action to buy up, since the trend is uptrend.
Comment:
Daily chart is forming lower low. If we are planning to setup for bullish trade, we need to be patient and observe.
Daily chart is forming lower low. If we are planning to setup for bullish trade, we need to be patient and observe.
Comment:
Daily Chart below:
It shows that resistance is strong. I do observe that to breakthrough this kind of resistance. The formation of doji or evening start is required.
It shows that resistance is strong. I do observe that to breakthrough this kind of resistance. The formation of doji or evening start is required.
Comment:
4H chart
It shows that some support has been formed.
Let's plan to trade this pair.
It shows that some support has been formed.
Let's plan to trade this pair.
Comment:
Let's plan for this setup, with the risk reward ratio of 2:3.
Let's plan for this setup, with the risk reward ratio of 2:3.
Looking at the 4H chart, consolidation is ongoing at high level.
Before entering into this trade, we will need to wait for the lower low formation, which is also the consolidation of the price action.
Let's observe and see what the price action tell us to do.