ADAUSD - Potential to Go Up From Here; Don't Forget Stop Loss!
I would consider setting up a stop loss a tad higher then the "low" on the "previous" Daily Candle in anticipation for a HIGHER "low" on a pullback. If our stop loss does get triggered, we kept our losses small while also having an opportunity to get in at a lower price to make up for potential small loss if the stop loss is triggered.
We must respect the White Energy in the Daily approaching 50% with a chance of passing up above the 50% level dramatically. I know some who would feel sick if they missed out on an opportunity if it took off exponentially all of a sudden. The way to avoid missing out on those opportunities is by utilizing a stop loss on a trade that anticipates the potential for this move upward from here.
Don't fret IF our stop loss is triggered. That is part of trading. At least you're keeping your loss small with a tight stop loss while also allowing yourself the opportunity to get in at a lower price if the stop loss is triggered.
Some may argue to wait for a clearer sign in the price action to correlate with what's seen in the indicators. Yes, you can do that and still make money doing it that way. I'm simply pointing out how one can MANAGE their risk with a stop loss WHILE giving themselves the opportunity to avoid POTENTIALLY missing out on getting in at this price level because it MIGHT not drop significantly lower.
We must respect the White Energy in the Daily approaching 50% with a chance of passing up above the 50% level dramatically. I know some who would feel sick if they missed out on an opportunity if it took off exponentially all of a sudden. The way to avoid missing out on those opportunities is by utilizing a stop loss on a trade that anticipates the potential for this move upward from here.
Don't fret IF our stop loss is triggered. That is part of trading. At least you're keeping your loss small with a tight stop loss while also allowing yourself the opportunity to get in at a lower price if the stop loss is triggered.
Some may argue to wait for a clearer sign in the price action to correlate with what's seen in the indicators. Yes, you can do that and still make money doing it that way. I'm simply pointing out how one can MANAGE their risk with a stop loss WHILE giving themselves the opportunity to avoid POTENTIALLY missing out on getting in at this price level because it MIGHT not drop significantly lower.