AUDNZD - everyone should have a trading plan
If you don't have a trading plan how do you take your trades? You should always have something in place.
For example, here on AUDNZD we can see we have a clear bullish trend but currently nothing else, the way I trade tells me that currently I should do nothing but wait.
Price will of course go up or down but where price currently is I may as well flip a coin as I have no probability to give me the edge. I have drawn out what I expect to happen next. Price to come back down, break through this trendline and when it does DO NOT ENTER entering on a break is stupid, price could just be testing that level before you see a reversal and price to go up again stopping you out and making you annoyed as you don't know what happened. What you SHOULD do is wait for price to break this trend and clearly close under it, price will retrace back up allowing you to get into your sell positions.
So what I'm waiting for is a break of trend, a pull back or impulsive move up allowing me to include a fib into this, I should be able to add a further confluence level into the trade as well (if not then I will lower my risk)
Trading does not have to be a hard task, be patient and let the market show you where it wants to go.
If you do not have something in place, take the time to create one. You should know exactly where you want to get out of the trade before you even buy or sell. Otherwise you are gambling.
For example, here on AUDNZD we can see we have a clear bullish trend but currently nothing else, the way I trade tells me that currently I should do nothing but wait.
Price will of course go up or down but where price currently is I may as well flip a coin as I have no probability to give me the edge. I have drawn out what I expect to happen next. Price to come back down, break through this trendline and when it does DO NOT ENTER entering on a break is stupid, price could just be testing that level before you see a reversal and price to go up again stopping you out and making you annoyed as you don't know what happened. What you SHOULD do is wait for price to break this trend and clearly close under it, price will retrace back up allowing you to get into your sell positions.
So what I'm waiting for is a break of trend, a pull back or impulsive move up allowing me to include a fib into this, I should be able to add a further confluence level into the trade as well (if not then I will lower my risk)
Trading does not have to be a hard task, be patient and let the market show you where it wants to go.
If you do not have something in place, take the time to create one. You should know exactly where you want to get out of the trade before you even buy or sell. Otherwise you are gambling.