Simple really, I got this chart up and it took me 30 seconds to spot this level, Drawn on are orange arrows where price has tested and respected this level as support, it really is not hard to see at all.
So price has already touched this level and bounced slightly, we have set some orders around our support line so if price comes back down to this line our orders will get triggered and we will be laughing, Entering a buy position from where price is now would be classed as risky as we missed the bounce off the line, and we don't like risk so we will keep an eye on this trade and see how it plays out... Yes this trade might make a rally to the upside making 200 pips.... will we be disappointed that we never took the risk and jumped on the buy? NO! Because when you are taking risks you are hoping that the price will go in your favour instead of knowing.
MINDSET and risk management is key, if you can prevent losses then you are not going to loose, and if you win 51% of your trades you will make profit.... SIMPLE.
So price has already touched this level and bounced slightly, we have set some orders around our support line so if price comes back down to this line our orders will get triggered and we will be laughing, Entering a buy position from where price is now would be classed as risky as we missed the bounce off the line, and we don't like risk so we will keep an eye on this trade and see how it plays out... Yes this trade might make a rally to the upside making 200 pips.... will we be disappointed that we never took the risk and jumped on the buy? NO! Because when you are taking risks you are hoping that the price will go in your favour instead of knowing.
MINDSET and risk management is key, if you can prevent losses then you are not going to loose, and if you win 51% of your trades you will make profit.... SIMPLE.