Note: Hey guys, and welcome back for some more chart analysis practice. As you know, I am not taking this trade in real life, and I have not back-tested this particular strategy on the EURNZD , so I really don't know how this type of trading strategy will work on this currency pair. That being said, never trade anything you haven't back-tested on your own. Don't trade a strategy just because someone tells you it's a good strategy, always back-test the strategy in question over historical data before trading it with real money. Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside. You work hard for your money, so don't throw it away.
Alright, so first and foremost, I wanted to apologize to you guys. As you can see, I actually found this potential opportunity a while ago and simply forgot to post it, but, better late then never right. Anyways, so I got involved with this opportunity (hypothetically of course) on the third retest of the 0.618 Fib level @ 1.69148. I put my stop loss 10 pips above the most recent lower high @ 1.69973 and my target @ 1.67983. Now to be honest with you guys, I personally feel as though the market is going to stop me out at this point, but we will just have to wait and see. I will of course do an update on this trade (as I do with all of my posts) when my stop loss or my target get hit.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Know the risks, plan accordingly, and have a great day.
Follow me on YouTube @ Matthew Spositi
Disclaimer: This is not a recommendation or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only.
Alright, so first and foremost, I wanted to apologize to you guys. As you can see, I actually found this potential opportunity a while ago and simply forgot to post it, but, better late then never right. Anyways, so I got involved with this opportunity (hypothetically of course) on the third retest of the 0.618 Fib level @ 1.69148. I put my stop loss 10 pips above the most recent lower high @ 1.69973 and my target @ 1.67983. Now to be honest with you guys, I personally feel as though the market is going to stop me out at this point, but we will just have to wait and see. I will of course do an update on this trade (as I do with all of my posts) when my stop loss or my target get hit.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Know the risks, plan accordingly, and have a great day.
Follow me on YouTube @ Matthew Spositi
Disclaimer: This is not a recommendation or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only.
Order cancelled:
Hey guys, just wanted to come back and give you guys an update on what happened with this chart analysis session. So as I suspected, the market touched my entry and then continued to rally, there by hitting my stop loss and stopping me out. Unfortunately this one just didn't work out like I suspected it wouldn't, but hey, that's trading guys, anything can happen. I hope you guys enjoyed this one, and I will see ya'll in the next one.