Unless there are nothing exciting to buy in the market , which is not the case with proliferation of products in the market and lower commission offered by brokers. Therefore, once bitten , twice shy, most traders would give it at best, 1-2 tries buying/selling this pair and if their SL is hit, they are likely to move on to others.
Again and again, I have seen and witnessed for myself , sometimes with heartache as well that after leaving shortly (like a day or two), the market works in the direction of what I wanted. Too bad, too late. Either, lack of funds or have too many open positions that one tends to stay away only to see the potential profits going to someone else.
This taught me a lesson to stay close to a few pairs close to the heart and not spread oneself too thinly (or greedy) and follow-through since the long term direction (as shown on weekly chart) is indicating a bearish trend.
It is only with patience that the market will turn to the right direction and we as traders only need to react and not proactively chase after it. Sounds boring but that is how money is made.
Again and again, I have seen and witnessed for myself , sometimes with heartache as well that after leaving shortly (like a day or two), the market works in the direction of what I wanted. Too bad, too late. Either, lack of funds or have too many open positions that one tends to stay away only to see the potential profits going to someone else.
This taught me a lesson to stay close to a few pairs close to the heart and not spread oneself too thinly (or greedy) and follow-through since the long term direction (as shown on weekly chart) is indicating a bearish trend.
It is only with patience that the market will turn to the right direction and we as traders only need to react and not proactively chase after it. Sounds boring but that is how money is made.
Comment:
moving south as expected, congrats to those who followed.
Comment:
You either get stopped out or are still holding it at a temporary loss, depending on your SL level. Our first position was a small loss and we went in to short at 1.1096 and is now gaining a small profit (Praise Lord). The current candle, doji pattern tells us there is indecision between the buyers and sellers, price can go either way from here.
If you aint comfortable, wait, go to other pair. There is no need to participate all pairs all the time. Hold your fire. Study the charts and then take your calculated move.
If you aint comfortable, wait, go to other pair. There is no need to participate all pairs all the time. Hold your fire. Study the charts and then take your calculated move.
Comment:
You can see much clearer from a day chart. Could this be the 4th attempt of another fake breakout ? It closed with a bearish engulfing candle.
Have your SL above the trend line so once it hit above, regardless of false or genuine breakout (which we know on hindsight), get out of the selling position and monitor to see if a buying opportunity prevails. Be strict in your rules of trading !