Thank you very much and I will surely take your advise. I like trading and If I loose i will try to go back again. Can I ask for your opinion i still have 380 free margin on my account and has a negative of 1050. What should I do at this point, should I wait for the upward movement or should I buy a sell position to compensate the negative trade I currently have. I would really appreciate if you can give advise.
You are welcome,that is a very difficult question to ask of somebody I couldn't give you an advice on how to manage your own money, because honestly I don't want to carry the responsibility. I can tell you what I personally do in this kind of situations...when I find out that a trade has turned against me, I close the position because the market is not congruent with my own analysis. There are people who hedge in this sort of situations as well, if they expect a big move they would open a bigger position to compensate their losses. I am afraid this is a call you have to make on your own. Good luck
im really hoping that it will go up. Im a new trader and made a lot of mistake with the two pair eurusd and eurjpy which are moving just like a twin. Im crossing all my fingers now and dont know what to do. I learned the importance of s&r and chart analysis along the downtrend. :(
Francis I am sorry to hear that you might be in a tough position, but honestly I think the 1.3550 region will be reached before a potential upward move. At least according to my analysis. But everybody makes mistakes after they start trading and many people lose money as well, however if you really like trading and want to improve your odds of making money, then be 100% dedicated and don't give up. Use stop losses to minimize your losses and always give your self a good Risk/reward ratio. Also learn about the different technical analysis methods until you find one that suits your character. The best of luck!
A break above the blue thick line will signal the resumption of the upward trend. If that happens price can reach 1.378 and eventually 1.406. After such close ---> the longer it takes for the price to go up ---> the higher these targets will become because it is a slope!..Trade safely