As you can see there is small momentum divergence in the daily, which is far bigger in the weekly.
I still have one short position with SL at 10.050. The trend is bullish though.
My advice is never go in a trade without knowing where exactly is invalidated and you have to get out and second manage your risk/reward to at least getting in trades with 1:2 R/R at least! Trust me, I've been there, done that. This simple logic will make you a far better trader and a more relaxed person. I can't tell you what to do, I'm sure you understand why, but I'm telling you that I'm still short one position towards 9,780. If loose, it's just a trade. There will many others that will be winners.
I'm wishing all the best to you and to yours my friend.
iv only been trading for last 5 months and iv made some huge loss and im sure i will make money more loss before i learn. i know this game can never be learnt easy way. im keeping my trade open as i feel tomorow there will be another huge drop which im hoping ill come out green.
thank you for your advice and ill be keeping my eyes on your advice.
hope you all the green pips
very kind of you.
I told you, been there, done that. Passed through the hell, I was addicted big time the first years and it's not embarrassing anymore to admit that I blow up two accounts. And then I sat my ass down and kept reading and practicing for two years 12 hours per day, when I wasn't working in my day job.
I have the confidence in you that will become what you wish for through your talent and hard, hard work. It's a profession here, as in everywhere. We cannot compete with professional athletes - can we?- unless we become one. it's the same here. I end up trading from my laptop and the expensive desktop tradestation I bought, it's turned on once every week to manage the weekly trades which are 99% of my trades. 1% its my old, junky, attitude either daily or 4H if I see something that's screaming, usually when I'm bored and hate to say most of them are not something special at the end of the day.
I trade simply. Supply/demand, couple of moving averages and sometimes RSI or Ichimoku to check momentum or if there is any momentum divergence taking place. And Fibs.
Google Sam Seiden about supply/demand trading. Google Nial Fuller about price action. Master them. It's what I did for a couple of years. Regarding traders psychology I follow and read this guy too http://traderfeed.blogspot.gr/2014/06/minding-our-embodied-cognition.html
I hope these will be helpfull to you as been to me.
All the best my friend
iv sent you PM if you get a chance to check it please.
i do 100% of my trading on my mobile. i dont get time to go on laptop to do my trades. i go on laptop over weekends to watch videos and read things up to improve my trading.
i look forward to your reply on PM.