Akil_Stokes
Short

NZDJPY - Channel Trading (Putting Together The Clues)

FX:NZDJPY   New Zealand Dollar / Japanese Yen
A look at how to trade the market when it's in consolidation, but using multiple trading techniques & putting them together to build a case for entry.

Akil
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Humm... It broke the double top but in the UPPER side... and there is inside bar breakup in 4h too... Should we quit the trade ? Seems like the Impulse was too strong...
+1 Reply
@dakkid, You only want to quit your trade when your trading rules say so. I don't see the double top as being invalidated yet, but we are starting to form an ascending triangle which wouldn't be a good sign for bears. - I hope you're not actually trading this without rules, but if you are, a basic rule I have is whenever I find myself in a trade that doesn't meet my rules, I exit right away because nothing good can come from it.
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dakkid Akil_Stokes
@Akil_Stokes, Thanks for your reply. You're right. The Stop Loss is there to stop the trade.
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dakkid Akil_Stokes
@Akil_Stokes, Thanks for your reply. You're right. The Stop Loss is there to stop the trade.
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dakkid Akil_Stokes
@Akil_Stokes, Thanks for your reply. You're right. The Stop Loss is there for a purpose. I traded it because it has a good score in my criteria. But seeing the price action, i'm a little bit worried. Still need to improve my psychology game.
+1 Reply
@dakkid, No problem, and yes psychology is everything. Just remember that most of the work done in trading happens before we ever get involved in the trade. Before you were triggered, you knew what your risk was and mentally accepted that you're willing to take it on for the potential rewards. As i mentioned in yesterday's podcast, taking a trade is like poker. Once you push your chips onto the table, you have to accept that you may not get them back. That mindset has helped me.
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FxStreamer Akil_Stokes
@Akil_Stokes, No rule is better than your intuition built after years of experiences. New traders lose money because of their rules
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Akil_Stokes FxStreamer
@FxStreamer, I agree with some of what you're saying. I do believe that intuition plays a significant role in trading. the thing is intuition is built from experience & as a "new trader" that's not something you have. So for someone just starting out, the best way to become a consistently profitable trader is do use or develop a strategy that is testable, verifiable and repeatable, backtestest it to ensure that it has a positive expectancy, then consistently follow the rules of said strategy day in and day out. Then as that trade gains more experience in the market, those rules can losen up as their experience an intuition become better.
+1 Reply

I agree exactly
+1 Reply
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