Hey traders the NZDUSD has offered us an excellent 2618 opportunity and I wanted to take a minute to show you guys how I use the Fibonacci tools to break down a potential reversal zone and really dial in on where i want to place the trade at. Here's a link to a short video i did this morning on this pair. tradeempowered.com/trading-recapon-my-radar-kiwi-2618/
Hey akil, since the market is beyond the 61.8% level, how can we enter at a better price to reduce the risk even further?
Akil_Stokes
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Just use one of your allowable entry techniques
moneymaking
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Alright, I mostly use candlestick formations to get a good entry. Great Thank you :)
Akil_Stokes
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Yeah there are a handful of ways and techniques, I tell my clients that a lot of it depends on the situation and their personality
RamdzanFX
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nice setup..but the dollar seems very weak now..NU might got further up what do you think?
Akil_Stokes
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Yes it's possible that it could go up further, it's also possible that it could go down further. We never no until after it happens. My only job in these markets is to trade what I see and make sure I follow my trading plan.
RamdzanFX
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yeah thats the most difficult part. btw i noticed the setup yesterday after i watch the vids in the syndicate. cool stuffs! i'm still trying to get my emotions checked everytime the market move.
Akil_Stokes
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It really takes believing it what type of trader you are. Are you fundamentally based or technically based. Whichever one the trader chooses they need to be 100% dedicated to that style and not let outside factors worry them. "the dollar seems very weak" that is until it falls off a cliff. Then it "seems very strong" but we've already missed the move. All we can do is have a tried and tested plan that gives us a positive expectancy and a consistent edge over the markets. We know that losers will come, and they'll come a lot. but our job isn't to "pick" winning traders it's to take "Good" trades and that's all. Curbing those emotions are difficult but as long as you're working at it and getting the right support you'll get there my friend!