This pair has been in congestion towards the end of last week. From the technical perspective, is it heading higher or lower ?
The name of the game is patience, unless you have the crystal ball sent from the heavens to tell you the next move, we should just be patient and let the market show us.
If it breaks higher, we can look to go long when it retests the highs (Blue Arrows)
If it breaks lower, we can look to trade accordingly (Red Arrows)
The name of the game is patience, unless you have the crystal ball sent from the heavens to tell you the next move, we should just be patient and let the market show us.
If it breaks higher, we can look to go long when it retests the highs (Blue Arrows)
If it breaks lower, we can look to trade accordingly (Red Arrows)
Trade active:
Shorted when price went below 0.7318. Should have played it safe and set a target at the recent low 0.7280 for a quick 38 pip profit. Price bounced up from there.
Moving SL to breakeven -risk free trade
Moving SL to breakeven -risk free trade
Trade active:
Psychology of trading in play.
When it bounced off 0.7280, your mind could be saying
"I should have take profits,the support was already hinting to me"
Now that it has gone lower, your mind is saying
"I feel good for not taking profits too early"
Now at this level circa 0.7240, I am shifting my SL to 0.7288 and setting the target at 0.7228. My mind is telling me
"Don't be greedy, just take profits at this support level"
Every trader goes through these emotional see-saw.
When it bounced off 0.7280, your mind could be saying
"I should have take profits,the support was already hinting to me"
Now that it has gone lower, your mind is saying
"I feel good for not taking profits too early"
Now at this level circa 0.7240, I am shifting my SL to 0.7288 and setting the target at 0.7228. My mind is telling me
"Don't be greedy, just take profits at this support level"
Every trader goes through these emotional see-saw.
Trade closed: target reached:
Trade reach targets. Closed with a +89 pip profit.