- , but Price action gone wild a bit. Market has become overbought and needs consolidation/pull back to equilibrium.
- Heikin-Ashi warning signal for bulls! Market is losing a bit of its momentum -> see haDelta negative divergence
- EWO is relatively too high.
( -not shown on the chart, but Slow is about to make a cross too)
Price can retrace to 1,3550+ or maybe even to 1,34 area.
- setup is still , with major supports at 1,3650 and 1,3550
- Heikin-Ashi price action shows start of correction. First dip to tgt 1,3650. Then gvn EWO , one more spike is possible, where we'll have to check if the pair makes a higher high. Without higher high next leg down could tgt 1,3550 or maybe even lower levels.
Strategy: Exit longs, get ready to enter small (max 0,5 unit) swing short position.
Second thing... which should be in fact THE FIRST TO ASK: what the fck are you talking about when you say psychological pressure making u to hold a losing position???? Are you committing financial suicide???? Trading 101: you must plan, manage and know your risk! You must trade proper risk/reard setups, and ALWAYS USE STOPS!!! Otherwise you will very quickly blow up your account... and I will lose one follower, which I'd hate!
So read the basic principles about trading, money- and risk management, etc! Do not trade until you have a proper system with hard rules!
The position in question (buy at 1.3727) did have a stop (1.3650) and it was quickly approaching it. I had allowed myself more risk than I should have done and when it came to it I figure I panicked a little. In the end the stop wasn't hit but then I panicked again when it moved to break even and closed the position. If I'd let it roll I'd now be up 30 pips or so.
I'm learning by using very small sums which I think is definitely the best way, a demo account is good but real money despite the tiny quantities involved somehow feels more solid.
Trading View is an amazing platform for learning on and folks like you Mr Wizard really hold it together, thanks!!