Knowing when a trade is ready takes a lot of patience.
Sure, it's easier to back test your trades and in hindsight think about what you could have done (But honestly, would you have? No. Me neither.)
I have found that having a set of confirmations that I look for before I enter any trade has really helped me on my journey to consistent profits!
Let's face it, who hasn't drawn up a chart and admired it's colourful appeal and beauty. But if that chart ain't making you no money... you're just a chart artist!
Make a list of confirmations that work best for you and WAIT for them.
WAIT. WAIT.WAIT.
Trading is all about patience and self-mastery. Once you learn that, the rest is easy (Ok, let me not lie. The rest is easier.)
Here's confirmations to help you on your way:
- Price is in a major reversal zone - An impulsive move has taken place (engulfing candlestick has formed)- MY FAVOURITE - MacD has crossed - EMAs have crossed - MAs have crossed - Stochastic - RSI - Price is above/below EMA for buy/sell - Fibonacci retracement is at golden ratio 61.8 - I am of a calm mind and relaxed temperament- I can enter the trade without stress because I have an effective risk management system
You've got this!
Good luck.
Order cancelled
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Closed in profit. U.S. Dollar is weak. Let's look for any SELL opportunities.