Trading Pearl: How To Tell That An Asset Is Done Rising? #Forex
Traders,
Being in the business of predictive analysis and forecasting, the most common question I ever get is:
- Is it done rising? Is it turning aroundyet? Is it coming back to ... ?
My inner answer is pretty simple:
"At what point in your trading plan did you build such a contingency plan that would preclude you from having to ask the question?"
In another behavioral way of asking yourself the question would be: At what exact point in the chart did you start worrying about this? If you know the answer, you just refined yourself as a trader, as you would have determined your tolerance threshold point for which such price action would be deem intolerable to you.
but that's really not what the immediate answer you'd be looking for, I should presume.
If I may, let me simply say, from one trading friend to another: This threshold of doubt and fear should NEVER be reached within any of the trader's trades. Hence, know your exit strategy before you even enter into a market position via a pre-defined Stop-Loss - As it is commonly said:
"Plan the trade, then trade the plan."
Following is a method that will provide you with the most immediate and re-assuring answer, and keep skeptical thinking from having to put you in a devastating situation of rumination and doubt:
I will use the chart inclusion features of the discussion thread so that I may use illustration - Very quick, simple way that will get you less of a chance to engage in that dreadful self-injurious thinking which often arises when doubt creeps in and ruminating thoughts keep you up at night.
Here are the tools what you will need to follow (very simple:):
1 - RSI set at (HLC)/3
and
2 - MACD kept at TradingView's default
and
3 - Coffee
... Ready? ... Let me write it frame by frame before inputing any comment, so that it appears in its entirety following this text ...
BRB
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
Being in the business of predictive analysis and forecasting, the most common question I ever get is:
- Is it done rising? Is it turning aroundyet? Is it coming back to ... ?
My inner answer is pretty simple:
"At what point in your trading plan did you build such a contingency plan that would preclude you from having to ask the question?"
In another behavioral way of asking yourself the question would be: At what exact point in the chart did you start worrying about this? If you know the answer, you just refined yourself as a trader, as you would have determined your tolerance threshold point for which such price action would be deem intolerable to you.
but that's really not what the immediate answer you'd be looking for, I should presume.
If I may, let me simply say, from one trading friend to another: This threshold of doubt and fear should NEVER be reached within any of the trader's trades. Hence, know your exit strategy before you even enter into a market position via a pre-defined Stop-Loss - As it is commonly said:
"Plan the trade, then trade the plan."
Following is a method that will provide you with the most immediate and re-assuring answer, and keep skeptical thinking from having to put you in a devastating situation of rumination and doubt:
I will use the chart inclusion features of the discussion thread so that I may use illustration - Very quick, simple way that will get you less of a chance to engage in that dreadful self-injurious thinking which often arises when doubt creeps in and ruminating thoughts keep you up at night.
Here are the tools what you will need to follow (very simple:):
1 - RSI set at (HLC)/3
and
2 - MACD kept at TradingView's default
and
3 - Coffee
... Ready? ... Let me write it frame by frame before inputing any comment, so that it appears in its entirety following this text ...
BRB
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
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