Aloha, welcome to the new week!
Wanted to share a tip that has helped me save money and kept my psychology sane:
Let the market develop for the first few hours before placing a trade. Reason being is spreads are usually steep and the market can be volatile and choppy.
NZDUSD was on my watch at the end of last week and my last analysis shows that I would be going long on this trade, however, applying a the rule of "let the market decide in the first 4-5 hours", minimum, has saved me from a quick loss of -1% on this trade and countless others trades.
I like the 15min wedge for a continuation, the 50ema on 4hr, 1hr, and 15min all support my thoughs of going long. However, The daily is stil developing to either break above the 50 or reject it and have a
crash.
Any way, hope this in your trading journey!
Stay patient and wait for your strategy to play out, no need to rush it! Mahalo for reading, happy trading all!
Wanted to share a tip that has helped me save money and kept my psychology sane:
Let the market develop for the first few hours before placing a trade. Reason being is spreads are usually steep and the market can be volatile and choppy.
NZDUSD was on my watch at the end of last week and my last analysis shows that I would be going long on this trade, however, applying a the rule of "let the market decide in the first 4-5 hours", minimum, has saved me from a quick loss of -1% on this trade and countless others trades.
I like the 15min wedge for a continuation, the 50ema on 4hr, 1hr, and 15min all support my thoughs of going long. However, The daily is stil developing to either break above the 50 or reject it and have a
crash.
Any way, hope this in your trading journey!
Stay patient and wait for your strategy to play out, no need to rush it! Mahalo for reading, happy trading all!
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