Orange = support
Purple = resistance
It is crazy how well this pairing respects strong support and resistance levels, if you are a beginner then defiantly stud this pairing and GBP CAD as they show more respect to these levels than any other pairing.
Now we set some orders at both these levels and price has just touched our sell order so we are now live and will keep you updated on how this trade plays out, Obviously we are expecting the bounce off resistance and a downside movement but if price does break resistance then we have a tight SL in place to avoid any big losses.
If you cant take a loss in trading then this game really isn't for you, how you control your losses is key, revenge/angry trading never works so trading straight after a loss to try recoup some of your losses... don't do it ( I'm speaking from experience, I've lost count of how many laptops I have lost to angry trading in my early years... and by lost I mean smashed ;p ) But as I got older and wiser I began to realise I had to replace these so I wasn't just loosing the money on the trade, I also had to folk out for a new laptop... damn I had some expensive trades haha.
Now if I hit a loss it really doesn't bother me as I use correct risk management and with correct risk management you will always beat the market in the end.
Purple = resistance
It is crazy how well this pairing respects strong support and resistance levels, if you are a beginner then defiantly stud this pairing and GBP CAD as they show more respect to these levels than any other pairing.
Now we set some orders at both these levels and price has just touched our sell order so we are now live and will keep you updated on how this trade plays out, Obviously we are expecting the bounce off resistance and a downside movement but if price does break resistance then we have a tight SL in place to avoid any big losses.
If you cant take a loss in trading then this game really isn't for you, how you control your losses is key, revenge/angry trading never works so trading straight after a loss to try recoup some of your losses... don't do it ( I'm speaking from experience, I've lost count of how many laptops I have lost to angry trading in my early years... and by lost I mean smashed ;p ) But as I got older and wiser I began to realise I had to replace these so I wasn't just loosing the money on the trade, I also had to folk out for a new laptop... damn I had some expensive trades haha.
Now if I hit a loss it really doesn't bother me as I use correct risk management and with correct risk management you will always beat the market in the end.