Trade with the trend until it bends. EURSGD is in a obvious downtrend. But I am sure that there will be people out there that says, the trend is overextended and is in the vicinity of a Support therefore, a pullback or reversal may be due. no point shorting this anymore. But what if, the Support breaks?
see, this is obviously how psychological factors and fear hinder you from being a consistent trader. As a trader, we have only 1 job and that is to follow our plan/setup/rules and let the market do the rest. we cannot predict anything with certainty in this game of throne like environment and that is why it is critical that we are certain with our own setup/rules & risk management and let the edge/odds do the job.
just a few days back, I had a similar setup on GBPNZD, my pending order was set but after a day or so, it didnt trigger me in and I had a second thought about it, nothing was wrong then, the setup and rules were still valid but I talked myself out of the trade because I was afraid that the trend is overextended and price may consolidate sideways. looking back at the GBPNZD chart now, indeed i feel like "slpapnig" myself. :D
whether this trade work out or not, it is just another trade.
see, this is obviously how psychological factors and fear hinder you from being a consistent trader. As a trader, we have only 1 job and that is to follow our plan/setup/rules and let the market do the rest. we cannot predict anything with certainty in this game of throne like environment and that is why it is critical that we are certain with our own setup/rules & risk management and let the edge/odds do the job.
just a few days back, I had a similar setup on GBPNZD, my pending order was set but after a day or so, it didnt trigger me in and I had a second thought about it, nothing was wrong then, the setup and rules were still valid but I talked myself out of the trade because I was afraid that the trend is overextended and price may consolidate sideways. looking back at the GBPNZD chart now, indeed i feel like "slpapnig" myself. :D
whether this trade work out or not, it is just another trade.
Comment:
oh ya, my target for this trade is 1.48776, just slightly above the Major weekly Support. Greedy it may seem but I do have trailing stop management in place so, either I get Stop Loss, Trail Stop or Hit Final Profit which is about 6.8R here. I have no idea what will happen, let the market tell me.