When you catch a trend, ride it till the end [LIVE TRADING TIPS]
Hey whatsup guys!\
Denis here the lead trader at Primedtraders!
In todays lesson I want to go over our idea of trend trading in day & swing trading environment!
DAILY TRADING LESSON
When you catch a trend, ride it till the end
When momentum is on your side and your system agrees with the move (up or down), then by all means ride it till the end (next key level).
Most new traders will jump out of trades before they are finished trending because they are scared the market has gone too far and will take back their paper profits. (i.e. whats happening with GBPJPY right now)
But I have reasons to be in this trade and until those reasons change, im a short-seller of GBP vs JPY.
Here are just some reasons:
On the technical side we have a breakout of a key level and a solid bearish continuation pattern, momentum is down and there are strong reasons it will continue to stay down...
On the JPY side Coronavirus is increasing uncertanity and that makes the JPY a buy as its a safe-heaven asset especially in Asia (where the virus is hitting the hardest)
On the GBP side we have uncertainty with Brexit and how things will work out for the GBP..
Don't get scared by random noise... wait for real confirmations based on the close of each candle.... worst case just let a trailing stop take you out of this trade and don't get back in when you get out!
"The rend is your friend except at the end where it bends. - Ed Seykota"
Denis here the lead trader at Primedtraders!
In todays lesson I want to go over our idea of trend trading in day & swing trading environment!
DAILY TRADING LESSON
When you catch a trend, ride it till the end
When momentum is on your side and your system agrees with the move (up or down), then by all means ride it till the end (next key level).
Most new traders will jump out of trades before they are finished trending because they are scared the market has gone too far and will take back their paper profits. (i.e. whats happening with GBPJPY right now)
But I have reasons to be in this trade and until those reasons change, im a short-seller of GBP vs JPY.
Here are just some reasons:
On the technical side we have a breakout of a key level and a solid bearish continuation pattern, momentum is down and there are strong reasons it will continue to stay down...
On the JPY side Coronavirus is increasing uncertanity and that makes the JPY a buy as its a safe-heaven asset especially in Asia (where the virus is hitting the hardest)
On the GBP side we have uncertainty with Brexit and how things will work out for the GBP..
Don't get scared by random noise... wait for real confirmations based on the close of each candle.... worst case just let a trailing stop take you out of this trade and don't get back in when you get out!
"The rend is your friend except at the end where it bends. - Ed Seykota"