Broke out of the wedge.
Looking for another leg down. After that most likely see buyers enter at lower prices.
Expecting price to continue driving up to the top of the area at the top of the channel (Trading range on the Higher Time Frame)
Price may be slower to move up, we will see.
Price can reject with a double top here but expecting it to continue up.
Looking for another leg down. After that most likely see buyers enter at lower prices.
Expecting price to continue driving up to the top of the area at the top of the channel (Trading range on the Higher Time Frame)
Price may be slower to move up, we will see.
Price can reject with a double top here but expecting it to continue up.
Comment:
ANother perspective: The Trading range is showing lower highs so we might be squeezed into a short later down the track.
Hence, we MAY be coming down to the bottom of the trading range again. I'll hold a position, trail stop, play stop into break even and see where it ends up.
Hence, we MAY be coming down to the bottom of the trading range again. I'll hold a position, trail stop, play stop into break even and see where it ends up.
Comment:
Higher Time Frame Trading Range ^^
Comment:
Weekly Chart
Comment:
If you don't have it, STOP now. CREATE a plan and then trade that plan.
It's NOT about the one trade. IT's about a series of trades.
The key is survivability. If you can do this over a series of trades, you will create your edge and be a consistently profitable trader. Taking advantage of the compound growth effect. You will survive long enough to catch good moves.
If you trade with big position sizing, your results are wishy washy, you will create all sorts of trading psychological errors. A few bad trades and you'll wipe out a big portion of your trading capital. This is not a long term strategy. It's short term and can and WILL DESTROY you. Are you doing this for fun or trying to be a professional? Do you want to be the best trader you can and envision yourself to be?
Do you want to do this for the rest of your life? Then BE professional.
Be consistent and prove that you're a professional by achieving the RESULTS that you seek.
Focus on the process and let the results be a bi-product of you mastering the process.
Now let me ask, do you think you can achieve greatness and success with the way you're position sizing? Has it produced the consistency you strive for?
If not, time to make a change. STOP trading. Sit down and work on your plan. PLAN your risk PER trade. READ over this 2-3 days a day at least and INGRAIN it into your mind. Journal and reflect on if you followed these rules.
This is a journal of inner self. A journey of mastering yourself.
Your losses are what are exposing your weaknesses. They are giving you the answers that you need to solve in order to master yourself, and in-turn master the markets, which the results are a reflection of yourself.
"When you conquer the enemy within, no enemy outside can do you no harm."
All the best my friends.