Weekly target has been reached today and it was really wonderful setup. The beauty of trade was the confluence of short setups on weekly & daily charts that enabled us to wait longer for distant profit target. Second weekly target for those who want to continue holding their position will be 1102.00 if they can psychologically tolerate holding profitable trades longer.
The move is fairly large, it is 48 points in five days signaling that volatility of markets witnessed in late 2014 will continue in 2015 and this is really the great deal. This has significant effect on trade management for instance we should be careful when placing stop loss orders and targets. Take profit can be larger than before but also prices for placing stop orders should be carefully chosen beyond strong support / resistance. Therefore, a wise trader in my view should revisit his or her entire trading strategies / systems and more critically review the trade management tactics which will have great impact on future performance.
The move is fairly large, it is 48 points in five days signaling that volatility of markets witnessed in late 2014 will continue in 2015 and this is really the great deal. This has significant effect on trade management for instance we should be careful when placing stop loss orders and targets. Take profit can be larger than before but also prices for placing stop orders should be carefully chosen beyond strong support / resistance. Therefore, a wise trader in my view should revisit his or her entire trading strategies / systems and more critically review the trade management tactics which will have great impact on future performance.
