Possible new support and lots of take profits or compounding levels for longs.
An important aspect to note about trading is patience and yes we've heard it 1000 times but if we are willing to mark a clear level of support and simply wait to see new demand there again we stand a much higher chance of success.
The black levels marked are obviously support, and yes price flip flops around them a few times but this is what risk management is for. If we get stopped out, so what, we try again, patience & risk management ensures we get to trade another day and remember the chart is going nowhere, there's always another trade and no matter what, when you finally hit that big win off a solid plan it's one of the best feelings in the world. If you were to take this chart, mark the black levels and blue circles and look at the 1hr timeframe you will see plenty of opportunities to enter on those supports. Mark you levels and trade them with good risk management!
Another point for the 3 people who are actually reading this.. Look at those first 4 TP's, at the time of writing that's 4, 7, 10 & 13% moves, if you aren't happy to take profit or even close trades at those targets you need to lower your expectations and be happy you have an opportunity to make those kinds of moves on a very regular basis. Try and get the bank to give you those kinds of returns and see how you feel when they laugh at you!
Trade safe friends!
Idea by Jack
An important aspect to note about trading is patience and yes we've heard it 1000 times but if we are willing to mark a clear level of support and simply wait to see new demand there again we stand a much higher chance of success.
The black levels marked are obviously support, and yes price flip flops around them a few times but this is what risk management is for. If we get stopped out, so what, we try again, patience & risk management ensures we get to trade another day and remember the chart is going nowhere, there's always another trade and no matter what, when you finally hit that big win off a solid plan it's one of the best feelings in the world. If you were to take this chart, mark the black levels and blue circles and look at the 1hr timeframe you will see plenty of opportunities to enter on those supports. Mark you levels and trade them with good risk management!
Another point for the 3 people who are actually reading this.. Look at those first 4 TP's, at the time of writing that's 4, 7, 10 & 13% moves, if you aren't happy to take profit or even close trades at those targets you need to lower your expectations and be happy you have an opportunity to make those kinds of moves on a very regular basis. Try and get the bank to give you those kinds of returns and see how you feel when they laugh at you!
Trade safe friends!
Idea by Jack
