Posibilities we could be seing on AUDNZD
consolidation forming, so the big liquidity (banks) are accumulating long or short positions.
RSI looks stagnant, no information there to be gained.
me: Already on a long trade from 1.056. Putting my stop to break even and waiting patiently. I have nothing to lose (literally).
I am changing my trade in this way because the consolidation has a 50% chance of breaking up and a 50% chance of breaking down, so if it goes down I lose nothing and if it goes up, I realistically make 3.2 times my initial risk.
Trading is all about risk management and putting the probabilities on your side, whatever the market decides to do.
RSI looks stagnant, no information there to be gained.
me: Already on a long trade from 1.056. Putting my stop to break even and waiting patiently. I have nothing to lose (literally).
I am changing my trade in this way because the consolidation has a 50% chance of breaking up and a 50% chance of breaking down, so if it goes down I lose nothing and if it goes up, I realistically make 3.2 times my initial risk.
Trading is all about risk management and putting the probabilities on your side, whatever the market decides to do.
Note
reputing a limit order here:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.