Winning or Losing with your trading strategy is largely irrelevant. Always be sure to keep the losers small and if you do find a winner, to push it (if you can). Be sure not to take profit too early but run it to your target.
I have been long on the GBP AUD since the end of February - and see potential for some more upside in the coming weeks and months, Of course this will be interspersed with frequent pull backs and breaks below. Overall I am bullish. In the case of the idea posted I have two main ideas.
1) A break below 2.03160 would present a buying opportunity with stops below 2.00660. This is ideal as would present a chance to bring the stop in and add to the position if it moves in our favour.
2) If we head up then I would try get long with a break above 2.06632, with stops below 2.05760. Be aware this could be a false break and price may collapse back inside the sideways range. If it did collapse on an initial break higher I would be more keen on buying a break below the sideways range.
As always remember the key principles of trading well, keep your losses small and your winners bigger. Do not over leverage, and if the initial idea doesn't play out wait for price to leave some more footprints before trying again.
I have been long on the GBP AUD since the end of February - and see potential for some more upside in the coming weeks and months, Of course this will be interspersed with frequent pull backs and breaks below. Overall I am bullish. In the case of the idea posted I have two main ideas.
1) A break below 2.03160 would present a buying opportunity with stops below 2.00660. This is ideal as would present a chance to bring the stop in and add to the position if it moves in our favour.
2) If we head up then I would try get long with a break above 2.06632, with stops below 2.05760. Be aware this could be a false break and price may collapse back inside the sideways range. If it did collapse on an initial break higher I would be more keen on buying a break below the sideways range.
As always remember the key principles of trading well, keep your losses small and your winners bigger. Do not over leverage, and if the initial idea doesn't play out wait for price to leave some more footprints before trying again.
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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.