NZDUSD (November 18-22, 2019)
Updated
Monthly Chart:
Looking at the monthly chart, the price is seems to hit the up trend line.
It is to observe the price action in smaller time scale.
Weekly Chart:
The price is hitting horizontal resistant trend line and moving up monthly trend line.
Daily Chart:
Observe that there are short term uptrend and changing of direction.
Plan and set risk/reward ratio to anticipate a trade.
4H Chart:
Be patient, and plan risk/reward ratio as per own portfolio.
One things to remember, a trader can only be in such situations below:
i. When the trade is winning, win a little; when the trade is losing, loss a lot.
ii. When the trade is winning, win a lot; when the trade is losing, loss a lot.
iii. When the trade is winning, win a little; when the trade is losing, loss a little too.
So how to be a consistent trader?
It is to keep the winning trade running, to keep as much profit as possible; and when there is losing trade, need to cut lost.
Looking at the monthly chart, the price is seems to hit the up trend line.
It is to observe the price action in smaller time scale.
Weekly Chart:
The price is hitting horizontal resistant trend line and moving up monthly trend line.
Daily Chart:
Observe that there are short term uptrend and changing of direction.
Plan and set risk/reward ratio to anticipate a trade.
4H Chart:
Be patient, and plan risk/reward ratio as per own portfolio.
One things to remember, a trader can only be in such situations below:
i. When the trade is winning, win a little; when the trade is losing, loss a lot.
ii. When the trade is winning, win a lot; when the trade is losing, loss a lot.
iii. When the trade is winning, win a little; when the trade is losing, loss a little too.
So how to be a consistent trader?
It is to keep the winning trade running, to keep as much profit as possible; and when there is losing trade, need to cut lost.
Note
Enter the trade using 4Hour chart.Cut lost at 0.63227
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