Are we there yet??? Waiting on Trade Confirmations
Updated
Knowing when a trade is ready takes a lot of patience.
Sure, it's easier to back test your trades and in hindsight think about what you could have done (But honestly, would you have? No. Me neither.)
I have found that having a set of confirmations that I look for before I enter any trade has really helped me on my journey to consistent profits!
Let's face it, who hasn't drawn up a chart and admired it's colourful appeal and beauty. But if that chart ain't making you no money... you're just a chart artist!
Make a list of confirmations that work best for you and WAIT for them.
WAIT. WAIT.WAIT.
Trading is all about patience and self-mastery. Once you learn that, the rest is easy (Ok, let me not lie. The rest is easier.)
Here's confirmations to help you on your way:
- Price is in a major reversal zone
- An impulsive move has taken place (engulfing candlestick has formed)- MY FAVOURITE
- MacD has crossed
- EMAs have crossed
- MAs have crossed
- Stochastic
- RSI
- Price is above/below EMA for buy/sell
- Fibonacci retracement is at golden ratio 61.8
- I am of a calm mind and relaxed temperament- I can enter the trade without stress because I have an effective risk management system
You've got this!
Good luck.
Sure, it's easier to back test your trades and in hindsight think about what you could have done (But honestly, would you have? No. Me neither.)
I have found that having a set of confirmations that I look for before I enter any trade has really helped me on my journey to consistent profits!
Let's face it, who hasn't drawn up a chart and admired it's colourful appeal and beauty. But if that chart ain't making you no money... you're just a chart artist!
Make a list of confirmations that work best for you and WAIT for them.
WAIT. WAIT.WAIT.
Trading is all about patience and self-mastery. Once you learn that, the rest is easy (Ok, let me not lie. The rest is easier.)
Here's confirmations to help you on your way:
- Price is in a major reversal zone
- An impulsive move has taken place (engulfing candlestick has formed)- MY FAVOURITE
- MacD has crossed
- EMAs have crossed
- MAs have crossed
- Stochastic
- RSI
- Price is above/below EMA for buy/sell
- Fibonacci retracement is at golden ratio 61.8
- I am of a calm mind and relaxed temperament- I can enter the trade without stress because I have an effective risk management system
You've got this!
Good luck.
Order cancelled
Closed in profit. U.S. Dollar is weak. Let's look for any SELL opportunities.
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