The Aussie is in rapid decline. It is approaching an interesting buying area for us, which is a point of confluence between a support zone, coupled with an ABCD formation completion. There's some indication in momentum that a bullish reversal may be in the horizon, and in general we like these type of trades as they carry high r&r, meaning we only need them to work out a small percentage of the time to show a good profit.
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Fib.The.Gentleman
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same levels here, good job :)
Fib.The.Gentleman
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The Analysis was perfect, but another important Lesson, stick to the Plan, I shouldve not longed that one... ;-)
Hean
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Aussie continue to drop. Did the trade stop you out?
Fib.The.Gentleman
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yep, got stopped out. Luckily i took a very small position here.
But that level seems interesting didn see that before.
But i wont enter a trade again on which i got stopped out.
SamKent
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It certainly did sir :)
It's very good to point out the losing trades in my opinion, because having losing trades (and also losing streaks) is a necessary element of trading, and accepting our losses and controlling our risk (and reward) to maintain positive long-term expectancy on our trading is the key to trading success and long-term consistency.
Therefore, I thank you for pointing out one of our many losing trades, it's a good lesson to all of us.
Fib.The.Gentleman
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Well spoken Buddy :)
Money and Risk Management PLUS Discipline and Patience... Thats the Key, and the only Key... sometimes we have to learn it the hard way...
But we have to learn....so we dont take the same mistake in future :)
My personal lesson is "Let the winners run, dont cut the losses" sometimes i tend to cut it before it reaches TP.
Lets keep it on goin!
Hean
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Well said! Good trading system + money management + control emotions = long-term success. =)
same levels here, good job :)