Keep Your Trading Simple Like The Big Players
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Transcript of Keep Your Trading Simple Like The Big Players
The work you do to find trades, manage risk, and
other variables that make up the act of trading, is simple.
CONTEXT- Steady uptrend in the USDCAD
- Two weeks in Jan of large momentum moves- 10 weeks of the market in a pause
Neither side is willing to push price in a direction which
indicates a rough agreement on the current price range.
It's a reversal type candle of course but the highlight for
me was that it probed below the bottom channel and was
quickly rejected.
The details behind the scenes was not important but this failure test was an
entry for me into a long trade.
I did not wait for the close of the daily candle because
location, context, and sharp rejection was enough for me
to risk on this trade.
One easy was to cut risk is to take some trading profits at 1R
Keeps your equity curve more inviting as well!
I was taken out of this position leaving me USDCAD
flat with 134 pips on the scale & 53 on the profit stop