Hello Everyone
I am Michael . I am fairly new to Forex, I’ve been researching for around 6 months. I am looking at EurUSD as well as NZDUSD. So far I have spent most of the night watching and placing my trades on the EURUSD pair that I am expecting to go up over the next 2 days. . I think so based on these lines I have drawn. I am expecting the rate to rise about 144 pips over 2 - 2.5 days. I am likely making many mistakes but this is my first time drawing the lines and things and making more than just a gamble or a guess. I am not too bad at guessing though. I am wondering if I could get opinions on these pairs and any advice you may have. Truly I shouldn’t even be trading right now I should be in pip school but I’ve been in it all day and decided what the heck why not have a little fun since it is early 5:17 am.
Heres my funny looking charts. “Yellen?” is just a reminder for me to begin looking into what has shaped this pair so far
Zoomed out too far?
Your trendlines / horizontal support & resistance zones won’t be the exact same as every other trader out there.
What matters is that you find a way yo be consistent in analyzing the markets, and placing trades.
What may be resistance to you on your chart, may not even be on mine.
Neither one of us is “wrong or right”- it’s just a matter of interpreting what you see, and finding a way to gain an edge over time.
That makes sense, Now that I’m looking at it again I’m thinking it literally reversing right now. This demo account of mine is going to take a big ol loss. Not only did I buy way to large of lots . But I also bought in at a bad time I think. I would set stop losses in order to prevent further losses but they are already large that i’m just going to let it ride and hope for the best in the morning.
Hopefully over time I will find a way to be consistent and with pip school, the forum and facebook groups, I am confident that I will . No rush though as I still have to save up so I can startup the right way. I got pretty lucky with my latest wins because they weren’t really based off of much. I actually made 846 last week and 260 today but both accounts have 500,000 so its not very realistic. It does feel good to finally be closing trades on the winning side though.
I just made an account that only has 500.00 that I’ll start using after later on when I wake up to see what I can actually do. Thanks for the advice. Check it out.
Yep, super hard reversal, I’m going to hold my position though and not trade on emotion.
