How to understand price is weaking ?
I have a profitable position …They say "Let the winners run " …I am trying to figure whether price is weaking or just taking rest …This will help me a lot to decide whether I should exit or hang on to the trade.
How to understand price is weaking ?
I have a profitable position …They say "Let the winners run " …I am trying to figure whether price is weaking or just taking rest …This will help me a lot to decide whether I should exit or hang on to the trade.
if…then=> think in algorithms
there is no other way
Not understood. Could you please explan with an example ?
Have you considered using a trailing stop loss in case the market turns against you?
We entered long in Gold using H4
D1 supports staying long (just yesterday made a higher high + re-test of broken support?)
But, we see some H&S pattern in H1
After that, we consider moving our SL just below the H&S neckline (H1)
note: there are totally 6 possible scenarios in case we make decisions with 3 tf analysis with the one being the constant and the rest two being the variables (3!=6); it’s a good mind game to play out all six of them
happy trading
LOL, nicely put and a check of different TF should give you a clue as to how the market’s heading…
LOL, these things can get so funny now and then…
@etfak,
Now I got more confused. You are using 3 timeframe here…you are killing me.:53:
Do you want to say to look at lower timeframe than entry timeframe to find where the support is and put a stop loss behind it ? well I undesratnd this part why your lower timeframe H1 comes here…but what you are doing with higher timeframe D1 here ? you are not taking any action for D1 her.
This looks confusing…not simple.
higher timeframes dictate the pa of lower tf’s, i.e whether the price will go up or go down eventually
lower tf’s: everything starts from there; have you dreamt the dream that you enter a position at M5 and a year or two later still earn from that same position? if not, you are not trading enough
cheers
@godzilla: You have some solid advice here. In addition I will also add that you need to know what you are looking for in a trade as far as profits are concerned. This is done before you enter a trade. Let’s say your analyses came up with total profit potential of 150 pips then stick to it if you trust your strategy. Knowing when to take profits is very important and remember that you will never earn all the pips possible which is why you need an exit strategy for each trade. There are countless trades every day so don’t get to stuck up in a certain position.
Yeah, I’m going to take the other side of the coin here as well. Some say let the trade run but others will tell you never let a winning trade turn into a losing trade. Which ever philosophy you choose stick to it and never deviate. I’m with TLB. There are lots of opportunities thoughout the day. Take the pips, free up your equity and look for the next opportunity. You can always re-enter.