I'll state a simple lesson for all traders to learn from as many still repeating same mistakes resulting in loosing lot of money!
When I said 1.3720s monthly support, you never go selling there before the level was even breached nor based below, doing so is stupid trading and lack of basic trading knowledge.
Also, a wiser strategy than waiting for a break then base below is by never attacking a support from the same level of support but attacking it by placing sells way above it.
In GU case, you had lot of opportunities to do so at 1.3840s and price even reached 1.3918, yesterday and today after price hit 1.3720s it retraced twice and today too to 1.3780s, that's another sell better location to attack 1.3720s
At worst case, if the support keep holding you go BE at 1.3780s and use trailing stop with good profit if sold like at 1.3840s or above.
Even if 1.3720s get broken later, still you never attack a support from its price level, same applies to resistance.
I hope this lesson can be not just memorized but applied always for your sake and anyone you love!
When I said 1.3720s monthly support, you never go selling there before the level was even breached nor based below, doing so is stupid trading and lack of basic trading knowledge.
Also, a wiser strategy than waiting for a break then base below is by never attacking a support from the same level of support but attacking it by placing sells way above it.
In GU case, you had lot of opportunities to do so at 1.3840s and price even reached 1.3918, yesterday and today after price hit 1.3720s it retraced twice and today too to 1.3780s, that's another sell better location to attack 1.3720s
At worst case, if the support keep holding you go BE at 1.3780s and use trailing stop with good profit if sold like at 1.3840s or above.
Even if 1.3720s get broken later, still you never attack a support from its price level, same applies to resistance.
I hope this lesson can be not just memorized but applied always for your sake and anyone you love!
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
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