And how exatly do you know where the top or bottom is? That is impossible to know before the trend has finished.
Ignored
Hi,
There are a lot of ways to know that the trend is close to the top or bottom. Elliot waves is one of the ways. Reversal signals like making lower highs or lower lows in an uptrend and visa versa in downtrend is another way. Finding the support and resistance lines through bigger time frames is another useful way.
Generally when you see a trend has been going up for a long time and you have no long position, it means you are too late and you'd better not to take any position and wait for the reversal signal to take a short position.
This is correct that "trend is your friend" but this makes some traders to follow the trend even when it is at the end.
I closed early today (about half an hour after opening the position) because I had a profit of +55 and I am satisfied with that. I don't remember what the account balance was when I started this cycle but I Think I have earned a little bit (not sure about the pip values for the different pairs) so the next trade I will call the start of cycle 3.
Total +55
If slaughterhouses had glass walls, everyone would be a vegetarian!
I call it "levels trading"
Best pair for this is euraud u can check in my journal.
2nd thing u need to learn more and more...
5 years should be proper cycle.
U probably know nothing about "money flow" thats y u lost monies on CHF/JPY longs
Today I didn't make any trades using this system because I didn't see any signals but I have earned a whopping 2 pips on a 5 minute chart with a new strategy that I am using.
Here is todays trade. It is not a good risk to reward ratio but there is a bigger chance of hitting the target when it is so small and it is only in the first trade in a cycle I will use this kind of risk/reward ratio.
