Just reading the last two posts I can offer something to those who do like to take advantage of counter trend opportunities.
Open a demo. Only use that demo to trade long positions. Either from your system, what you see on the charts or the opposite of what you are shorting live.
Take some risks because you can, However, try to keep risk reward ratio realistic. If it is only going to net 20 pips, so be it. set TP @ 20.
You may lose some and if the trend is down, you will surely lose pip opportunities.
BUT this is not the point of the exercise. After a bit of analysis Tech and Fundi, You will begin to identify weakness in trend. Possible short term pivots, as we saw tonight on Euro, Cable and Aussie. All three pairs offered up about 30 to 40 pips of long. Now Multiply that by 3xlots and you got 90.
Better yet because you know the trend is south, you are looking to get out.
Then it "may be time to" slap on another short on your live account. Use your discretion.
This has helped me to see things from "both sides". Some of the hardest trades were going long cable the past week or so. Euro even more difficult at times.
For months there were opportunities with Aussie, Fibre, and Cable to simply take a trade and leave it on for days. Now the USD has shaken the market up again and here we are!
The Goal: to break the barrier of only trading one direction. Sometimes in range especially, (ie: 200 pip range for a week. there are plenty of opps for both short and long. Even if trending one direction. Support and resistance will help for entry and exit.
Open a demo. Only use that demo to trade long positions. Either from your system, what you see on the charts or the opposite of what you are shorting live.
Take some risks because you can, However, try to keep risk reward ratio realistic. If it is only going to net 20 pips, so be it. set TP @ 20.
You may lose some and if the trend is down, you will surely lose pip opportunities.
BUT this is not the point of the exercise. After a bit of analysis Tech and Fundi, You will begin to identify weakness in trend. Possible short term pivots, as we saw tonight on Euro, Cable and Aussie. All three pairs offered up about 30 to 40 pips of long. Now Multiply that by 3xlots and you got 90.
Better yet because you know the trend is south, you are looking to get out.
Then it "may be time to" slap on another short on your live account. Use your discretion.
This has helped me to see things from "both sides". Some of the hardest trades were going long cable the past week or so. Euro even more difficult at times.
For months there were opportunities with Aussie, Fibre, and Cable to simply take a trade and leave it on for days. Now the USD has shaken the market up again and here we are!
The Goal: to break the barrier of only trading one direction. Sometimes in range especially, (ie: 200 pip range for a week. there are plenty of opps for both short and long. Even if trending one direction. Support and resistance will help for entry and exit.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News