NZDUSD – Firstly, yes it is a free group you don’t pay anything just simply enjoy learning content! If you want in drop a comment! :) NOW th
NOW then, NZDUSD higher timeframe setup here. Price has reacted nicely off our support level of 0.69986 so now we wait for some liquidity in the market on hopefully the London session open and from that we will look to take advantage of this setup. I have marked out some key areas to be aware of that will assist you in your risk management. We can see that the yellow zone i have marked out we have some structure formed which price MAY touch and react so we need to account for that in our stop loss. So we set this just passed the structure zone and allow for price to pull down.
Of course, if price continues down we have risked accordingly and we have planned it correctly. Stops are there to reduce your psychological being taking over. If you have it in your head that the trade will work you will hold on fto that trade for too long and it will be too late when you exit as you would have lost more than you ever needed to. By having a stop loss you allow the trade to happen, if it runs against you…so what you go again.
If you have a good RR management you should be able to lose 2 or 3 trades in a row and then on your 4th trade come back in profit in one hit… simple really.
Most Related Links :
todayuknews Governmental News Finance News
Source link
todayuknews.com