Hello everyone.
I want to share with you my EURAUD short trade which has taken off nicely. This week is pretty good even though it's a bit slow due to not many high impact news releases. The reason i took this trade is very simple, when you look at daily chart you can see a nice downtrend with lower low and lower high and the price stopped at horizontal also trendline resistance. Potential target is at support at the previous structure low giving me 1:3 risk to reward ratio and potentially could break that support and create new low to complete the downtrend structure. As we never know what the market will do, this is just a speculation. The importance here is that, this trade won't be a loser. Be prepared for the worse and hope for the best.
Just to give you a tip: Never let your winners turn into losers. As they say "cut your losers and let your profits run".
Thanks, the key to holy grail really is to cut your losses quick and let your profit ride. I was exactly the opposit in the past where i am happy to settle with few ticks gain and sit while i see losses, how stupid was that. Thank you for the euraud, the correction is just right in the downtrend ;:)
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Thank you and this is the problem of most traders. I was the same to be honest but not anymore. Letting your profit run makes all the difference and you don't even need to be a good trader. Hopefully will reach my target but if not never mind another trade will come soon :) Thanks for the comment and have an awesome day.
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Excellent write!
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