I had short in gbp/usd which run three times in support and didn't broke it. On fourth time I went long and it put me deep into loss. I managed to scalp back that loss in next two gbp/usd trades.
In eur/usd I was right about when to take trades and direction but I cut them short. At least at the last one I've done a good job. On that one I made an exercise in hoping for my profit to go up. I was saying: "Can you go to 65? Can you go to 70? Can you go to 80?" In that way I moved my attention from how much open profit I have and can I lose it. It's just a little difference but important one, and I want to practice it.
Tuesday, November 2, 2010
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2 comments:
You may do better knowing what the nearby support and resistance levels are, or recent highs and lows, and figuring out if price has the momentum to reach those levels.
I basically know them but don't have any idea can price reach it and don't trust in my idea if I have it.
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