Strong down trend. TP at 80.40. Today got quite a number of news, be careful to trade today.
Reflected on yesterday bad trade made me understand more on my strength indicator.
This is what I have concluded.
Strength between
45 - 55
Case 1 : Ranging Trend (Price should be horizontal)
Case 2 : Trend making a reversal (Price moving in a different direction)
56 - 70
30 - 44
Case 1 : Price making a retracement
Case 2 : Gaining strength
> 70
< 30
Case 1 : Strong trend
Made a grave mistake. Forgot to move my stop to break even when I'm halfway to profit and went out.
ReplyDeleteBad management!