EOS: THE BULLISH PENNANT
Updated
Always think consider two scenarios in your trades;
1. The market goes along with your technical analysis + gut feeling and you are in the green, good job! Now bring your excitement level down, remove your initial investment on the first profit target, maintain the profit on the trade until 2nd profit target and close the trade. I set stop-loss at - 10% and 2 profit targets, I stick to them no matter what.
If you are increasing your portfolio by 10 - 15 % on successful trades, you are making money.
2. The market doesn't go along with technical analysis + gut feeling and you are now in the red and losing money fast, what do you do? Most traders would go into hyperdrive mode re-analyse the technicals, doubt their decisions and inevitably alter the initial trade parameters. Personally, this is where I refer to previously established stop-loss targets and I stick to them no matter what.
The market is against you and it was you that wanted to play with the big boys, welcome to the game, now give me your money. Stick to your stop-loss, stay away from the sharks.
THE TRADE
This is what I believe will happen; THIS IS JUST AN IDEA AND MY OPINION, NOT INVESTMENT ADVICE!
WAIT FOR PRICE TO TAG THE BOTTOM SUPPORT, ONLY THEN ENTER THE TRADE.
Entre-Price: 7.93$
Profit Target = 9.52$
Stop-Loss = 7.13$
Any questions or critiques, leave a comment.
1. The market goes along with your technical analysis + gut feeling and you are in the green, good job! Now bring your excitement level down, remove your initial investment on the first profit target, maintain the profit on the trade until 2nd profit target and close the trade. I set stop-loss at - 10% and 2 profit targets, I stick to them no matter what.
If you are increasing your portfolio by 10 - 15 % on successful trades, you are making money.
2. The market doesn't go along with technical analysis + gut feeling and you are now in the red and losing money fast, what do you do? Most traders would go into hyperdrive mode re-analyse the technicals, doubt their decisions and inevitably alter the initial trade parameters. Personally, this is where I refer to previously established stop-loss targets and I stick to them no matter what.
The market is against you and it was you that wanted to play with the big boys, welcome to the game, now give me your money. Stick to your stop-loss, stay away from the sharks.
THE TRADE
This is what I believe will happen; THIS IS JUST AN IDEA AND MY OPINION, NOT INVESTMENT ADVICE!
WAIT FOR PRICE TO TAG THE BOTTOM SUPPORT, ONLY THEN ENTER THE TRADE.
Entre-Price: 7.93$
Profit Target = 9.52$
Stop-Loss = 7.13$
Any questions or critiques, leave a comment.
Trade active
Trade active, EOS is still inside the bullish pennant, hasn't reached stop-loss.Trade closed: target reached
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