USDCHF: Risky entry made for long.
Summary
Last week the market moved upwards just like how I forecast it would go. Made an entry a bit too late which makes it really risky. Something I have to fix in the near future. Have to be on a look out for the market to show a retrenchment. I will only enter the trade if the market shows a retrace candle at the fibonacci retracement point at 0.618 for short and also if after the second candle is formed for a better clarity of the market's movement.
Steps to be take
Last week the market moved upwards just like how I forecast it would go. Made an entry a bit too late which makes it really risky. Something I have to fix in the near future. Have to be on a look out for the market to show a retrenchment. I will only enter the trade if the market shows a retrace candle at the fibonacci retracement point at 0.618 for short and also if after the second candle is formed for a better clarity of the market's movement.
Steps to be take
- Set breakeven as the market open so that if it suddenly retraces, you are safe.
- Look for a clear bear flag if Im planning to sell.
- Wait for a second candlestick to form if the market is going to move downwards at 0.618 point.
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