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Power of a simple Trendline
Another Simple Technical Analysis which shows that market is easy and money can be made by doing simple things also.
This Time there is a very simple TRENDLINE drawn in weekly time frame which had worked multiple times and again which has given another opportunity and made a Pin Bar candle at the support of the Trendline.
It seems true that more than 80% is the Psychology (Money management , Position Sizing , Execution and other things) and only around 20% is the SETUP. Because Setup is easy but following it religiously is what a makes a person, TRADER
ENTRY - can be made if it crosses this Pin Bar Candle or can be purchased at the current market price of 6.95 for aggressive trading.
RISK- The Stoploss would be at the low of the same candle on closing basis or whenever it gives a closing before the trendline after crossing this pin bar's High.
Reward - there is major resistance( at price - 10) which has been retested 3 time and there is a high probability that it will go again to retest that resistance.
** Stop loss and Reward has no significance if the Psychology is not strong. Do not hope and just exit at the Stop Loss level and do not greed , just exit at the reward level.
**There are always a lot of opportunities in the market.
#KeepLearning.
This Time there is a very simple TRENDLINE drawn in weekly time frame which had worked multiple times and again which has given another opportunity and made a Pin Bar candle at the support of the Trendline.
It seems true that more than 80% is the Psychology (Money management , Position Sizing , Execution and other things) and only around 20% is the SETUP. Because Setup is easy but following it religiously is what a makes a person, TRADER
ENTRY - can be made if it crosses this Pin Bar Candle or can be purchased at the current market price of 6.95 for aggressive trading.
RISK- The Stoploss would be at the low of the same candle on closing basis or whenever it gives a closing before the trendline after crossing this pin bar's High.
Reward - there is major resistance( at price - 10) which has been retested 3 time and there is a high probability that it will go again to retest that resistance.
** Stop loss and Reward has no significance if the Psychology is not strong. Do not hope and just exit at the Stop Loss level and do not greed , just exit at the reward level.
**There are always a lot of opportunities in the market.
#KeepLearning.
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