NZDUSD bullish wedge trade

22 ม.ค. 2019

Unfortunately i had the trade ready almost, just when bitcoin started to drop and pump so i missed the perfect entry at the low. Now i will make another attempt and try to see if this small wedge on the left plays and try to get in around the orange circle.

Now again while writing a broke up. I am posting this one, but i will wait with the entry, want to see how this play out first and try to get a better entry.

22 ม.ค. 2019

บันทึก

I am going to try to get the yellow circle on the right now as an entry

24 ม.ค. 2019

บันทึก

Here i will show you what my reasons were to get in to this trade at the spot i intended. It was a combo of a few factors.

1) The obvious one first, the bullish wedge, was not a beauty, but it was a good one at the support side.
2) That blue support line. It looks random, but it's not. From the orange zone, where it made an impulse move up, so a strong volatile movement, in combo with the bull flag and the yellow circle where it bounced exactly from that zone as well, means there is a very reasonable chance this level has meaning for the asset.

So the wedge in combo with that support level, making the odds in my favor for a successful trade.

On the left, we can see that possible small wedge. But instead of a break up, it went sideways and eventually even becoming a very solid triangle. But when you look at it, it always stayed above the blue line (resistance line of the wedge) and it never got below that green zone as well.

With the previous factors, which make a bullish version more likely, the green support and the triangle (or waiting for an upwards break of the triangle), give the odds in your favor.

With odds i mean,that 51% and more of the trades are profitable. The more experienced (and better) you are, the higher this percentage can get. If you do this in combo with a good Risk Reward game, you are able to make your self a profitable trader on the long term. This enables you to let go of the fact you want to be right (or wrong) about an analysis, what most of the crypto people are focusing on. When you here an experienced trader say; "i don't care about being right or wrong, i only care about making profits". This is what they mean with it. Trying to find a strategy that works for you(scalping, day trading, swing trading, EW, indicators etc), that can make you profit on the long term.