Trend Definition is Good but Exact Entries are Vital
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Last week I showed which trade setups I was interested in via my free webinar at Admiral Markets (as I do each and every week).
This time around, however, something unusual happened. Many of my potential ideas were not executed because the market did not pullback to my entry zones.
Price missed my exact projected entry spot in 4 out of 5 pairs. Whereas the 5th one I consider entered as it was only a few pips away from the entry spot.
The interesting part is that I analysed the trend correctly with all 5 charts. If you take a look at all the 5 pairs and the trend I mentioned on each chart, then you will see that each of the trend directions was correct.
This confirms the importance of not only identifying the trend but also the ability to spot precise entries, maintain adequate stop losses and project reliable targets.
Many traders like to analyse what can happen by the end of the first half or the end of the 2015. But to me this is worthless and senseless. Traders must trade NOW and make pips this month.
Unfortunately this week my entry score was on the lower side but usually speaking the rate is way higher. And I think this just extra confirms to me how important precise and exact entries are, because knowing the direction of the currency pair is not enough to make profitable trades.
Many green pips, T
Ps. here are the 4 charts with good trends but entries missed:
