Another week has ended. How is your performance this week?
As usual, with the same few pairing indicators, Nikkei is performing well for this week with Patterns and SkyLand together with PAPLines.
First 2 days of the week, price did not present any trade opportunity.
Price only touches PAPLine without the help of SkyLand.
Day 2, price not touching SkyLand again.
Day 3, a Double Top pattern formed with the help & confirmation of Sky & PAPLine.
Day 4, another chart pattern formed. A Double Bottom together with PAPLine.
Day 5, another chart pattern formed. A Double Bottom together with PAPLine to end the week.
Sideway market exists for a majority of pretty much any trading period you pick … Did you know that?
Ideally, before you enter the trade you will have some idea of your profit-taking strategy. The psychology of profit taking is both fascinating and frustrating. Obviously, most of the time you want to try and take profits that are 2 times your risk or greater, but there are times when holding out for a certain profit target is not the best move.
Markets tend to behave in the same general conditions. Trending, consolidating or range-bound. Make a plan of how you will trade and take profit for each condition and your heartache moment will definitely decreased.