GBPCAD Daily/4hrs chart Technical Analysis.
I am patiently stalking GBPCAD to give me a sell signal. At the moment, I can still get some countertrend trades. Oh! Yes, I have received questions regarding counter trend trading. For them that I have replied to, I insisted on knowing the timeframes they are trading. As you can see, I have stated above that I am looking for a sell signal. The reason is, I am not looking at lower timeframes like 1hr and 15mins.
Many traders do not know how timeframe affect the markets and how you need to trade. All of us we have read that trading misused saying ”always follow the trend”, I always wonder which trend are you talking about?
If you switch on to 1hr chart there is a trend, if you go to 15 minutes, there is still a trend. Which trend are you told to follow? This is again a missing key to many traders out there.
To trade successfully, you must be certain of the two timeframes you need to be loolking at . One timeframe should be confirming a direction to you while the rest you should trade it.
Let me show you an example here.
I know majority of you are confused. Do not be confused. I am here to clear some issues for you.
I would like you to leave the saying …. ”trade when the trend is your friend” and re-name it ..”trade when the overall trend is your friend.”
Daily/4hrs traders did not see a downtrend to them, that was just a pulback for them to buy whereas them who are trading 4hrs/1hr are clearly bragging because they can spot a sell position. All of us here are right. The difference is the timeframe you are trading. Do not condemn the 1hrs who are selling and start explaining to them that they should buy.
I want you to understand that, if you understand how the timeframe influence the trading you will be stress-free when stalking for the pair to trade.
I know many traders who have incurred losses is due to poor risk management. Every person there is advising on use of stop losses.Yes, the information is 100% correct, but did they teach you how to place a stop loss?
In case you are those type of trades who have fixiated their stop loss to be just few pips like 20 pips, you will burn tha account. You need to master exits the same way you have done for the entries.
As I said in my previous articles, timeframe depends on many factors which I will discuss later on. In case you feel that you need some guidance on understading this core trading concepts please comment and send me an email. You all knowI do not reply to you right away. In case I do not reply to your email on time, please understand that my inbox is full of emails and I usually read them one by one to understand some of the common mistakes you are doing.
Thank you guys for trusting me to take you through in this noble course. For them that I may have failed to honor their requests for skype calls, please understand thatI still need my personal time.
Wishing you successful trading week ahead.
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“I Wish You Well In Your Journey & In Your Trading.”-
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