Today I thought to make a follow up of some trade recommendations that were mentioned yesterday and some days before.
Please keep in mind that most traders asked me to use the daily charts for explanations so that they can follow the markets more at ease.
Remember also that if you manage to grasp the concept on this time frame that you are then able to apply the knowledge to any time frame.
Trading might become so personal for the individual trader that he or she may show preference for a specific time frame or for a combination of several fractals.
For the ones that took yesterdays trade recommendation on the daily EURCHF chart I would like to suggest to put your stop now at break even to take away the risk and the to trail the stop with the help of the Daily PSAR.
Price stalled today at an interesting level 1.10490 which was the previous swing high. If price manages to continue its bullish move breaking this level then we may hope for a trend to develop.
Working with another trader who swing trades with only a 30% of winning trades I would like to share with you that he manages to be a successful trader.
The goal is to ride the trend untill it ends and therefore you need to be in it.
Please try not to use any leverage and in my opinion do not risk more then 0.5 to 1 % per trade.
If you manage to survive the first year then profits will surelly come your way.
Always a pleasure to be of service I wish you the BEST OF PIPS