I am still trying to learn to flex my mind quickly from long to short.
This is under trend reversal training. I am still getting the hang of it. Most people will use pivot point.
Anyway there is no so call standard operating procedure in trading. Otherwise everyone will be superstar trader liao. What I figure out was when you just started out you are less experience and thus rely on gut feel. Gut feel is a subconcious in your physcology. As you become more experience you rely more on TA anaylsis but this can only get you so far.
When I just started out I was making more pips than now. As I go along become more and more kiasi and careful.
End of the day we must have a good mix of TA analysis and gut feel to make successful trades.
Let me give you guys one example. Look at M1 chart now for USD/JPY. One long red candle at 8:24pm. Most people will open LONG position and BUY. As you can see in the next 10 minutes many traders are buying the dip. But if you have experience you will know it is still going down. There are many long red candles since 7:45pm. It is down trend until probably at 9:30pm the trend may reverse.
Another one of my motto is
TIME IS YOUR BEST FRIEND.
