Another Great Scalping Day!
Today, Senior Trader Josh Wilson talks about a trade he had taken earlier on the EUR/USD currency pair. He points particularly toward PMDs in the 1-Minute time frame of the FxPM™ Matrix that are switching direction for not only the EUR/USD, but also other USD-based currency pairs. It’s important to take note of currency correlations when gauging opportunities to take PIPS. Once Josh has taken note of the PMDs, he feels it necessary to set a stop-loss at breakeven in case the price loses momentum and comes back down past his entry. Josh then reminds trader to always keep the risk-reward ratio in mind when taking trades, as it is better to be capitalizing on opportunities that provide favorable percentages. Learn how to generate consistent profits and emotion-free trading in the Forex market long-term with the FXST Trading System.
Tagged with: learning moment
Filed under: Daily Learning Moment
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