How to make perfect entry point on Forex ~ forex trading tax philippines
If you find out that you make trades to early and before price starts moving in your direction the stop loss is already hit. The source of this problem is you are probably using to big timeframe. Don’t get me wrong on this one it is not that you need to change it, but you need to focus more on last candles, you are to concentrated on overall picture.
Anyway if you find yourself doing such trades then do not worry, this is easy to handle I had the same issue when I started trading.
Let’s break it down.
First of all your chart interpretations are ok. You make good trades but to early. So next time try this simple strategy.
After selection of new trade, find smaller trend in opposite direction and wait for reversal, when you will be sure that smaller trend is reversed make your trade. Sure you will loose some pips by getting late in to trend, but trust me there is no better point of entering the trade.
But what is the trend reversal confirmation?
Basically it is when you have more evidences that trend is reversed I won’t talk more about it now because this is covered in my other article, besides you probably have some techniques to determine trend reversal on Forex.
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