USD Indx - Bought and stopped. Will 79 hold?
According to my prev. recommendation (www.tradingview.com/v/vYjKY4Lg/) I bought and got stopped pretty quickly. Anyway, the bullish setup was not really valid, it was rather a bottom fishing. Bottom fishing which as trend follower I should never do, but from time to time I try it. I already know I will try it at 79 again :-). The "reason" is: 79 is a very long time key support, and by the time px gets there, the indicators will be all very much oversold.
The trick is whenever you do such contra trades or bottom fishing (or top hunting), do it only with 1/3 of your trading unit size, and never fall in love with the position, never increase it, just consider it as it is, simply a contra trade!
Would you like to have one more confession? I gave back most of the money to the Market (read I lost :-) ) this year on USD long attempts so far! The key is always position sizing, not winners/losers ratio! But still.... on USD I have not been correct
The trick is whenever you do such contra trades or bottom fishing (or top hunting), do it only with 1/3 of your trading unit size, and never fall in love with the position, never increase it, just consider it as it is, simply a contra trade!
Would you like to have one more confession? I gave back most of the money to the Market (read I lost :-) ) this year on USD long attempts so far! The key is always position sizing, not winners/losers ratio! But still.... on USD I have not been correct