NZDUSD (November 18-22, 2019)

2019-11-18 11:08:14

Monthly Chart:
https://www.tradingview.com/x/jwGEU7Vt/
Looking at the monthly chart, the price is seems to hit the up trend line.
It is to observe the price action in smaller time scale.

Weekly Chart:
https://www.tradingview.com/x/tuvwt45X/
The price is hitting horizontal resistant trend line and moving up monthly trend line.

Daily Chart:
https://www.tradingview.com/x/FUApqQke/
Observe that there are short term uptrend and changing of direction.
Plan and set risk/reward ratio to anticipate a trade.

4H Chart:
https://www.tradingview.com/x/frk9Ipvf/
Be patient, and plan risk/reward ratio as per own portfolio.

One things to remember, a trader can only be in such situations below:
i. When the trade is winning, win a little; when the trade is losing, loss a lot.
ii. When the trade is winning, win a lot; when the trade is losing, loss a lot.
iii. When the trade is winning, win a little; when the trade is losing, loss a little too.

So how to be a consistent trader?
It is to keep the winning trade running, to keep as much profit as possible; and when there is losing trade, need to cut lost.