Indices had a bit of a set back yesterday when the Chinese announced after arriving home from the trade talks that they had changed their mind and decided not to sign the partial agreement til after more talks.
Dax is not hanging around and is up 60 points this morning with the monthly chart resistance level dead ahead.
Ftse still plagued by Brexit uncertainty.
When adopting trend following principles it is not necessary to trade for the sake of trading. One can simply wait for the right trend or trading opportunity. I like to wait for the 'Strongest Trending Assets' opportunity and if I can identify them as early as possible by watching the price action then I like to try and trade them either 'long' or 'short' depending on the directional movement.
One of the problems traders get into is the need to constantly trade when there is simply not a trading opportunity there where the 'odds and probability' are stacked more in your favour. I do not trade daily or weekly. I may only place say ten trades a year and sometimes more or sometimes less but they will be when I think the 'odds and probability' are more in my favour and the chances of success are greater because the trending action on a particular asset is so strong. My trade could last days, weeks or even months but I set no time limit or profit goal.
There is nothing complex in my trading strategy, trading style or trading philosophy. It is heavily inspired by and based on historical trend following strategies that are out there and available for all to research. I have not created anything new or invented anything of significance.
I am merely trying to identify the strongest trending asset with a view to trading it in the direction it is moving in with a chance to profit from that movement.
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