Trade the Price
Hi sitestuff, I also consider that "trend is the best friend of traders". "trade the price" and "trend is your friend" is just like two different trading strategies that work best for some traders but not all.
GBP is really struggling to keep USD above 1.6000... I wonder what could be expected if NY close above 1.6000...
Files:
gbpusd_h1.png
15 kb
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After a few years in this game it took me a while to realize that your best friend is not so much the trend, but more the price! I say that because following the trend has it's complications. I've seen counter trend moves of 200 + pips. And then there is the issue of which time frame to use. While the M15 can be in an uptrend you might find H1 in a down trend. So where do you find your entries and what trend do you follow... I'm sure there are traders trading the "trend is your friend" quite successfully, but I've decided to stick to "trade the price". I look for supply and demand zones during the last few days and trade accordingly.
Attached is what my chart looks like.