Follow the Path of the Enlightened Ones

Follow the Path of the Enlightened Ones

Monday, 10 February 2014

Update - Tuesday 11th February

So here's the little move up from the green/red cross.

Sadly the MFI never gave a signal to buy and with the 4hr ema just above in purple it was not a perfect scenario.
Don't get me wrong.....nothing is perfect in trading, but at the same time, if I need a move to go 8 ticks in order to breakeven, my minimum space should be twice that.
An entry at 9.790 against the advice of my MFI  with the 4hr moving average at 9.802 is only 12 ticks.

Not a low risk scenario and one that will on many occasions lose 5 ticks.
My mentality of old used to be "well lets take the trade and see what happens if it gets up there"
That's all changed now. I aim to win every trade and with that mentality long gone are the days of a little gamble. When there's money at stake and hungry family members to feed the game has changed for me.

 I wanted to show the chart to demonstrate that although the MFI is a great tool. It's not going to work every single time. Nothing is. It's a tool and only a tool to be used in conjunction with other tools at your disposal.

Sometimes they're great, sometimes they let you down, sometimes you miss one here or there. That's the nature of the beast.
Since the MFI is still negative, maybe there's a reason, maybe the price will just stop here and fail to get up to the 4hr ema.

Let's see what happens. I am hoping for the green red and blue to get close enough to the purple to sustain a nice push past the purple. It's not there yet though.

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