This is basically my favourite entry area. It allows me to buy low and sell high. In general, maximum pain level is the last possible area where you can take a trade. Remember the forex business is a like a marathon. It's not about how fast you are but the endurance you have.
You need to make sure that you have a very good risk management technique to be succesful in the long run and no wonder why I like entering my trades on the maximum pain level because when I am wrong my loss does not hurt me much but when I am right, the reward is greater and that's what you need in this business.
Looking at the chart i have attached USDMXN, I am looking to be long at that maximum pain level. If it holds thats good, if it doesnt hold,I wont feel hurt because i will lose less. If it goes without me, there will always be tomorrow.
That's it for today. Wishing you "Angel" like trades.
You need to make sure that you have a very good risk management technique to be succesful in the long run and no wonder why I like entering my trades on the maximum pain level because when I am wrong my loss does not hurt me much but when I am right, the reward is greater and that's what you need in this business.
Looking at the chart i have attached USDMXN, I am looking to be long at that maximum pain level. If it holds thats good, if it doesnt hold,I wont feel hurt because i will lose less. If it goes without me, there will always be tomorrow.
That's it for today. Wishing you "Angel" like trades.