AUDUSD trade stops me out but still could go up!

I was reading an article the other day which said that the markets these days are harder than they use to be to make a profit..  10 – 20 years ago, you could just buy/sell and hang on.. the markets would generally trickle one direction. In this day and age, the market volatility is extremely high and it’s not easy to enter the markets and make money.

I don’t know how true this is but certainly, the markets know exactly where to hit you and take you out. I have always thought that a stop should always be where you know you are wrong about the market… an area where you know that if it gets there, you were absolutely wrong in your analysis.

The thing is, my trade last night was a long as I felt the market was going to retrace. Any break below 10400 which was where my stop was would mean that the market could only go lower. However, the initial break happened as you can see but it rallied up again past the break point..  this says to me that there are strong buyers in the market now.

I really don’t know where the market is going to go now but I’m not in the ride and took a 1% hit on my account! Grrr!

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Category: Forex trader, Forex trading, Make Me Some Money Ideas, Trading