Notes
- Michael records in his journal when an important high/low was broken and how far the price went.
- During NFP week, the price action on Wednesday, Thursday, and Friday can often be unpredictable. Michael recommends avoiding these days.
- Over 27 years of trading, Michael has observed that, in most cases, he has been wrong more times than right when trading on Wednesday, Thursday, and Friday during the first week of the month (NFP week).
- Non-farm payrolls lead to unpredictable volatility, which is often not conducive to reliable price movements.
- Brokers are not obligated to provide a stop-loss (stop order) price if the market gaps beyond the stop level.
- Revenge trading and impulsive decisions can lead to larger losses, so maintaining emotional control is crucial.
- It is essential to reduce risk exposure during times of high volatility, such as during elections or high-impact news.
EURUSD - Journaling Reactions To Important Swing Highs And Lows
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