how long to wait

[liguy]

I work off of daily for trading. Once a trade is put on, how long should one wait for it to move? Steve Nison suggests waiting for 5 days and if there is no movement close out the trade and move on.

[robsam]

According to me your waiting time should be 1 day to 1 week depending upon the currency you are trading. Also waiting time is totally dependent on the pattern of currency flow so it will be more useful if you first study about the pattern and then start trading. Waiting time may vary for different currency pairs.


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"gOING hIGH"
www.fxrenew.com

[capsmart]

I think that Nison is talking more about stocks and daily charts after you enter a trade.
In our case you should do your analysis at the end of each day in a similar way Marc is creating his videos.
First you have to understand the big picture. Where price came from.
Take the Euro for instance right now. What I see is a long time downtrend and a short time uptrend. If you draw a trendline from Dec 1st that touches Apr 14th you will see that this line was broken 2 days ago. Price also broke the 23,6 fib of the high (Dec 1st - June 6th). So for me now we are in an UP MODE. All daily ma's are crossing up and the closed "barrier" is the 1.3130 (fib 38,2) and when price will be there the 200 daily ema would be at the same level.
I would like price to retrace a little bit to the 1.2670 area so that I can go long. The only problem is negative divergence of the macd. Prices go higher and the MACD goes down. So if price retraces today I go long. If it retraces tomorrow I go long etc. If price goes to the 1.3130 I go short. It could be in a day or a week. The levels remain.