What kind of direction should be expected on Gulf Keystone (LSE:GKP)) in this year? The expectation is outlined below. Could this be bullish or bearish pressure? Here comes the he-goat, here comes the odor.
On the chart above, the current bias is bearish – though precariously. The 2 indicators that are used: EMA 21 and Williams’ % Range 20 support this precarious outlook. The Williams’ % Range is trying to head upwards and the price is attempting to close above the EMA 21. When the price closes above the EMA 21 and the Williams’ % Range goes far above the level 50, then it means that this year would be bullish; or else, it would be bearish.
Outlook: We shouldn’t forget that stop loss will forever be our amigo. Too much negativity could be procured if the stop loss is taken as a foe. Having an open order without one is a grave error. Have you made this type of error before? What kind of mindset precluded you from using stops? It was a mistake on your own part. But would you promise yourself that you won’t trade without stops again? If you don’t repeat you past erroneous trading styles, then you’re making progress as a trader.
This article is ended with the quote below:
“Trading is a game of consistency after all and those with the ability to be consistent in their actions and planning tend to reap the greatest rewards. An extended string of losses can cause real pain for a trader, resulting in them changing a system which may be perfectly sound in the first place, or vice versa; a long run of wins can also generate such euphoria in us, that we unintentionally get cocky and start to bend the rules thinking we have that Midas Touch, until the market one day inevitably decides to humble us in the blink of an eye.” – Sam Evans (Onlinetradingacademy.com)
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