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Will put S/L to B/E as soon as we see a good move up upon close of H4 candle & will look for P.A activity.
Trade Comment: I must say, I didn't liked what happened because when price makes a gap like this usually it is going to have difficulty NOT filling it up in the first hours of market opening & on times like this that its near the Trend line it will show the strength of the market in our desired direction. It didn't made the one I would like to SO I'm NOT going there with full gear BUT to only respect him for a Break Out Buy & risking 1~2% equity with trailing S/L on H4 time frame P.A looking.
Hope the best for all,
Mohammad
Update: The latest 4H candle has really surprised me & the bulls are really showing weakness passing the 1.3080 territory SO we accept what markets tells us and are out for some 9 pips ONLY. We will NOT forget what a wise man said: "Never let a profit be a loss"
The principals that I follow are:
These will change/updated with time & will be reflected.
I hope this will make me focused on the trades I take with these rules and maybe they will benefit some of you traders.
Best Regards,
Mohammad
From this view, I'm bullish on E/$ in the days coming ahead us if our weekly TL could hold for Friday. I still think that we will have a hard test of 1.33 area soon.
The S/L will be moved to B/E if we see a good in favor 4H closed candle. Will take some profit if T/P was not reached by the end of the day.
**V-Trade's are described some posts before
Regards,
Mohammad
Update: Closed the first trade @ 1.2639 due to 3 candles of pin bars shaping. It seems MAYBE a retrace is in place.
The recent weekend GAP was a sample of extreme bearish power to lower the E/$ price. As you know, the market only filled the gap between Sunday opening & the recent low of Friday price action with a lot of difficulty & in late hours SO it was a good sign where we could be heading.
Regards,
Mohammad
I prefer a first test of 1.27 zone & retrace So I have the setup ready for it.
Regards,
Mohammad
Regards,
Mohammad
Later today I will write my thoughts about Trending & Ranging market and how I determine them.
Regards,
Mohammad
How to trade:
Regards,
Mohammad
Regards,
Mohammad
NOTE: This bounce off 1.27 zone could be a possible good holding for long-term BUT we do NOT forget that we are using trend to reach daily targets till its exhausted SO we should put greed away & understand that with this method we will get a lot the trend as it gathers momentum.
Update:
The Week results: 125 pips , 1.9% equity growth.
Patients always pay!
Regards,
Mohammad
NOTE: Looking at the market it has broken the bearish daily TL and is now back up the weekly support line. We will have a very interesting week ahead.
Trade Setup's:
Buy limit @ 1.27 (Rejection of broken bearish TL) S/L 1.25 T/P 1.3030 Risk Management: 1~2% equity risk
Buy Stop @ 1.289 (Weekly pin bar) S/L 1.25 T/P 1.3030 Risk Management: 1~2% equity risk