Hi.
I took this trade at the opening of the bar where the arrow is, but only used a small position as it was not a TC.
I want to ask you guys, those have been using the system for sometime and know the intricacies of this system.
Let me share with you my thought process or the things I saw that made take this trade on the 4hr cht.
I took this trade at the opening of the bar where the arrow is, but only used a small position as it was not a TC.
I want to ask you guys, those have been using the system for sometime and know the intricacies of this system.
Let me share with you my thought process or the things I saw that made take this trade on the 4hr cht.
- engulfing bar
- price found support on the 200 MA
- price found support on the 89 MA
- price found support on a trend line where it has been tested it a few times.
- The major Mas are below the price.
SL at the arrow, below the signal bar and the 89 MA.
Initial profit target at 30-40 where the SL will be moved slightly up to make the trade a free trade. Looking to close the trade or close another partial just below the trend line.
Let me know if my I have did anything wrong or my thought process is wrong. I don't really care about the outcome of the trade but want to make sure Phillip system is followed to the letter.
Thanks for your help in advance.
Andrew