Just before I head out again.
Some traders would like to know how I can get my positions in so early.
Its because I 'anticipate' the breakout.
This morning wicks pierced 1.28500 but couldnt close below it.
I know that if price does puncture such areas that were tested but failed before it will move fast and hard.
I always enter first with the mentality to lose very small or win very large.
If the breakout was slow, I would move my SL to BE very quickly and change charts.
If the breakout was also another wick retrace and also a lack of momentum then I will close the positions for a small loss.
If the breakout is explosive like now, I will stack very aggressively knowing this is a given opportunity that needs to be stretched out.
If Im not travelling abroad i would definitely have 4+ positions easily in that move and more and more.
It could turn out to be another failed golden opportunity or it could be start of something huge. But the point is, I have risked zero to very minimal for something that can be huge if it happens.
This is my risk:reward
Sincerely,
Graeme
P.S Just noticed 2nd 1hr candle went 50% fib and then dropped like a rock now stalled below 1.28000. 50% fib = big psychological area for mass traders. Classic
Some traders would like to know how I can get my positions in so early.
Its because I 'anticipate' the breakout.
This morning wicks pierced 1.28500 but couldnt close below it.
I know that if price does puncture such areas that were tested but failed before it will move fast and hard.
I always enter first with the mentality to lose very small or win very large.
If the breakout was slow, I would move my SL to BE very quickly and change charts.
If the breakout was also another wick retrace and also a lack of momentum then I will close the positions for a small loss.
If the breakout is explosive like now, I will stack very aggressively knowing this is a given opportunity that needs to be stretched out.
If Im not travelling abroad i would definitely have 4+ positions easily in that move and more and more.
It could turn out to be another failed golden opportunity or it could be start of something huge. But the point is, I have risked zero to very minimal for something that can be huge if it happens.
This is my risk:reward
Sincerely,
Graeme
P.S Just noticed 2nd 1hr candle went 50% fib and then dropped like a rock now stalled below 1.28000. 50% fib = big psychological area for mass traders. Classic