First trade on cable this week. Targeting 20 pips short of entry for a 1.26 RR back testing shows I have an average of 70% success of reaching that target.
Reason for entry?
1. ADR bands are in a stepping down formation
2. On the 1HR price has pushed below and effectively stayed below the 50 EMA high/low bands
3. Price has entered and exited the %R indi, which is my entry trigger when prior reqs are ticked off.
4. Was looking for a long on a 4HR setup 1HR entry but my entry candle would have been the large 1HR push up which gave negative RR. So wouldn't be surprised if price came back down and knocked out those stops before setting up long again.
None the less, price has a higher odd of spiking my stop when trading these smaller timeframes. I usually stick to 4HR + setups, but extra confluence is at play for me, so am willing to take the risk.
EDIT: Stopped out as I thought it would be.
Reason for entry?
1. ADR bands are in a stepping down formation
2. On the 1HR price has pushed below and effectively stayed below the 50 EMA high/low bands
3. Price has entered and exited the %R indi, which is my entry trigger when prior reqs are ticked off.
4. Was looking for a long on a 4HR setup 1HR entry but my entry candle would have been the large 1HR push up which gave negative RR. So wouldn't be surprised if price came back down and knocked out those stops before setting up long again.
None the less, price has a higher odd of spiking my stop when trading these smaller timeframes. I usually stick to 4HR + setups, but extra confluence is at play for me, so am willing to take the risk.
EDIT: Stopped out as I thought it would be.
