DislikedPLEASE DO NOT FOLLOW THIS TRADE PLAN AS I AM ONLY POSTING THIS FOR HANI TO COMMENT ON , I AM STILL IN THE LEARNING PROCESS!
Hi Hani
I am posting the following trade plan for EURUSD for your comments to see if its viable.
My daily pivot is 1.4648, S1 is 1.4582 and R1 is 1.4708
Very good
Current price is below PL.
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Plan A
Sell on bounce off PL at 1.4648, targeting 1.4615 (50 % from PL to S1)
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Stop Loss set at 1.4635 (do you think 20 pips stop loss is OK above PL?)
Error: Stop loss should be above te selling price of course! Somewhere between 1.4663-1.4668 (15-20 pips)
Take 75 % profit at 1.4615 and let the rest run with trailing stop
Very good
Plan B
If PL is breached, sell on bounce off 1.4708, targeting 1.4678 level (30 pips)
Possible. You may consider also buying a bounce of PL if it is retested, as the market sentiment is shifting to up.
Also you may consider inthe same logic buying at the support bounce too.
Stop Loss set at 1.4728 and let the rest run with 20 pips trailing stop loss.
Take 75 % profit at 1.4678
Very good
The most important part is consistancy. If you are consistant and you observe a good money management, you will see you balance increase.
Hani,
Please can you give your experienced comments on my trade plans above. I have re-read your thread again to re-learn what I have forgotten.
ThanksIgnored