DislikedPhillip,
Can you tell us what prompted you to have the stop loss at 1.0555?
Thanks.
-Chandra.Ignored
- | Joined Sep 2006 | Status: Dragon Slayer | 148 Posts
If you count on hope in any trade ……. Get out of it
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DislikedPhillip,
Can you tell us what prompted you to have the stop loss at 1.0555?
Thanks.
-Chandra.Ignored
DislikedI would have set it to below the opening of the candle. Only by experience I know that the price very seldom on a morning star comes below the opening of that candle. You could have set it below that candle which would have been around 1.9550. On a morning star you can even set it a bit higher than usual.Ignored
DislikedWhere were your entry and stops on the Gbp. Entry was on 1.9600 after confirmation of a turnaround at 0.000 Gmt and stoploss at 1.9555 with first profit target 1.9675. Our power were off otherwise that would have been the deal. Hope someone took it. It did not start as a double bottom but 0.0000 Gmt after the close of that candle showed the up move. There was a nice morning star that formed at the bottom.Ignored
DislikedRemember I said first profit. It does not mean that when the price is moving up that you have to take partial profits at the first target. When it went passed the first one the 89SMA was the next target. I sold 0.5 lots at 1.2960 and the rest is breakeven + 10. We have a touch of the 21EMA as well. Next up target 1.2980-1.3000 at 365EMA to 1.3000 pricelevel.
Sorry I did not answer all your questions.
Stoploss was below trendline support.
Risk:reward was calculated to what I expect this trade will go and not my first partial profit as that target was not the dominant one. Price levels, 89SMA and 200SMA are the big ones.Ignored
DislikedPhil
Thanks for sharing your method. i came across the forex factory forum 2 days ago and just started reading this forum yesterday. it's alot to absorb but i think i'm getting the hang of it.
I have a quick question. Is the gbp setting up for a short after this candle closes. It's not a rounded top, but the MACD came up, peaked, and is now in the process of having a lower high. i'm using InterbankFx charts. so if this is correct, assuming i have a good RRR, i would enter on the open of the next candle.
Thanks again for sharing this method
KIgnored
DislikedWhere is Ellisras in Limpopo, anybody knows (except Phillip)?http://www.forexfactory.com/images/icons/icon7.gifhttp://www.forexfactory.com/images/icons/icon7.gif
-ChandraIgnored