I thought I would post this GU chart as an example of when NOT to take a trade. Earlier I posted the EU short setup...and some people might think the GU is about to do the same thing(so they think, I might have missed the EU so I'm going to get in on the GU)...but Not So Fast my friends. Make sure you stay true to the guidelines of this method...look for the BEST setups and skip the not so good one(or ones you have doubts about). It will save your account in the long run!
Wanted to add one more thing about this candle...it's 100pips big! That is pretty high risk, as previously mentioned...I prefer candles around 50pips or less. I occasionally will enter on a bigger candle if the conditions look GREAT and if price is about 1/3rd to 1/2 of the way into the candle to reduce the risk.
Wanted to add one more thing about this candle...it's 100pips big! That is pretty high risk, as previously mentioned...I prefer candles around 50pips or less. I occasionally will enter on a bigger candle if the conditions look GREAT and if price is about 1/3rd to 1/2 of the way into the candle to reduce the risk.