I took this EG trade this morning following these steps:
On spotting the DBLHC on the Daily Tf this morning I cranked down to H4 tF and spotted a nice bullish pb sitting pretty well on the 0.88000 BRN. I then set up a buy stop just above the pb, then threw in my fib tool. Now seeing that 0.88500 BRN which has also been a Daily ppz and close to the first fib extension I presumed that on breaking price might stall around there so I put my take profit just below it and for my Sl I cranked to H1 tf and located 0.87713 point well below the 0.88000 (Charts are arrange in order of reference).
The result was that my trade was triggered and my TP hit and price went far beyond. My main point of concern in this trade was my r:r i.e tp vs sl, I risked more than I aimed for. But in all do you think I focused on the right things in terms of the trigger candle formation along with the location and traffic? Pleas feel free to criticize positively.
On spotting the DBLHC on the Daily Tf this morning I cranked down to H4 tF and spotted a nice bullish pb sitting pretty well on the 0.88000 BRN. I then set up a buy stop just above the pb, then threw in my fib tool. Now seeing that 0.88500 BRN which has also been a Daily ppz and close to the first fib extension I presumed that on breaking price might stall around there so I put my take profit just below it and for my Sl I cranked to H1 tf and located 0.87713 point well below the 0.88000 (Charts are arrange in order of reference).
The result was that my trade was triggered and my TP hit and price went far beyond. My main point of concern in this trade was my r:r i.e tp vs sl, I risked more than I aimed for. But in all do you think I focused on the right things in terms of the trigger candle formation along with the location and traffic? Pleas feel free to criticize positively.