I try not looking too much to crosses and lose focus, but here I think it looks good.
The pound spiked alot around when Boris Johnson got elected, then pulled back, and I think it could continue up around now.
On this pair there is a pattern but also could be that buyers are having a hard time pushing it up and there are more gamblers that bought before elections taking profit.
See it alot more in penny stocks (and crypto) where pros are absent so very bad investors are driving the price (+the whales scamming them)
There's also the reactions to Trump tweets or also the time bots thought a test sms for nuclear threat (was that it?) was real. Can't front run the light speed bots, but can fade them after the move is done.
Can't really think of that many examples rn.
There are here also the retail traders that see a head and shoulders
The pound spiked alot around when Boris Johnson got elected, then pulled back, and I think it could continue up around now.
On this pair there is a pattern but also could be that buyers are having a hard time pushing it up and there are more gamblers that bought before elections taking profit.
See it alot more in penny stocks (and crypto) where pros are absent so very bad investors are driving the price (+the whales scamming them)
There's also the reactions to Trump tweets or also the time bots thought a test sms for nuclear threat (was that it?) was real. Can't front run the light speed bots, but can fade them after the move is done.
Can't really think of that many examples rn.
There are here also the retail traders that see a head and shoulders
Comment:
UK leaves Europe at the end of the month. Only step left I think is for the queen to validate or something.
GG. Moon soon.
GG. Moon soon.
Comment:
Cute little triangle
Can start using the 4 hour EMAs as a trailing stop, unless price extends too far.
Can start using the 4 hour EMAs as a trailing stop, unless price extends too far.
Comment:
Bouncing on previous high.
I don't want it to retrace alot I would stay in with a retrace up to 40%, so my initial entry is high RR but in a way now it is low R (unless it goes way up which is possible) it's the same as if I sold at the top then opened a new trade with a very wide stop.
It's equivalent to a low R trade.
But at the same time...
So it's not EXACTLY the same... You are compounding in a way. You are leveraging on your win.
And when the price is trending high R to R is not that necessary trending price is more forgiving.
Also remember that if you risk say 1.5% per trade a winner = + 30%
And this pays for more than 23 losers (not 20) since 0.985^23 = 0.706
After a winner like this you are in such a good place, it is worth taking the "low reward to risk" when you have good reasons to think a trend might continue for a while.
Also here, unless the price drops really fast, I would only get stopped at a 35% retrace. And longer it takes, less it is.
IF the price would be really very extended past moving average (it is a bit here, not vastly) I would not use them to trail... Would just be way too bad risk reward to have a stop loss at 80% retrace unless it's the one in a lifetime mega trade that keeps going up, just ridiculous, not worth it at all.
I don't want it to retrace alot I would stay in with a retrace up to 40%, so my initial entry is high RR but in a way now it is low R (unless it goes way up which is possible) it's the same as if I sold at the top then opened a new trade with a very wide stop.
It's equivalent to a low R trade.
But at the same time...
So it's not EXACTLY the same... You are compounding in a way. You are leveraging on your win.
And when the price is trending high R to R is not that necessary trending price is more forgiving.
Also remember that if you risk say 1.5% per trade a winner = + 30%
And this pays for more than 23 losers (not 20) since 0.985^23 = 0.706
After a winner like this you are in such a good place, it is worth taking the "low reward to risk" when you have good reasons to think a trend might continue for a while.
Also here, unless the price drops really fast, I would only get stopped at a 35% retrace. And longer it takes, less it is.
IF the price would be really very extended past moving average (it is a bit here, not vastly) I would not use them to trail... Would just be way too bad risk reward to have a stop loss at 80% retrace unless it's the one in a lifetime mega trade that keeps going up, just ridiculous, not worth it at all.
Comment:
A whale got angry
Comment:
Progressively moving stop loss up using EMAs, as long as I do not get stopped or it doesn't overextend alot in which case I won't be using the EMAs (I constantly re-evaluate the potential reward/risk no point having a stop loss super far away when it extends then it's equivalent to a really poor RR and not great odds either).
Comment:
It's over
For now I put a stop loss "just in case" really far away, at 1.71.
Going to check see how this progresses in the next day or two before taking a decision.