Your job as a trader is to define an edge, a trading plan, anticipate setups you would trade. Focus on the process, not the outcome. I personally like to make at least two potential scenarios that I would trade in a day or any specific timeframe. A way to keep my mind open should my initial trade won't come off or stopped out, there is another setup forming. This isn't about over-trading as long as you have pre-defined and anticipate it with a proper trading plan and money management. Along the way, you should ask yourself if you are not too tired to trade or else you would be trading Drunk.
There are 3 potential scenarios that I anticipate and when it happens (depending on what time it occur: outside 2nd half of Asian Session/London session, I will ignore the setups)
Scenario A : Price moves and test @ 1.14200, wait for a confirmation candle/pattern *(double bottom, engulfing pattern, piercing candle, hammer followed by engulfing candle etc etc), Target as illustrated on the chart (LONG)
Scenario B : Price bounces @ 1.14300 with confirmation candle/pattern. Target as illustrated on the chart (LONG)
Scenario C : Failure at 1.4400, with confirmation candle/pattern. Target as illustrated on the chart. (SHORT)
**All Trade Setups must satisfy the minimum 2:1 Reward Risk Ration, else moving on to different pair/setup.
Risk : 1.5% per trade. Maximum 4.5% for the entire day
Give me a follow if this trading idea helps you in a way or you just like my writeup/rambling or you like my charts or you just simply curious if the trade idea will complete. Thank you for reading and Thank you in advance for following ;o)
There are 3 potential scenarios that I anticipate and when it happens (depending on what time it occur: outside 2nd half of Asian Session/London session, I will ignore the setups)
Scenario A : Price moves and test @ 1.14200, wait for a confirmation candle/pattern *(double bottom, engulfing pattern, piercing candle, hammer followed by engulfing candle etc etc), Target as illustrated on the chart (LONG)
Scenario B : Price bounces @ 1.14300 with confirmation candle/pattern. Target as illustrated on the chart (LONG)
Scenario C : Failure at 1.4400, with confirmation candle/pattern. Target as illustrated on the chart. (SHORT)
**All Trade Setups must satisfy the minimum 2:1 Reward Risk Ration, else moving on to different pair/setup.
Risk : 1.5% per trade. Maximum 4.5% for the entire day
Give me a follow if this trading idea helps you in a way or you just like my writeup/rambling or you like my charts or you just simply curious if the trade idea will complete. Thank you for reading and Thank you in advance for following ;o)