first trade to sell @ 5% risk
then waiting for the buying signal.
for me i understand that this trade idea can be right and can be wrong therefore whats important for me is me applying my trading rules:
1. risk management comes first
2. stops loss placed @ a point when reached my idea become invalid
for me - time is not important at the moment i really dont know when will the marker start moving down or when will it start moving up or what structure will it make.
remember, that everything in the market is created in our minds first then the charts.
therefore, i will give a reasonable time for the movement which maybe mid first week or second week of march we might see a signal of completion for the structure.
the most important thing for me right now is my stop loss i placed it higher than the 4th h&s high.
which i think if reached it will cancel my trade idea.
so, i will try to update this trade on a daily close basis or when the stops is hit.
then waiting for the buying signal.
for me i understand that this trade idea can be right and can be wrong therefore whats important for me is me applying my trading rules:
1. risk management comes first
2. stops loss placed @ a point when reached my idea become invalid
for me - time is not important at the moment i really dont know when will the marker start moving down or when will it start moving up or what structure will it make.
remember, that everything in the market is created in our minds first then the charts.
therefore, i will give a reasonable time for the movement which maybe mid first week or second week of march we might see a signal of completion for the structure.
the most important thing for me right now is my stop loss i placed it higher than the 4th h&s high.
which i think if reached it will cancel my trade idea.
so, i will try to update this trade on a daily close basis or when the stops is hit.