I just went short on this.
Price is at h4 .
bamm setup complete on H1 timeframe, target key for profit taking.
TP: 0.7370 (208)
Good luck to those who are following me on this trade.
1. Allow the trade to breathe, if the setup is in H4 or higher timeframe, a sl between 50 to 100 pips is fine as the reward is usually 2 times more.
2. If you see that the pattern completes around a round number, make sure to allow a buffer of 30-40 pips above the round number (0.7600) to ensure you will not be spiked out easily
3. In terms of risk management, I use fixed % position sizing. Do not have to be afraid of taking a setup because the sl is 100 pips. Half your position size!
We are reaching the make or break moment tonight for this setup. NFP will show the way. Keep your stops there, we either win or lose tonight. :)
In some cases, it forms a complex after a complex, the trend is likely to continue so we have to wait.