CADCHF - Immediate sell on RSI bamm

Hi guys, this is a counter trend trade on CADCHF.

I just went short on this.

Price is at h4 resistance zone.

RSI bamm setup complete on H1 timeframe, target key support area for profit taking.

EP:0.7576
SL: 0.7630(54)
TP: 0.7370 (208)


Good luck to those who are following me on this trade.

Comment:

Tips to set a good stop loss in harmonic trading.

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. :)

Comment:

Got stopped out on this on overnight spread increase due to the italy referendum stuff. Now shifting my attention to buy usdcad at 1.33.

Trade closed: stop reached