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.
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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. :)
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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.
Sorry, I have a question. It Completed a M-Type Complex RSI Structure, but it seems there's no Divergence of RSI Versus Price.
TerryHarmonicTrading
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@Charles.Yang, the idea of this RSI bamm is a complex at RSI OB/OS zone, pullback to 50 then final exhaustion on OB. Usually we only execute at very significant support/resistance. Divergence is a plus but not necessary needed.
In some cases, it forms a complex after a complex, the trend is likely to continue so we have to wait.
@Charles.Yang, your RSI divergence came last night. Tonight is NFP, make or brake for this setup. Hoping for the best. If it breaks above 0.7630, we are out.