Got 3 entry's on the HL starting from the Head and shoulders pattern, Now my goal is the Higher time frame TP1 Fib, that being said I been getting entry's on the lower time frames H1, 2H, and 45m. I see another buy, its currently applying the sell pressure, making the retracement, remember we can predict the market we can only react, that being said this trade can be a loss. I consider this a loss once it breaks the last HL which I highlighted in RED basically breaking the 100% retracement on the fib. I will get 2 entry's with super low risk as the reward will be a 4 to 1 and a 7 to 1.
Entry 1: 105.585
SL: 105.390 - Risking 19.5 pips
Entry 2: 105.332
SL: 104.922 - Risking 40 pips
Lower your risk obviously so that 40 pips only risk the amount your willing to lose in my case I am only willing to lose 100 USD
Lets say you are risking 100 USD to make 752 USD
Lot size: 0.53
This is to help the newbies with the first entry I advise using a Position calculator to manage your risk.
Use myfxbook . com position calculator
Entry 1: 105.585
SL: 105.390 - Risking 19.5 pips
Entry 2: 105.332
SL: 104.922 - Risking 40 pips
Lower your risk obviously so that 40 pips only risk the amount your willing to lose in my case I am only willing to lose 100 USD
Lets say you are risking 100 USD to make 752 USD
Lot size: 0.53
This is to help the newbies with the first entry I advise using a Position calculator to manage your risk.
Use myfxbook . com position calculator
Comment:
TP1: 106.228
Comment:
TP2: 106.561
Comment:
TP3: 107.014