EURAUD - short on major resistance

FX:EURAUD   Euro Fx/Australian Dollar
115 4 2
Short on major resistance, waiting for a pullback to 1,5157 to have a higher entry price.
A lot of room after before the first trouble area around 1,4516
Watch SMA200 with first trouble area to combinate for a logical exit point
Potential ratio Risk:Reward = 3,4

STOP LOSS : 1.53461
SHORT ENTRY : 1.5157

Trading rules are :
1. Trades are taken in 1, 2 or 3 units depending the situation.
2. If 90 percent of first target is reached I move stop loss to break-even.
3. If 90 percent of first target is reached without triggering entry I cancel the trade.
4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels.
My 5 tips to keep in mind that will save you from losing :
- Make sure to have enough Momentum on your side
- Use powerful confluences ( BRN             , major S/R, Div             , Trend-lines, Fibos)
- Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations
- Good price action ( pinbar , inside bar etc..) at bottom/top for a good price
- Enjoy your wins and learn from your losses

Wish you great success !
Thank you, Mister Trader!
MisterTrader patriciacanon
You're Welcome Patricia !
MisterTrader MisterTrader
a shame the trade didn't get activated, few pips away from activation level !
Trade not activated !
Trade close
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