I except that EurCad will be bullish during first trading session next week. I have placed two double pitchforks over price action, they give me convergence and support and résistance levels for this trade plan. This will be a set it and forget it trade.
Price Action now is:
1) Price action is above psychological level of 1.34500 (major level of buying and selling)
2) Will set a buy limit above current price action at 1.34625, so current price needs to continue going up to trigger my entry.
3) Using pitchforks- either one or two will give you diagonal levels of support and resistance levels.
4) Will be using a 37 pip box and/or have stop loss 37 pips below entry price and target above entry price 37 pips. 1:1 Risk Reward.
5) Will use 2% of my account balance on trade (use whatever you are comfortable with in trading- always use risk management in lot sizes, entry and targets)
6) This trade might hit target either Monday and/or Tuesday (and/or swing if needed).
7) EurCad 4 hour chart there are a lot of short sellers caught trying to short this pair further- look at lower wicks and/or shadows last 3 candles on chart.
Make Plan/Trade Plan
Never trade the 1st hour of a new session. Why? because the the very high spreads that you would need to pay your broker. Wait be Patience.
Trading Forex is not about the pips you make per trade, its about the risks you make per trade.
Price Action now is:
1) Price action is above psychological level of 1.34500 (major level of buying and selling)
2) Will set a buy limit above current price action at 1.34625, so current price needs to continue going up to trigger my entry.
3) Using pitchforks- either one or two will give you diagonal levels of support and resistance levels.
4) Will be using a 37 pip box and/or have stop loss 37 pips below entry price and target above entry price 37 pips. 1:1 Risk Reward.
5) Will use 2% of my account balance on trade (use whatever you are comfortable with in trading- always use risk management in lot sizes, entry and targets)
6) This trade might hit target either Monday and/or Tuesday (and/or swing if needed).
7) EurCad 4 hour chart there are a lot of short sellers caught trying to short this pair further- look at lower wicks and/or shadows last 3 candles on chart.
Make Plan/Trade Plan
Never trade the 1st hour of a new session. Why? because the the very high spreads that you would need to pay your broker. Wait be Patience.
Trading Forex is not about the pips you make per trade, its about the risks you make per trade.
Trade closed: target reached:
did exactly like my plan was with this pair, hope you catch some pips.