Some greater than expected fundamentals have given us a very strong Euro today. Therefore, instead of trying to jump on the move late (a mistake that I've made more times than i'd like to admit while earning my trading stripes) I'm looking for area where the market may provide us with some release in the form of a counter trend trading opportunity.
Here on the EURGBP, price action has made it's way in a level of previous structure resistance at the 0.8590's level and has created a Double Top pattern along with an overbought RSI & bearish Divergence. Thanks to the psychological number right above, we are now provided with a very low risk trading opportunity featuring a reward to risk ratio that is 3:1.
Contrary to popular belief (aka what the internet tells you) most traders don't win at a very high rate. Outside of chat forums, most professional traders lose just about as much as they win (40-60%0. therefore what's more important than a high win percentage is a controlled risk and this trade represents a perfect example of such trade.
Akil Stokes
"plan Your Trade, Trade Your Plan"
Here on the EURGBP, price action has made it's way in a level of previous structure resistance at the 0.8590's level and has created a Double Top pattern along with an overbought RSI & bearish Divergence. Thanks to the psychological number right above, we are now provided with a very low risk trading opportunity featuring a reward to risk ratio that is 3:1.
Contrary to popular belief (aka what the internet tells you) most traders don't win at a very high rate. Outside of chat forums, most professional traders lose just about as much as they win (40-60%0. therefore what's more important than a high win percentage is a controlled risk and this trade represents a perfect example of such trade.
Akil Stokes
"plan Your Trade, Trade Your Plan"
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