glennmercer
Long

EURGBP Zig-Zag Limit: Buy Toward (Y)

FX:EURGBP   Euro Fx/British Pound
5 months ago
Hey Traders! EURGBP             has bounced at the "preferred" reversal level, meaning the AB=CD zig-zag completion. Limit is set at the previous wave-iv support on a lower TF with stop tightly placed below base of wave-i. If stop is hit, we have to re-evaluate the wave count and look for an even deeper correction. TP is placed at the top of previous wave-iii for a conservative TP. Happy Trading
5 months ago
Trade active
5 months ago
Trade closed: stop reached: This is a 3.5 pip stop-out. I will be waiting for wave-v to complete now and look for shorts rather than chasing the trade and placing a wide stop. Good Luck!
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pyromus
5 months ago
it is foolish risk reward expectation ;)
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glennmercer PRO pyromus
5 months ago
No expectations, just probability and risk management! Usage of tight stops are typically low-win-percentage trades. If your R/R is 10:1, you can technically win 1 out of 10 trades and break even assuming your risk of capital is consistent. The study of risk management in trading cannot be stressed enough. Thanks for your comment Pyro
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Hello_mimi
5 months ago
Although the deal was to stop, but still a good deal
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glennmercer PRO Hello_mimi
5 months ago
Always better to be process-driven than result-driven. The wave count seems to be playing out nicely. Also, the EURCAD trade made up for many more pips than were risked on the EURGBP trade. Thanks Mimi
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