FX:EURGBP Euro Fx/British Pound
Hey Traders! EURGBP has bounced at the "preferred" reversal level, meaning the 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
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!
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