Was stopped out in short trade, so its time to go long. Details on the Chart !
Comment: Ok .. 1st attempt to go long on directional bias is here. Remember there are lot of pips to gain so making more than one attempt with small SL's are recommended or atleast thats how I plan will be.
Comment: 1st entry is well in profit & looks like its safe now. Time to move SL to BE. Also its time to add new entry with SL at first entry. This method reaps huge dividends since one is always in same risk (risk of one trade) & keep building multiple position to ride the trend. So, 2nd entry will be on break of triangle.
Comment: 3rd entry can be taken if this pattern completes. I have taken some profits in this pair & some positions at BE & so. Its going to be free ride for me personally trading on EG.
Hi Nick, its a directional post... now that direction has been established I will go to lower timeframe for making my entry. If I have to trade directly from this weekly timeframe than I would go long on pull back of 20-25 pips that is at BRN 0.9500 & close the longs if price closes below the TL. And target would be minimum of 300 pips at 0.7800 level.
maybe in lower timeframe ? But my experience is that when you trade below 1 Hr chart, most of the time price will not keep moving in your intended direction. In lower timeframe the cypher might work in all probability but it can retrace back & take out our entry. That is ok for intraday trade but with my idea I m trying to hold as many entry as possible in long direction & for that atleast 1 Hr timeframe is good, below that survival of entry has low probability. But this is only my experience & I m sure there are people who can trade from 5 mint chart in the direction of higher timeframes. Also please post your trade setup pics that will be good to understand things easily. Thank you for your feedback & participation in discussion.