The reason I didn’t enter the trade yesterday was strictly due to the fact that I wouldn’t get the risk reward that I wanted. Risk reward will still be difficult at this level because of how close the structure levels are but if I’m able to get the entry that I want, my stops may be short enough to make it work.
The London session extension gave us another equal measured move back into structure looking left and some Fibonacci extensions. The bulls gave a nice test of the highs and were beaten back after the first attempt to break through. As I type I’m watching this on the 15 minute chart waiting for a reason to enter, all depending on how this current candle completes. For targets I’ll be looking for a move back down into our previous new structure highs, and certainly looking to aggressively manage this one during my live trading room hours. We’ll see how this one pans out
“Plan Your Trade, Trade Your Plan”
Chief Currency Analysis at Trade Empowered
Click Here for 20+ hours of FREE Training
Click the link below to subscribe for more FOREX TRADING videos
SEE MY BEST TRADING IDEAS DAILY
FREE WORKSHOPS & TRAINING VIDEOS
WATCH MY LATEST TRADING VIDEO
CHECK OUT MY LIVE TRADING ROOM
I have a question.. I tried to take the position as the Chart I attached (GBPUSD). I found there was a double top and fibonaci retracement has arrived at 61.8
However, I got Stop at a few candles later.
my question are:
was it a bad trade?
was my profit target too far?
was my stoploss too close?