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Ichimoku_Trader
May 7, 2021 3:40 PM

CS setup .. again  

Euro Fx/U.S. DollarFXCM

Description

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Comments
vijaylaxmi
We had a red candle today, do you think this is the right time to short? When you say with a stop and reverse, you mean if stopped out then take the reverse trade and buy it?
Ichimoku_Trader
@vijaylaxmi,

Yes, that is what I mean

This trade is built on the fact that at this price the market is undecided so what you want to do is get in and be ready to accept either direction because the expectation is that once price starts moving, it will really move

Sometimes, the market goes sideways due to the indecision so that presents a problem

So as with all trades, you have an aggressive approach to enter or a less aggressive approach
The decision is yours

Entry on the first red candle is the most aggressive so you don't have to commit to it. You can find other ways to enter that you feel more comfortable with
The idea is the same either way

Good luck
vijaylaxmi
@Ichimoku_Trader, Got it, thanks as always!!
Ichimoku_Trader
@vijaylaxmi,

My pleasure
Try the trade out with a demo account a few times
That way, you can become more comfortable with it and you know what to expect

Good luck
vijaylaxmi
@Ichimoku_Trader, sure, am trying this out. The trade has developed beautifully here, CPI numbers helped as well.
Ichimoku_Trader
@vijaylaxmi,

Glad to hear it
cordycep
Hi: Are you saying waiting for red candle in 1D time frame? thanks
Ichimoku_Trader
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