You can see that EURUSD respects this daily down trend. I know this trend already tested a few times but I still think there's more to go.
This is how i have planned my 1:2 risk to reward trade:
First of all; EURUSD just crossed the middle of the trend. We can expect a pullback to the middle support line. If i go short from here, my risk to reward will be 1:1. We can see that stochastic is almost oversold and pointing up. I don't like drawdowns so I'll pass 1:1 trade and wait for the price to hit the resistance. I'm planning to go short once we hit the resistance of this descending trend.
Entry: 1.13510
SL: 1.1450 - 100 pips
TP: 1.11460 - 205 pips
This time I don't have any other profit levels. Only one. Also I'm not planning to trail my stoploss until the price hit to the middle line. I will then move my stoploss a few pips over the most recent swing high and no it's not break-even. As this is a descending trend, levels may change by time. We don't know (we can not) when the price is going to hit to the top. It may not even hit. That's why, I'm going to update this post accordingly.
I know 100 pips might look a bit scary but i am good at managing my risk. I'm risking only 2% of my account balance here.
Disclaimer: This is not financial advice...
Trade safe,
Atilla
This is how i have planned my 1:2 risk to reward trade:
First of all; EURUSD just crossed the middle of the trend. We can expect a pullback to the middle support line. If i go short from here, my risk to reward will be 1:1. We can see that stochastic is almost oversold and pointing up. I don't like drawdowns so I'll pass 1:1 trade and wait for the price to hit the resistance. I'm planning to go short once we hit the resistance of this descending trend.
Entry: 1.13510
SL: 1.1450 - 100 pips
TP: 1.11460 - 205 pips
This time I don't have any other profit levels. Only one. Also I'm not planning to trail my stoploss until the price hit to the middle line. I will then move my stoploss a few pips over the most recent swing high and no it's not break-even. As this is a descending trend, levels may change by time. We don't know (we can not) when the price is going to hit to the top. It may not even hit. That's why, I'm going to update this post accordingly.
I know 100 pips might look a bit scary but i am good at managing my risk. I'm risking only 2% of my account balance here.
Disclaimer: This is not financial advice...
Trade safe,
Atilla
Comment:
I have updated my target point to 1.11710 (180 pips). This trade is 1:1.8 R
Comment:
I couldn't check charts today and missed the entry by a few pips only. Also missed the pullback. However, i will still keep my eyes on this. There's still an opportunity.
Trade active:
Covered half
Moved stop to 1.12655
Moved stop to 1.12655
Trade closed: target reached:
Covered full. 205 pips profit
I know Kung-Fu!
