We have approached a VERY key zone on the EURUSD pair.
Weekly Chart: i.sli.mg/sTgyQv.png
I am expecting a breakdown below this support area.
This setup is very long term so please keep that in mind. If you plan to follow it, make sure you plan accordingly for risk % and margin requirements.
Here is my setup:
Sell Order: 1.04938
Stop Loss: 1.08894
Take Profit: 1.01537
Total Pips: ≈ 330
Bonus: Here is a simple equation that will help you calculate what your position size should be based on entry, stop loss, risk %, and account balance.
(Account Balance * Risk Percent Decimal) / (Entry Price - Stop Price) = | Position |
| # | = absolute value
So my equation for this trade if I have a $10k account and 2% risk:
($10000 * .02) / (1.04938 - 1.08894) = | -5055 |
Weekly Chart: i.sli.mg/sTgyQv.png
I am expecting a breakdown below this support area.
This setup is very long term so please keep that in mind. If you plan to follow it, make sure you plan accordingly for risk % and margin requirements.
Here is my setup:
Sell Order: 1.04938
Stop Loss: 1.08894
Take Profit: 1.01537
Total Pips: ≈ 330
Bonus: Here is a simple equation that will help you calculate what your position size should be based on entry, stop loss, risk %, and account balance.
(Account Balance * Risk Percent Decimal) / (Entry Price - Stop Price) = | Position |
| # | = absolute value
So my equation for this trade if I have a $10k account and 2% risk:
($10000 * .02) / (1.04938 - 1.08894) = | -5055 |
Comment:
Based on my current risk assessment and FOMC rate hike, my stop loss is now placed at 1.07
Comment:
up 67 pips so far..