In honest this isn't a pair with much clarity as price is drifting between upper and lower consolidation structures. In cases like this it's best to wait for a correction at a major level/structure or a break-out of a major resistance/structure. The green box is where I'd want to go long on a correction and the yellow box is where I'd want to go long on a break-out.
The downside is always a possibility however I am not looking short unless the 1.16000 level is broken given the fact D1 bias is strongly in favour of the uptrend.
My Trading Rules - How I identify trades, define my edge and manage the commercials:
First I define my 'edge' which simply means a set of circumstances that indicate one eventuality is greater than another.
My Edge: (How I decide on if I should enter)
1) Is defined as trading in the direction of the overriding daily trend (Bullish, Bearish or Neutral)
2) In a trending marketing I look for entries at corrective price structure
3) In a neutral market I trade the upper and lower most extremes of the support and resistance levels
4) In the case of a breakout I seek an entry in the direction of the break
Next I follow 4 rules for undertaking analysis: (How I spot opportunities)
1) Analysis must clearly define a 'bias' and the parameters for invalidating 'bias'
2) Analysis must clearly provide a trade set-up with entry, take profit and stop loss
3) Analysis must debunk a trade in the opposite direction
4) Analysis must factor in sentiment and fundamental factors
So now I know my edge and how to spot opportunities the next is how to manage trades: (How I decide on the commercials of a trade)
1) Take profit should be set at a key fibonacci and/or price structure level
2) Stop loss should be no more than 3% per trade (sum of total positions)
3) Entry should feature 2 or more positions
4) Entry at market is forbidden to mitigate impulse trading (I only trade via orders)
The downside is always a possibility however I am not looking short unless the 1.16000 level is broken given the fact D1 bias is strongly in favour of the uptrend.
My Trading Rules - How I identify trades, define my edge and manage the commercials:
First I define my 'edge' which simply means a set of circumstances that indicate one eventuality is greater than another.
My Edge: (How I decide on if I should enter)
1) Is defined as trading in the direction of the overriding daily trend (Bullish, Bearish or Neutral)
2) In a trending marketing I look for entries at corrective price structure
3) In a neutral market I trade the upper and lower most extremes of the support and resistance levels
4) In the case of a breakout I seek an entry in the direction of the break
Next I follow 4 rules for undertaking analysis: (How I spot opportunities)
1) Analysis must clearly define a 'bias' and the parameters for invalidating 'bias'
2) Analysis must clearly provide a trade set-up with entry, take profit and stop loss
3) Analysis must debunk a trade in the opposite direction
4) Analysis must factor in sentiment and fundamental factors
So now I know my edge and how to spot opportunities the next is how to manage trades: (How I decide on the commercials of a trade)
1) Take profit should be set at a key fibonacci and/or price structure level
2) Stop loss should be no more than 3% per trade (sum of total positions)
3) Entry should feature 2 or more positions
4) Entry at market is forbidden to mitigate impulse trading (I only trade via orders)
