Description
⋅ I really do not care what the FOMC minutes read or what NFP data is or what Greece are doing.
I look for where institutions are buying or selling. I do not care why they are doing so. I just want to know where. Then I go with them.
Price action lets you know that. As you can see from the yellow areas, it is pretty effective.
So, rather than draw trend lines and extensions, I stick to price. I look to buy low and sell high (relatively, of course).
Everyone wants to predict what price will do from now. I just know what I will do if and when price gets to predetermined levels.
But no one is perfect. So my risk is never greater than 3% of my account.
Anyway, 1.1340 is the bottom end of a weekly supply area with daily supply inside it.
Entry: 1.1340
Stop: 1.1400 (60 pips, 3% max, gotta protect myself if I am wrong)
Reward: TBC (Could be 1.1000 or 1.0500, either way, massive).
Trade active
⋅ Going well so far. Wasn't really expecting it to happen so soon.
Reward = 2x risk so far
Comment
⋅ Reward = 3x risk so far
Comment
⋅ Reward = 4x risk so far.
Target = 1.0950
Comment
⋅ Reward = 5x risk so far.
Target = 1.0950
SL moved to 1.1200
Comment
⋅ Reward = 5.5x risk so far
Target = 1.0950
SL moved to 1.1150
Comment
⋅ Very near the target.
Reward = >6x risk.
Good trade.
Trade closed: target reached
⋅ Done. 400 pips in the bag, risking only 60.