@Rabeekhatlani, id go for a TP of 1.00400ish region and tighten that SL a little and put it at the HA high, nice you got the same vibes as me on the EURUSD! happy trading mate!
Rabeekhatlani
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@algoquantix, thanks for the valuable feedback....i normally keep my risk to reward ratio 1:1 means entry price to SL and TP are equal in pips :)
algoquantix
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@Rabeekhatlani, trust me you can do 2:1, move your stoploss to just above the previous heikinashi low on your chart, if your ambitious you could set your take profit to 0.99500(where the price bounced on your yellow MA), a reversal there would qualify the continuation of the bull run without breaking it and it would then of course be time to buy. the reason i think it will go that low is the rounding over of the price, which could also be very bad news for EURO as a cup and handle pattern can follow, so a quick conservative buy, but expect the price to fail on forming of the handle as this will push the price much much lower, like pre EU trading prices.
Rabeekhatlani
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@algoquantix, thanks alot for providing the feedback and taking your valuable time out for my guidance. Really appreciate your input.
algoquantix
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@Rabeekhatlani, one tip i'll give you, just this once, since your using heikin ashi candle, in a down trend, if theres no shadow/tail at the top of the candle, it means price fell and didnt go higher than the previous close, this is a great place to place your stoploss as that price level was automatically rejected on open, so that candles open/high acts as the current S/R level.
Rabeekhatlani
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@algoquantix, much appreciated....really great insight....ill definitely test this strategy as well