Price is above the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and good RRR. 2 Potential entries. If the PB is triggered first, then the BO entry is cancelled. It is not an add on position. PB Entry = 1.8742 Stop =1.8762 Risk = 20 pips Profit target = 1.8585 ( The daily KS ) Reward = 157 Pips RRR = 7.85-1 BO Entry = 1.8676 Stop = 1.8701 Risk = 25 pips Profit target = 1.8585 ( The daily KS ) Reward = 91 Pips RRR = 3.64 - 1 I would appreciate if you leave a comment or like as a thank you Have a great week!! Allen ** I apologize if I am a little slow responding to comments as I am conducting a training room for the next several weeks.
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Quick correction, Price is above the daily KS but below the 60 and 15 KS as well as the cloud
Trade closed: stop reached
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This trade was triggered and hot the Stop loss, The Pullback trade is still viable. However, the pullback level would be the 60 KS, which by the time price gets there will be outside the cloud, which makes it invalid.
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Correction and clarification: If the Bo trade is triggered first and is unscuccesful as here, The pullback trade is still viable. However, here since the the 60 KS is outside of the cloud this particular PB is not viable/is invalid.
A big problem I had was "moving my stop losses", but since going through the class and learning about correlation I now have 6 charts of the GBP pairs up. That makes it a lot easier to see that the price move against me is strong and it's best to just take the small loss and look to make it up on the next trade. In addition, I can also see when the move is strong going in my favor and that's helps avoiding the temptation to exit the trade too early leaving many pips on the table. If I had been doing this since getting funded I'd be at much higher funding level. Thanks for everything, Allen
wyutrading888
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@Merrick777, Thanks for sharing, I shall do the same.
AGold54
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@Merrick777, Your most welcome Merrick. The power of correlation is Awesome :)
ringo71753
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I was thinking of either GBPAUD or GBPNZD but GBPAUD got a better RRR. Your post acts as my confirmation.
AGold54
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@ringo71753, just remember we take the first to BO, so possibly Gcad
wyutrading888
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@AGold54, thanks for posting your idea. My analysis ended with GCAD, my ATR projected up and down are off quite a bit (44 pips) compared with yours, once I amended that, it shows I should go with GAUD. I will follow your set up :).
AGold54
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@wyu2009, Good Weilin
wyutrading888
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@AGold54, my trade is triggered, slip a bit entered at 1.86755 :)
wyutrading888
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@AGold54, my trade is stopped out. Is the PB set up still valid in this case?
ToLiquidityAndBeyond
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@wyu2009, According to Allen's rules, yes. With a failed BO, a PB is still valid. With a failed PB, the BO trade is invalidated.