Go Long on Hammer Candle GBPUSD
This is what I call a Fortitude trade if it were piercing our daily Pivots or Opening Range levels. However, this still looks favorable without these levels in play with a risk reward ratio of 2.18:1
The rule is to go long on a break above the hammer candle high.
The rule is to go long on a break above the hammer candle high.
Comment:
In these type trades look for a quick profit if there is a meaningful stall in upward move.
Trade closed manually:
Exit with a small gain. No follow through. This type of trade should see a fairly quick reversal.
Comment:
What was particularly confidence building in the validity of the trade despite not having the pivot/OR piercing was the Pivot MAs were all strongly pointing/trending up.
You can see it here;
This is a good reason to override the Time Stop Loss. The RR was just shy of what I was comfortable with "just letting it ride", maybe a 3 :1 ratio and:or a lower absolute pip amount would have increased confidence to let it do its thing and not exit early.
This should be a good lesson in the MAs having a strong influence when you are on the fence about a trade and whether to stay with it.
You can see it here;
This is a good reason to override the Time Stop Loss. The RR was just shy of what I was comfortable with "just letting it ride", maybe a 3 :1 ratio and:or a lower absolute pip amount would have increased confidence to let it do its thing and not exit early.
This should be a good lesson in the MAs having a strong influence when you are on the fence about a trade and whether to stay with it.
Comment:
Check this one out
