I can see a large 4HR Accumulation on "Cable" This is the Wychoff Accumulation 1 schematic. I have setup 2 different trades one targeting the initial break of the descending trendline and the other is targeting the previous weekly high.
Trade active
⋅
Shame my initial LPS was placed a bit high so my first entry hit SL. However, I re-evaluated the setup and saw the opportunity to enter another long with a better Risk : Reward ratio. This trade is almost now at the 1.4000 TP and I have just taken 60% of the profit off it which has covered the initial loss from the first early entry. Plus I have 40% running for the TP which is all extra profit.
Overall, this trade played out well I learnt to manage and not rush my entries as much and try to enter below the 50% level within the range so my entry price is on "Sale" as such.
Shame my initial LPS was placed a bit high so my first entry hit SL. However, I re-evaluated the setup and saw the opportunity to enter another long with a better Risk : Reward ratio. This trade is almost now at the 1.4000 TP and I have just taken 60% of the profit off it which has covered the initial loss from the first early entry. Plus I have 40% running for the TP which is all extra profit.
Overall, this trade played out well I learnt to manage and not rush my entries as much and try to enter below the 50% level within the range so my entry price is on "Sale" as such.
George_714
⋅
Great post !😎
elliotthforex
⋅
@George_714, Thanks we will see how it performs I am hopeful the setup is strong just waiting for the spreads to tighten back up and a good entry point on lower timeframes. let me know if you take it be interested.👍🏽
George_714
⋅
@elliotthforex, this setup looks great ! i will look to take the trade also. Really have a good feeling about this one 🤞
Overall, this trade played out well I learnt to manage and not rush my entries as much and try to enter below the 50% level within the range so my entry price is on "Sale" as such.