Understanding and being picky with your entry level give you a better edge in picking up momentum once your trade is active.
Once we define our direction bias and entry price levels. We can choose to : 1)Directly place pending orders at those levels 2)Place Price Alert Alarm at those levels.
Target Conditions:
-Duration: To stay as long as I can tolerate and stay focus on the original intention. (Up to 10R)
-Minimum Reward: 2R in return.
-Maximum Reward: 10R in return.
-If one particular day have abnormal moving range, we can first take profit at the farthest end first.
(More then 200 pips for GBPUSD)
Patient and Slowly Trailing up Stop only after a new lower high is confirmed here in the case to Sell.
Once we define our direction bias and entry price levels. We can choose to : 1)Directly place pending orders at those levels 2)Place Price Alert Alarm at those levels.
Target Conditions:
-Duration: To stay as long as I can tolerate and stay focus on the original intention. (Up to 10R)
-Minimum Reward: 2R in return.
-Maximum Reward: 10R in return.
-If one particular day have abnormal moving range, we can first take profit at the farthest end first.
(More then 200 pips for GBPUSD)
Patient and Slowly Trailing up Stop only after a new lower high is confirmed here in the case to Sell.
Trade active:
sell at 1.3017