Update: First target hit, moved stop loss to entry. Update: Second half was closed at entry Profit(pips)= + 48 pips
I am short from 0.9362, as price may have completed a retest to the broken support area, hinted by the multiple rejection from that level. The bigger picture over the daily chart shows a bearish breakout below the 50-days SMA. Lets see how this trade unfold. Good luck to you and me :)
------------------------------------------------------- Trading Criteria: 1. Trades are taken in two units 2. First unit would be closed at first target 3. Stop loss is then moved to break-even 4. Second unit would be closed at second target 5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled 6. Remember: Losing is a main part of the game ;
Comments
AndrewDavies
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Hello there, I like your methodology and it's very similar to mine. Can I ask you to explain rule 5 in your trading criteria please? This might be an important part I'm missing in my plan.....Many Thanks, Andrew
Technician
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Hi, I mean that if price moves towards my first target without getting me filled(triggering my entry) then I will cancel the trade, i wont take it if price moves back towards my entry.
AndrewDavies
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Thanks for the reply. Would it be possible to send me a link to an example of a cancelled trade, so that I can fully understand what you mean? Many Thanks.