dojitrader
Short

Risk/Reward Not Strong Enough . . . Unless ???

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
164 3 3
With smart stops placed @ 1.13 fib ext of A to X
for either trade setup
and the likely hood that price could easily test recent
highs around .8850 will probably keep me out
Unless ---
The candlesticks provide an enticing short setup
with low risk = just in case I'm wrong and downside
continuation is still in this proposed 5th wave to
newer lows.
Wait~~~~Me wrong ?
More than my Psychology has yet learned to handle.
Thus, my favorite phrase:
You either suffer the pain of discipline or the pain
of regret. Pick a side !
I'll let you know. . . . LOL ~~~~~~~~~
Congratulations..!!!
Reply
I'm not sure I understand the question. However, I use the 1.13 fib ext for stop loss
placement so that price action can have plenty of room to slop around
((especially in the absence of any meaningful areas of resistance/support))
such as traders buying/selling breakouts of X or stop hunters pushing price as
much as possible against resistance/support
before it either heads in my direction or stops me out.
That's the idea anyway.
Hope you've made loads of pips this year !!!!!
Reply
hey trader. is there anything need to take note for the 1.13 ext xa to make stop loss?
Reply
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