Hello just want to publish how i plan to execute my trade which i had earlier posted ; then again its just for my own portfolio but any feedback would be appreciated
so i would to enter this trade around the 0.50 fib level since i have some fib confluence in that area along with some possible structure. my stop loss would be just below the 0.618 retracement around 0.635. break under that area would violate previous structure and more downtrend can be anticipated. Would have three exits for this trade first being 0,641 level which would be equal to amount of money risked on this trade and stops would be moved to the entry making this a risk free trade. that level would also be a previous structure. Second exit would be at 0.646 area and stops would be moved to the previous target. 0.646 has a previous structure high along with some fibonacci confluence in that area. half of the position would be closed and the remaining half would have its target at the 0.651 level since that would be a 1.27 extension as well as the target fr the wedge. Not only that but there is significant structure in that area to drag my interest towards it. This is high risk : reward trade. Lets see how this plays out
Best of luck
Disclaimer : this is just for my reference , i wont be responsible if someone follows the plan and gets stopped out
cheers
so i would to enter this trade around the 0.50 fib level since i have some fib confluence in that area along with some possible structure. my stop loss would be just below the 0.618 retracement around 0.635. break under that area would violate previous structure and more downtrend can be anticipated. Would have three exits for this trade first being 0,641 level which would be equal to amount of money risked on this trade and stops would be moved to the entry making this a risk free trade. that level would also be a previous structure. Second exit would be at 0.646 area and stops would be moved to the previous target. 0.646 has a previous structure high along with some fibonacci confluence in that area. half of the position would be closed and the remaining half would have its target at the 0.651 level since that would be a 1.27 extension as well as the target fr the wedge. Not only that but there is significant structure in that area to drag my interest towards it. This is high risk : reward trade. Lets see how this plays out
Best of luck
Disclaimer : this is just for my reference , i wont be responsible if someone follows the plan and gets stopped out
cheers
