this trade was made and forgotten though if i had entered the market with my order set, i would not have been stopped out as my stop loss was a bit higher than where the market retraced.
now the market has come back down after a break out from the range which she was trading. i hope it to continue and i base my idea on the likely new range it might be trading for while before it does any other thing.
once the market opens on set you orders at 1.27552 price for it to be triggered there and have your take profit at 1.26535 for about 100 pips profit as the TP2 while your TP1 at 1.27030 if you wish to have two positions but if one, try to protect your profit at the TP1.
also, note, when your TP2 is gotten dont go out of the market, trail it and try to see if it can go a bit deeper for more profits and there trailing to protect you already gotten TP2 so that if it does not you still have you TP2 profits.
when market goes to that point of entry, make a PUT or SELL or DOWN option for the expiration of the End of The Day.
good portfolio sizing
if you were in the trade and you are not stopped out what would you have done? would you say it is invalid?
i have made several trades like this and they trade...you could check my past ideas on USDJPY and you will see it i think.
so here is experience man
good luck in trading man
i will try to post the past thing i have done like this before so you can see and testify.
also, i may be right or wrong but the experience in most of the cases are rightly traded. please relax until i show you what i mean. being a professional is not a day's thing my friend.
also trade your strategy, dont deviate ok. keep to your rules i recommend.
however, you should not enter the market until all the conditions shown are fulfilled and after market open
i lost hope on this but at the same time some pips away to get me stopped out and when i saw it coming down, i had to enter a third position and play it to see how it rode.
i have had several of these mostly and most times they play well. mind you even first TP hit is ok cause i will trail stop loss for the second TP and will loose nothing if the market wont go further my way again.