I don't do "order blocks or sniper entries" because the truth is they don't exist and are high risk. I prefer simple, high probability scalp trades that reward +10pips with minimal losses. Risk management is everything, small losses for bigger wins.
Looking at taking a long on GBPJPY when the candle breaks this recent resistance. depending on price action we may move the stop loss to below the previous wick, however as it currntly looks there doesn't seem to be strong indication of a lower low.
Very very small risk here, but I've taken a buy here based on the candle pushing past previous resistance and should it close above the wicks to the left I will be happy to hold.
Risk management important as always, watch out for any curveballs thrown and take it easy. It is a FRIDAY and they are always unpredictable.
Follow up idea with an update explaining what the trade situation was as I have received a few messages asking what should have been done.
So as we can see, the candle after the trade idea had been posted saw a bearish close, and then another bearish close. We will look only at the first bearish close.
This trade becomes invalidated BECAUSE the candle that BROKE...
Good Morning, to keep it short and sweet, we are looking for buys on the break of the previous candle high.
I am taking a buy here in this scenario due to London open, HOWEVER, London Open is always a volatile and sometimes nonsensical time in terms of how the market will react. We need to play this carefully so don't risk too much.
IT IS A FRIDAY! TAKE IT EASY...
The way this candle closes will be important.
I will update this as we progress.
If you like this trade please give it a like and follow as it lets me know my ideas are helping give insight to others :)
This is the time to manage risk, we are up a good 40 pips so we close 80% of the position, move stop loss to break even and let the rest run. This is free money so any profits is a bonus from this position, if we get stopped out we don't lose money, maybe even a little profit if you move it above the entry point.
Looking at a potential buy from this break of structur, as we can see price meets strong resistance at this level, I'm expecting this last level of resistance to fall before we can see a move up.
Leave thoughts below and don't forget to leave a like if you like it :)
This is a potential Long idea, this would be taken based on price action at the time and momentum. I like this setup and with the correct risk management this can be a really good trade to take.
I will post updates as we progress.