$EURUSD - 4HR Order Block Sell 2:1 RR (SMT)
Updated
You have two solid bullish candles from yesterday that did not crack a previous high. The high came after a rejection bearish candle. The two solid bullish candles were over shadowed by two waining bearish candles and one engulfing candle taking us down to the low of the week.. so far. Generally in a weekly structure that looks like this, the actual weekly low comes on a Thursday. With the price gaining ground to entering these two solid 4 hour bulish candles (also bearish order blocks because the price is now below them), the DXY has continuously been gaining bullish momentum, and even though the EUR is the strongest of the currencies, that still doesn't negate the fact that there are very bearish tendencies in this setup. With time nearing in on the EUR open, I wouldn't be surprised to see a quick jump up to start the process as it did last night. I have 1.21000 marked as a safe spot to enter as that is near the low of the order block, However I am expecting it to get at least to the yesterdays Asian Range Low 1.21072 and the 1 hour bearish order block 1.21096. So not much of a window, but that's where I will unleash most of my lots when it reaches that level. While also having varying stop losses to mitigate risk with the highest being just around 1.21325 which is the top of the bearish 4 hour order blocks and 1.21250 which is just above the 1 hour order block.
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I find making multiple variances on entries and Stop Losses help in tremendous ways when mitigating risk, in case the whole trade goes against you, you've relieved some of your lots at an earlier phase but even if it does break that first stop loss threshold and there seems to be a momentum change, you can easily add another position, and gain it back plus some. That's just my strategy on how I play the game.
But I could be completely wrong. I mean, what do I know. I'm just some guy that tries to follow smart money theory and apply it to charts and hope that it works. I could be COMPLETELY WRONG. So with that being said
Good Luck and Good Trading :)
p.s. Trend Lines and Channels are just a by-product price levels combined with time x price theory. They're not real and they you shouldn't rely on them as trading signals.
\* See Chart */
I find making multiple variances on entries and Stop Losses help in tremendous ways when mitigating risk, in case the whole trade goes against you, you've relieved some of your lots at an earlier phase but even if it does break that first stop loss threshold and there seems to be a momentum change, you can easily add another position, and gain it back plus some. That's just my strategy on how I play the game.
But I could be completely wrong. I mean, what do I know. I'm just some guy that tries to follow smart money theory and apply it to charts and hope that it works. I could be COMPLETELY WRONG. So with that being said
Good Luck and Good Trading :)
p.s. Trend Lines and Channels are just a by-product price levels combined with time x price theory. They're not real and they you shouldn't rely on them as trading signals.
Trade closed: stop reached
During the time it went up to about exactly where I thought it would before retracing down toward my take profit in the morningBut Then I forgot about the EUR main refinancing rate. Which didn't change, but that news took my trade completely out.
Luckily I was paying attention and took profit at 15 pips and played the scalp game until it reached my stop loss. So I came out even
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
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