I really do not care what the FOMC minutes read or what NFP data is or what Greece are doing.
I look for where institutions are buying or selling. I do not care why they are doing so. I just want to know where. Then I go with them.
Price action lets you know that. As you can see from the yellow areas, it is pretty effective.
So, rather than draw trend lines and extensions, I stick to price. I look to buy low and sell high (relatively, of course).
Everyone wants to predict what price will do from now. I just know what I will do if and when price gets to predetermined levels.
But no one is perfect. So my risk is never greater than 3% of my account.
Anyway, 1.1340 is the bottom end of a weekly supply area with daily supply inside it.
Entry: 1.1340
Stop: 1.1400 (60 pips, 3% max, gotta protect myself if I am wrong)
Reward: TBC (Could be 1.1000 or 1.0500, either way, massive).
I look for where institutions are buying or selling. I do not care why they are doing so. I just want to know where. Then I go with them.
Price action lets you know that. As you can see from the yellow areas, it is pretty effective.
So, rather than draw trend lines and extensions, I stick to price. I look to buy low and sell high (relatively, of course).
Everyone wants to predict what price will do from now. I just know what I will do if and when price gets to predetermined levels.
But no one is perfect. So my risk is never greater than 3% of my account.
Anyway, 1.1340 is the bottom end of a weekly supply area with daily supply inside it.
Entry: 1.1340
Stop: 1.1400 (60 pips, 3% max, gotta protect myself if I am wrong)
Reward: TBC (Could be 1.1000 or 1.0500, either way, massive).
Trade active
Going well so far. Wasn't really expecting it to happen so soon.Reward = 2x risk so far
Note
Reward = 3x risk so farNote
Reward = 4x risk so far.Target = 1.0950
Note
Reward = 5x risk so far.Target = 1.0950
SL moved to 1.1200
Note
Reward = 5.5x risk so farTarget = 1.0950
SL moved to 1.1150
Note
Very near the target.Reward = >6x risk.
Good trade.
Trade closed: target reached
Done. 400 pips in the bag, risking only 60.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.