RENAULT 1D DESCENDING TRIANGLE BREAKOUT
Price has already broken out of triangle bottom
Trade money management is:
Enter 2 trades at daily close below triangle bottom = 50.86 Entry
SL is 1.5 x ATR (1.49) = 2.24 from close of breakout candle (50.86 + 2.24 = 53.10 SL for both trades)
TP is 1 x ATR = 1.49 from close of breakout candle (50.86 - 1.49 = 49.37 1st TP)
When 1st trade TP is hit move 2nd trade SL to breakeven at 50.86
2nd trade has no TP so your profits can run
As price breaks current support follow SL behind price at previous fractal high
As price continues to break these current support levels continue to move SL
Watch our TSG You Tube video creator Tim Black money management training video
youtube.com/watch?v=-v3-XN62y4o
Trade money management is:
Enter 2 trades at daily close below triangle bottom = 50.86 Entry
SL is 1.5 x ATR (1.49) = 2.24 from close of breakout candle (50.86 + 2.24 = 53.10 SL for both trades)
TP is 1 x ATR = 1.49 from close of breakout candle (50.86 - 1.49 = 49.37 1st TP)
When 1st trade TP is hit move 2nd trade SL to breakeven at 50.86
2nd trade has no TP so your profits can run
As price breaks current support follow SL behind price at previous fractal high
As price continues to break these current support levels continue to move SL
Watch our TSG You Tube video creator Tim Black money management training video
youtube.com/watch?v=-v3-XN62y4o
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