A Great Day To Sell AUDUSD finally pulled back to my 4 hour estimation zone. No that price is here I’m awaiting the 4 hour candle closure at 9:00 am Eastern Standard Time to give me permission to enter the trade.
Let me explain why:
1. The 4 hour timeframe created a lower low at 0.70517
2. Price has retraced to my zone. All it needed to do was touch. Keep in mind the deeper the pullback the more pips can be squeezed out of the trade.
3. I’m awaiting a bearish candlestick in my favor. I only enter on trades based on 4 candlesticks. All I need is one of those to present themselves.
When these 3 rules are fully met, I’ll measure my risk to reward based on the entry, stop loss, and take profit. All I need is more than a 1:1 risk to reward to execute the trade. Once all of this is observed I’ll enter the trade risk in 1% of my FTMO account.
After I’m in the trade I let it do it’s thing. I can’t concern myself with losing or how long it will take to win the trade. All that matters is my rules are met to execute. I’ll concern myself with emotions after the trade completes itself.
