Potential Sniper Entries on EURUSDHello Traders!
First, 95% of traders are wrong and everyone's analysis outside of yourself should be taken with a grain of salt and a gulp of discernment.
With that being said, here is my current outlook on EURUSD based on current economic conditions and price action that has developed.
Due to the outcome of NFP last week, the current USD Unemployment Rate raising from 3.5% to 3.7% seemed to be the dictator, we saw bullish price action on beginning on Friday for EU.
With the current economic data priced into the market, I am anticipating more bullish activity as the week unfolds.
Therefore, I am expecting a pull back during London session for a continuation of bullish momentum during New York session tomorrow.
Due to the fact that smaller stop losses typically mean lower accuracy for trades, I like to take multiple shots with these setups and risk small for insanely high risk to reward setups.
The point for me isn't to win every trade. The point for me is to win HUGE on the trades that I do win so I can come out with a positive ROI in the long run.
Happy trading investors!
Tightstops
Two Potential Setups on XAUUSDThe fundamentals over the past week have been coming out as strong catalysts for bullish momentum on the DXY to continue. Therefore, I am currently still looking for SHORTING opportunities on XAUUSD. So if or when price returns to 1940 / 1945, I will be paying attention to price action as it develops and if it starts to look like buying pressure is fizzling out, I will be executing my short positions from these areas.
I am keeping my risk very minimal on both of these orders at only 10 pips, reward is going for 218 pips on the first potential setup for a 1:21.83 RR and the second setup is going for 268 pips for a potential 1:26.8 setup.
I am expecting the 1st setup to potentially fail because it is so close to a fair value gap that was left by the imbalanced selling pressure left after the FOMC meeting yesterday but there is a small risk on the setup so I will take that risk.
The best thing that I have done for my trading is stop trying to trade every single day and wait for the setup Tuesday-Thursday only.
I keep my risk to reward at a 1:10+ so if I lose, I lose small and when I win, I win big.
At this risk to reward, I can hit 9 stops in a row, then hit one target profit, and still be profitable.
The hard part is moving through those losses and not letting it shake my trading fortitude.
I've learned that win ratio is not the most important key performance indicator when you are trading.
99% win ratio sounds better than a 13% win ratio to inexperienced traders but if that 13% win ration has a much higher risk to reward than that 99% win ratio, then the trader who has a 13% win ration will be the more profitable trader.
With that being said, if you decide to take this trade, please do not risk any more than 1% on either one of these setups.
A tight stop loss is great and can be enticing to risk more, however, the tighter the stop loss, the more often you will hit that stop loss.
Please trade intelligently.
Quick-Fire EURNZD Trade Waited for price to break entry line and 2 pip pullback after all rules met = Divergence, Bollinger Bands, and below 30 on RSI. Nice easy 14 pips total I closed half at the 15% target. Much easier to look at on 1M chart after all rules are met will post that in the comments since it will not let me publish as an idea waiting for the wave 2 bounce with divergence now for another trade.