Please refer to 4 hour AudUsd chart:
Setup:
1) Target 0.64500
2) Enter 0.64250
3) Stop 0.64000
Yes, this set up and trade I will do is a 25 box (which means 1:1 Risk Reward) and that stop loss and target will be same distance from each other.
Will let price action go north or up higher and hit my entry 1st at 0.64250- which will trigger into this trade, which will be a buy limit order and a set it and forget it trade. Which means once in this trade it will do what it does- either hit my target and/or stop loss of 2% risk reward per trade (for me).
Always- on each trade use risk management and stop losses.
Until you know what pair, price, session and time to trade- find trades which give you a risk reward of 1:2 or higher, with my 1:1 style of trading that I utilize in my trading mostly I have a high win rate of 70% plus- so I works for me. You need to find a repeatable strategy that works for you and make it as mechanical as possible and/or robotic almost. When trading forex your plant should answer all of your questions that arise- if if does not then you need to change it.
Wish you the best- Always protect the bag (profits) when trading- never let a winning trade turn into a losing trade.
Note: Double Andrews pitchforks over charts add divergence and/or possible reversal price action points when I trade. Noted on this 4 hour AUDUSD chart is sell imbalance (you can google and/or You Tube forex imbalance- if you want)- which means PA will negate that area before deciding which direction to go.
Setup:
1) Target 0.64500
2) Enter 0.64250
3) Stop 0.64000
Yes, this set up and trade I will do is a 25 box (which means 1:1 Risk Reward) and that stop loss and target will be same distance from each other.
Will let price action go north or up higher and hit my entry 1st at 0.64250- which will trigger into this trade, which will be a buy limit order and a set it and forget it trade. Which means once in this trade it will do what it does- either hit my target and/or stop loss of 2% risk reward per trade (for me).
Always- on each trade use risk management and stop losses.
Until you know what pair, price, session and time to trade- find trades which give you a risk reward of 1:2 or higher, with my 1:1 style of trading that I utilize in my trading mostly I have a high win rate of 70% plus- so I works for me. You need to find a repeatable strategy that works for you and make it as mechanical as possible and/or robotic almost. When trading forex your plant should answer all of your questions that arise- if if does not then you need to change it.
Wish you the best- Always protect the bag (profits) when trading- never let a winning trade turn into a losing trade.
Note: Double Andrews pitchforks over charts add divergence and/or possible reversal price action points when I trade. Noted on this 4 hour AUDUSD chart is sell imbalance (you can google and/or You Tube forex imbalance- if you want)- which means PA will negate that area before deciding which direction to go.