Here's a breakdown of my opened position and the logic behind it:
My conditions: I'm attempting to complete my prop challenge with a $25,000 balance. As I've already incurred losses, I consider $20,000 as my balance to reduce risk.
On a 4-hour chart, the uptrend has not been broken yet. I simply assume that the chances the trend will continue are high enough, so I go long in the discount zone. Considering my account size of $20,000 with an entry price of $3278, I maintain a 3% risk with a Risk/Reward Ratio of 3.
I set up my stop levels slightly lower than the current higher low in case the trend changes, and I set my take profit (TP) at $3600. I want to ensure my TP works, so I don't set it higher than higher high levels.
My conditions: I'm attempting to complete my prop challenge with a $25,000 balance. As I've already incurred losses, I consider $20,000 as my balance to reduce risk.
On a 4-hour chart, the uptrend has not been broken yet. I simply assume that the chances the trend will continue are high enough, so I go long in the discount zone. Considering my account size of $20,000 with an entry price of $3278, I maintain a 3% risk with a Risk/Reward Ratio of 3.
I set up my stop levels slightly lower than the current higher low in case the trend changes, and I set my take profit (TP) at $3600. I want to ensure my TP works, so I don't set it higher than higher high levels.