A structure looking like a setup for long is forming, I will place a buy stop above the top and stop loss taking 1% of my account below the correction.
Option 1: it goes as intended and TP is taken
Option 2 : it breaks the low , so no trade is taken
Option 3 : it takes me in and drops, in that case I lose 1%
Option 1: it goes as intended and TP is taken
Option 2 : it breaks the low , so no trade is taken
Option 3 : it takes me in and drops, in that case I lose 1%
Comment:
So the pair drops in 3 moves , but I'm still in the trade. The moment of truth is near, lets see if this is a correction for more upside , or I'll get stopped out.
So the pair drops in 3 moves , but I'm still in the trade. The moment of truth is near, lets see if this is a correction for more upside , or I'll get stopped out.
Either option 1 or Option 3.