EURO pairs have been in a downtrend for quite some time already, while most have had a recent
retracement leaving you thinking that you might have missed out and the wide stop losses arent worth it, its worth looking into more exotic and not as popular pairs that still havent reacted or are yet to touch the critical price points. The entries for this specific trade are quite basic and easy to understand whereas exits you have to be a bit more creative with
Entry : Top of the trendline
TP (1) : At 1:2 Risk Reward Ratio, or 50 Day moving average
TP (2) : The support area marked at the bottom OR below (watch for breakout, if successfully broken keep the trade at your own risk until you determine or see a retracement (1D wick, incredibly oversold RSI etc.)
Stop loss is not based on any pivotal points and is strictly based on reasonable percentage, we're not allowing a lot of room for error because the trade is based solely on the trendline, meaning that if/once its broken, we no longer want to participate/stay in the trade. RSI indicators are also showing overbought.
retracement leaving you thinking that you might have missed out and the wide stop losses arent worth it, its worth looking into more exotic and not as popular pairs that still havent reacted or are yet to touch the critical price points. The entries for this specific trade are quite basic and easy to understand whereas exits you have to be a bit more creative with
Entry : Top of the trendline
TP (1) : At 1:2 Risk Reward Ratio, or 50 Day moving average
TP (2) : The support area marked at the bottom OR below (watch for breakout, if successfully broken keep the trade at your own risk until you determine or see a retracement (1D wick, incredibly oversold RSI etc.)
Stop loss is not based on any pivotal points and is strictly based on reasonable percentage, we're not allowing a lot of room for error because the trade is based solely on the trendline, meaning that if/once its broken, we no longer want to participate/stay in the trade. RSI indicators are also showing overbought.
Trade active:
Position entered : 25.88507