Market has been spewing bad signals in irrelevant areas. Finally something worth taking (I hope you guys aren't blowing up your account with LQ setups).
-Weekly Bullish Influence
-Fake out (trapped bears/sellers at weekly level *plot on your chart*)
-Break and retest with a powerful 4hr Bullish rejection candle
-4hr trendline break.
Looking at a minimum of 1:6RR.
If this trade results in a loss, I lose 1%. If this trade runs into profit I make 6%. 6x what I have originally risked. I will have to lose 6x to wipe out this one win. Risk:Reward is important!
-Weekly Bullish Influence
-Fake out (trapped bears/sellers at weekly level *plot on your chart*)
-Break and retest with a powerful 4hr Bullish rejection candle
-4hr trendline break.
Looking at a minimum of 1:6RR.
If this trade results in a loss, I lose 1%. If this trade runs into profit I make 6%. 6x what I have originally risked. I will have to lose 6x to wipe out this one win. Risk:Reward is important!
Trade closed: stop reached:
-%1
Comment:
Looking back at this trade; stop loss was too tight. I was obviously trying to squeeze for a 1:6RR