Please refer to daily chart for details:
1) Both Andrews pitchforks on chart show divergence in price action, where they overlap at.
2) RSI (momentum indicator on bottom)- shows price action is going up at this time on daily chart.
Trade set up: 1:1 Risk Reward is as follows: 50 box = 50 stop loss/50 target
1) Target: 1.72000
2) Enter: 1.71500
3) Stop loss: 1.71000
This will be be my 1st trade of session: set it and forget it trade for me. Make plan/trade plan. Will place this trade after 1st hour of session.
Related to 50 stop loss- adjust risk management to your account size with the correct lot size, for your risk of 1%, 2% or ? (whatever your level of risk is)
All trades you do, you need to control and be in charge of all you can: stop loss, enter, target, risk, price you enter, pair you trade, session your trade and time you trade- If you are excellent with the former- you will be trading for a lifetime or a marathon, instead of a short time or a sprint race.
Please do your own strategy and plan with any trades you do- trading has to be completely on you do and not- with any trades. Learn every trade you do.
1) Both Andrews pitchforks on chart show divergence in price action, where they overlap at.
2) RSI (momentum indicator on bottom)- shows price action is going up at this time on daily chart.
Trade set up: 1:1 Risk Reward is as follows: 50 box = 50 stop loss/50 target
1) Target: 1.72000
2) Enter: 1.71500
3) Stop loss: 1.71000
This will be be my 1st trade of session: set it and forget it trade for me. Make plan/trade plan. Will place this trade after 1st hour of session.
Related to 50 stop loss- adjust risk management to your account size with the correct lot size, for your risk of 1%, 2% or ? (whatever your level of risk is)
All trades you do, you need to control and be in charge of all you can: stop loss, enter, target, risk, price you enter, pair you trade, session your trade and time you trade- If you are excellent with the former- you will be trading for a lifetime or a marathon, instead of a short time or a sprint race.
Please do your own strategy and plan with any trades you do- trading has to be completely on you do and not- with any trades. Learn every trade you do.
Trade closed: stop reached:
out of trade, stop loss hit. Just one trade of many & it happens.