EURUSD shorts that unfolded earlier today around 1.16587, It presented as a clear trade setup (H&S) as most of us know about this pattern but very few understand the technicals behind it and how it should be traded, I personally didn't take this trade as i was not trading during this time and mostly focus on (London Open) but thought I'll share this anyways and hopefully it might help someone here in their (Trading Journey) so back to the technicals... Entry level would be off the right shoulder that's lined up with our 61.80% fibonacci level and stops can be placed above previous candle closure and 78.50% fibonacci level, any price break above this will indicate a trend reversal and to manage our trade, we would want to be stopped out before the massive move happens. So stops would need to be placed above this level and traded at 1% risk or lower, I personally take all my trades at 0.25% risk regardless how right i am with trading, my main focus in trading is capital protection and it should be yours too. Exit levels on this will be the -23.00 | -61.80% fibonacci.
This is one of many profitable setups that can be traded, however - my best advice is to find one setup and stick with that daily, weekly.
I will start posting more content and trade idea's here later this week.
I'm enjoying it.
Kind Regards.
This is one of many profitable setups that can be traded, however - my best advice is to find one setup and stick with that daily, weekly.
I will start posting more content and trade idea's here later this week.
I'm enjoying it.
Kind Regards.