One of the pairs that I have on my main focus for today is GBP/AUD. We have price expanding to a hook point with an inner ascending channel. Due to price being a larger D/4H structure, I will not be looking for a risk entry as that would increase the risk on this trade. What I will be doing to lower the risk of this trade is to wait for price to break above the high to catch traders on the wrong side of the market (mass psychology), a deliberate 1h push down, followed by a 15m flag continuation for a reduced risk entry. Ideally we can get a 15-20 pip stop loss and have a risk to reward of 1:20.
Just a side note, this is not financial advice, just my take on what is going on in the market. I personally risk 1% on every single trade as this risk model will keep you in the game for the long run. I am not here to make quick profits. I am here for a good time and a long time.
Cheers guys and girls!
Just a side note, this is not financial advice, just my take on what is going on in the market. I personally risk 1% on every single trade as this risk model will keep you in the game for the long run. I am not here to make quick profits. I am here for a good time and a long time.
Cheers guys and girls!