Again, GBP pairs in momentum.
Plan:
Wait for break.
Wait for 4hr close above resistance zone.
Wait for retest.
Wait for key candles to tell you price is rejecting that level and wants to continue up.
Execute buys with a 7-10pip stoploss,
Risk to Reward roughly 1-3 depending on where you place stops.
Guys price will not just suddenly make a U turn on you, so trade with momentum. trade with the big boys, follow them. wait for breaks of levels and then wait for retests.
Plan:
Wait for break.
Wait for 4hr close above resistance zone.
Wait for retest.
Wait for key candles to tell you price is rejecting that level and wants to continue up.
Execute buys with a 7-10pip stoploss,
Risk to Reward roughly 1-3 depending on where you place stops.
Guys price will not just suddenly make a U turn on you, so trade with momentum. trade with the big boys, follow them. wait for breaks of levels and then wait for retests.
Order cancelled:
nope i will not take a trade at this time, even if i got a retest. my trading hours are finished and i will not deviate from my plan. i will be back tomorrow 6am to hunt.
this was stunning though, look at our confirm candle, we got a doji exactly at our retest zone. this was the plan.
wait for retest
wait for key candle
and BUY our stops would have been just 11 pips. and then move them to break even as price starts to make its impulse move.
this was stunning though, look at our confirm candle, we got a doji exactly at our retest zone. this was the plan.
wait for retest
wait for key candle
and BUY our stops would have been just 11 pips. and then move them to break even as price starts to make its impulse move.
Comment:
also keep in mind when we had a break and close above resistance, we never got a retest, so for me if that happens the trade is cancelled.
Comment:
added to spreadsheet