1) Double Top on the 4hr / Triple Top on the 1hr TF
2) LTF bearish transitions in our 4hr zone
3) 1m momentum Trendline breaks & LTF Head & Shoulders
2) LTF bearish transitions in our 4hr zone
3) 1m momentum Trendline breaks & LTF Head & Shoulders
Comment:
After tp1 was hit, technically I was risk free but it wouldve cut into my profits had I left my risk open so I decided to reduce my risk, due to my weak pyschology, & since we're in bullish market flow it made me a bit more conservative/cautious with this trade
Comment:
This is a big lesson/turning point for me:
When we place trades we are hoping that it goes in our direction and we typically have 3/4 TP areas but once TP1 is hit we tend to take off at least 50% of our trade volume which 1) partial profits get collected & 2) our risk gets reduced
SOO... originally I placed this sell with a 20.5 SL and a volume of 0.05 so i was risking $10.25 but once Tp1 was hit for 35.4 pips and I partialed out 0.03 so I took a profit of $9.99 and my risk has been reduced to 0.02 x 20.5 pips = $4.10
Sooo technically this is a risk free trade now that Im risking less than what I've already partialed out so if my SL was hit I'd still walk away from this trade with a $5 profit. Once we have trades that are "risk free" then we no longer need to watch or really worry about them. And when price comes back to our entry price and we see another trade entry signal then we should take that signal because it has the chance to be partialed out, profit collected, and risk free just like the 1st original entry. Once trades are considered risk free then we have the opportunity/ability to risk another 1-3% on the next trade because our previous trade no longer has any money at risk to lose so we can move onto the next trade and do the same thing in hopes that all our reentries and trades left running will fall into profit
When we place trades we are hoping that it goes in our direction and we typically have 3/4 TP areas but once TP1 is hit we tend to take off at least 50% of our trade volume which 1) partial profits get collected & 2) our risk gets reduced
SOO... originally I placed this sell with a 20.5 SL and a volume of 0.05 so i was risking $10.25 but once Tp1 was hit for 35.4 pips and I partialed out 0.03 so I took a profit of $9.99 and my risk has been reduced to 0.02 x 20.5 pips = $4.10
Sooo technically this is a risk free trade now that Im risking less than what I've already partialed out so if my SL was hit I'd still walk away from this trade with a $5 profit. Once we have trades that are "risk free" then we no longer need to watch or really worry about them. And when price comes back to our entry price and we see another trade entry signal then we should take that signal because it has the chance to be partialed out, profit collected, and risk free just like the 1st original entry. Once trades are considered risk free then we have the opportunity/ability to risk another 1-3% on the next trade because our previous trade no longer has any money at risk to lose so we can move onto the next trade and do the same thing in hopes that all our reentries and trades left running will fall into profit