LONDON UJ LONG 618 ON IB IMOMENTUM
Using half of our profit from last trade, we will go for another 2R on this last setup of London. Price has yet made another playbook setup and we must heed by our trading plan and take it.
We have taken far more entries during ASIA/LONDON than we anticipated and although they were all profitable, taking these many entries is NOT what we recommend. Psychology studies suggest that the human mind can typically only make 1-2 rational emotional decisions per day and as we all know when risking capital, we are also risking our psychological capital which opens up risk of trading emotionally and going on TILT, resulting in giving our gains back to the market, or even ending up in a worse position than when we started!
The only reason we are taking this trade is because it is going to be a 'set it and forget it' type of setup, using 1R which is technically "house money" at this point.
PROBABILITY OF SUCCESS: 25%
We have taken far more entries during ASIA/LONDON than we anticipated and although they were all profitable, taking these many entries is NOT what we recommend. Psychology studies suggest that the human mind can typically only make 1-2 rational emotional decisions per day and as we all know when risking capital, we are also risking our psychological capital which opens up risk of trading emotionally and going on TILT, resulting in giving our gains back to the market, or even ending up in a worse position than when we started!
The only reason we are taking this trade is because it is going to be a 'set it and forget it' type of setup, using 1R which is technically "house money" at this point.
PROBABILITY OF SUCCESS: 25%
Trade closed: target reached:
TRADE CLOSED. TP HIT FOR 2R
