EUR/GBP Long Set Up
Notes:
1. Choice one is to sell at open and target a move down to 0.89000, where price may decline lower or correct higher.
2. Choice two is to wait for a failed break of 0.89000 and go long, in line with the primary D1 trend and in anticipation of a longer term correction to the upside targeting 0.92500
3. The preference is choice 2, however a continuation down to 0.875000 must be kept in mind if a break lower occurs
-
My Trading Rules - How I identify trades, define my edge and manage the commercials:
First I define my 'edge' which simply means a set of circumstances that indicate one eventuality is greater than another.
My Edge: (How I decide on if I should enter)
1) Is defined as trading in the direction of the overriding daily trend (Bullish, Bearish or Neutral)
2) In a trending marketing I look for entries at corrective price structure
3) In a neutral market I trade the upper and lower most extremes of the support and resistance levels
4) In the case of a breakout I seek an entry in the direction of the break
Next I follow 4 rules for undertaking analysis: (How I spot opportunities)
1) Analysis must clearly define a 'bias' and the parameters for invalidating 'bias'
2) Analysis must clearly provide a trade set-up with entry, take profit and stop loss
3) Analysis must debunk a trade in the opposite direction
4) Analysis must factor in sentiment and fundamental factors
So now I know my edge and how to spot opportunities the next is how to manage trades: (How I decide on the commercials of a trade)
1) Take profit should be set at a key fibonacci and/or price structure level
2) Stop loss should be no more than 3% per trade (sum of total positions)
3) Entry should feature 2 or more positions
4) Entry at market is forbidden to mitigate impulse trading (I only trade via orders)
1. Choice one is to sell at open and target a move down to 0.89000, where price may decline lower or correct higher.
2. Choice two is to wait for a failed break of 0.89000 and go long, in line with the primary D1 trend and in anticipation of a longer term correction to the upside targeting 0.92500
3. The preference is choice 2, however a continuation down to 0.875000 must be kept in mind if a break lower occurs
-
My Trading Rules - How I identify trades, define my edge and manage the commercials:
First I define my 'edge' which simply means a set of circumstances that indicate one eventuality is greater than another.
My Edge: (How I decide on if I should enter)
1) Is defined as trading in the direction of the overriding daily trend (Bullish, Bearish or Neutral)
2) In a trending marketing I look for entries at corrective price structure
3) In a neutral market I trade the upper and lower most extremes of the support and resistance levels
4) In the case of a breakout I seek an entry in the direction of the break
Next I follow 4 rules for undertaking analysis: (How I spot opportunities)
1) Analysis must clearly define a 'bias' and the parameters for invalidating 'bias'
2) Analysis must clearly provide a trade set-up with entry, take profit and stop loss
3) Analysis must debunk a trade in the opposite direction
4) Analysis must factor in sentiment and fundamental factors
So now I know my edge and how to spot opportunities the next is how to manage trades: (How I decide on the commercials of a trade)
1) Take profit should be set at a key fibonacci and/or price structure level
2) Stop loss should be no more than 3% per trade (sum of total positions)
3) Entry should feature 2 or more positions
4) Entry at market is forbidden to mitigate impulse trading (I only trade via orders)
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.