Quote:
Originally Posted by s050399b
Please let me know if the lines should not be there?
SL pips > TP pips
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I am also watching this pair and would take a long position if following happens.
1) After the break of 1.1650 and one 4HR candle closes above 1.1650. The candle can start from below 1.1650 but it has to close little well above 1.1650 ( 30 to 40 pips from 1.1650).. If this candle is LWC (Phil's strategy), then would be double confirmation for long...
2) On the start of 2nd candle I will take long and SL = 1.1630 and TP1 & TP2 would be exactly what you have specified in your charts.
3) As I cross TP1, I probably break-even my position.
Reason: it's less risky and risk:reward ratio is 1:3 or 1:2 ..
It's just my way of doing things..