Heres a quick setup on a trade I took today off the 60 minute chart.
As you can see the MA's and RSI are clearly bearish, the market is making new lows from the last swing, a nice clean pullback, adherence to that level. I entered at the open of the next candle, managed like normal... and whadaya know... it went straight to the 138% extension. As you can see the management technique of removing risk as the different price levels are hit worked perfectly. Stop was moved once 38% was hit, again once the swing low was hit, and my profit target was achieved at 138% and 161.8%. I maintained a rough 2:1 risk/reward on my position.
Entry: 1.6441
Initial Stop: 1.6467 (26 Pips of risk)
Target 1: 1.6407 (34 Pips of profit)
Target 2: 1.6396 (45 Pips of profit)
Easy-peasy-japanesey!
Keep in mind folks, for most traders the hardest part of trading is DOING NOTHING. Sitting on your hands is the easiest way to stay profitable. Wait for the clean setups where you've got everything going for you. No indicator developed under the sun can improve your trade win percentage and overall profit loss like that advice. Trade - Don't Gamble out of boredom!
Cheers folks!
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