Quote:
Originally Posted by bhops
An ib was formed at 13.30 followed by a bearish candle.
I decided to take the trade because:
1. In the last few hours and in general over the last week after a downtrend, price hasn't been pulling back more than about 50%.
2. I was trading with the overall trend
3. My stop loss was relatively tight, a couple of pips over the previous candle to the ib
4. the trade was taking place right at the top of what had been a tight little channel over the last 6 hours.
Once the trade hit 1.74200 I was out for 38 pips because I had this as an area of support that was proving tough to crack.
Trend was the right direction, risk ratio was appropriate, and I had mapped out in my mind on my chart where some relative s&r lines were.
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You’ve compiled/devised a set of rules based around common sense observations.
I’ve highlighted & underlined the most important criteria amongst your references.
If you continue to place yourself to the value side of these type of trade executions you’ll last long enough out there to amass the necessary experience & knowledge required to grow your confidence & account balance.
As long as you can locate
decent risk & continue to work on the trade management aspect of your strategy, then you’re placing the odds as firmly in your favor as possible.
Well done.
Art.