This week, I would like to trade EJ pair for selling. If you look the picture, you will see a resistant( yellow line) awaits the price. If the price touch the resistant, I will entry sell. For that entry, I will observe it in H1 frame. Usually, I do a pending order for an entry. I will set my TP for 50 pips and SL for 100 pips. Well for exit against my trade, if the price is broken out the resistant, I will exit my trading.
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Hi there, just curious what lot size do you intend on using for this trade?
Well, the lot is rely on our capital. for me, usd100=0.10/pip(based on micro account FXCM). it is also depend on the leverage that we using now and the broker that your account opened.
The main direction of trend is down, refer timeframe daily where the price bo low trendline(white line). But that not my conclusion to sell yet, i prefer to entry sell if the price touches the resistant because if we see the previous price on TF H4, the price will reject to down. That is my conclusion to entry sell if the price touches the resistant. The daily TF is as a supportive for my decision to sell.
ps: Today, there is no entry yet due to the price does not touch the resistant. A discipline trader must have a patient to wait another signal…
thanks for that!
