Hello!
Hope everyone had a great Christmas! I entered short the other day (for a re-test) however looks to be reverting to the upside after the market open. Could price be just picking up liquidity?
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yea, it might push to the upside. Below is the weekly timeframe, it broke out of that downtrend, and had left a major support level.
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dude, that SL for 1hr tf is out of this world. draw a trendline, and place it above that in confluence with and ema and previous support that s now resistance. in my book if price reverses on u that setup is no longer valid way before it hits that SL that u have there.
it’s a tad bit too wide, yea lol
Depends on how you trade but personally I have to say that his stop loss is close to where it should be. That is at the last major point of resistance.
I don’t know were pip_prophet take profit target was but personally I would not have taken that trade.
Most traders do not understand that there is initial risk and then actual risk when calculating risk reward. If pip_prophets premise was that the market was bearish the position of that stop loss would have kept him in the trade as illustrated in the chart I have posted.
Feel free to comment.
Cheers
Blackduck
imo that entry short that u ve illustrated is way to late, price has moved already, u never know how much a move will last. i d enter around 1.30202 area with stop where u ve said, not down there. the fact is evry1 has theyr different style or opinions and i realise that there s not a good or a wrong way to do it. my observation was just hat for the 1 hr chart stop was a bit large special for pound usd. i m not judging or anything, as long as it works for u guys… for me, it s too much risk to take for a late entry and i m not comfortable with too much drawdown. i try to put my SL where i know that my setup failed and is no longer valid. cheers
I appreciate the comment however my chart was to mirror pip_prophets chart as that was his entry and his stop loss. If you had read my post you will see that I said this:
Because you are right it was too late. However even if the entry was too late, in my opinion, the stop still had to be at that resistance level. In my opinion.
I hope that clears it up for you.
Cheers
Black duck