before I enter any trade I look at a number of factors using, support resistance, trend and bias, RN, micro tl’s, price action…highs lows, congestion, traps and candlesticks, In terms of targets you can always go for more but I tend to take what I know will be reached as the next level of resistance, sometimes I will take more or leave a portion to run, I generally aim to take 1.1 RR from each trade if the market will allow.
I don’t trade candlesticks on their own ie pin bars as such as I don’t find it very reliable for me however many people find it works for them well.
I looked at your charts, I wouldn’t have taken either of those based on my methods because they would not be valid for me but they obviously worked so well done on those
Stopped out breakeven
moved my stop earlier as saw price had tested lows around 8307/6 and had to leave the office - Price tested 0.8300 within two hours so would have moved stop anyway. also would have stopped out next candle anyway
PA worked, the difficulty on this trade was RN and some resistance at that area which posed a problem spanning 6+ hours till now - still holding - it will be interesting to see how this plays out as my analysis suggests a target below but not sure if any other traders agree yet, we seem stuck in indecision - Friday pm doesn’t help!
interesting to see the analysis was spot on - Price went on to hit the original set target a few hours ago and original stop would have held had the trade had been left to run without and adjustment or management. I would have moved stop to protect equity regardless as per my original entry, however its good to see the Price eventually moved to target
setup occurred several hours before entry, price then tested the low of the setup which was a valid trigger
price tested srz (support resistance zone) twice and came out to low side, from entry there is adequate room to make approx. 1.1 RR to next srz / resistance level
most other conditions are in favour which enhances the probability of success
Price has not yet got to the SRZ ((target) otherwise it would have invalidated a late entry
As it stands I am in negative ground and have been for most of the time this trade has been live however according to my methods the trade is a good setup and my quality control confirmed there is a very high probability of a test of the low @ 8722-8724 area before any Price reacts in any major way
Price will most likely make it to the target 0.8718 which is just above a resistance line @ 8714
as with each trade a trader makes there is always a risk it will not work, No method is 100%. Money management must be thorough to ensure no loss will have a major detrimental effect psychologically or financially.
setup occurred several hours before entry, price then tested the low of the setup which was a valid trigger
price tested srz (support resistance zone) twice and came out to low side, from entry there is adequate room to make approx. 1.1 RR to next srz / resistance level
most other conditions are in favour which enhances the probability of success
Price has not yet got to the SRZ ((target) otherwise it would have invalidated a late entry
As it stands I am in negative ground and have been for most of the time this trade has been live however according to my methods the trade is a good setup and my quality control confirmed there is a very high probability of a test of the low @ 8722-8724 area before any Price reacts in any major way
Price will most likely make it to the target 0.8718 which is just above a resistance line @ 8714
as with each trade a trader makes there is always a risk it will not work, No method is 100%. Money management must be thorough to ensure no loss will have a major detrimental effect psychologically or financially.
still in and lets see how it plays out.[/QUOTE]
What TF & candle was the setup on? Was it a PA signal / what was the signal?
Hello traders - I am continuing these signals and comments at my website if anyone is interested. For the record, I am planning a signal service to be launched shortly, if anyone wants to know more just google priceologytrading