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This setup formed simultaneously on few CAD crosses. I was hoping to see it on USD/CAD, but it did not. It was pretty close though. I chose this pair as it offers higher risk to reward ratio at current market conditions.
The idea is very simple. Rule #1 is to trade with higher time frame trend. I wait for price to form lower low and then suddenly reverse and go pass previous high or even few of them ( to have a sell setup ).This is what is being done by institutions to get the money of traders!
Once I see that I wait for some indication that the recent move up is over. Normally it will be some candlestick combination.
Once I'm in the trade, I will have my TP and SL level in place, also I am ready to deal with possible difficulties near previous support or resistance levels. I will take care of each winning trade to not turn it into a losing one by protecting my profits. On this particular trade I have already halved the initial risk. If the price will fall very fast I will move TP level further and also trail SL to lock in profit. I expect to see some more movement tomorrow. Ideally trade should be closed tomorrow or after tomorrow.
P.S. I'm also long on GBP/CHF, not the best entry perhaps. Some news coming out tomorrow, will adjust exposure accordingly.
Maybe we will have a good opportunity to buy GBP/USD tomorrow too.
The idea is very simple. Rule #1 is to trade with higher time frame trend. I wait for price to form lower low and then suddenly reverse and go pass previous high or even few of them ( to have a sell setup ).This is what is being done by institutions to get the money of traders!
Once I see that I wait for some indication that the recent move up is over. Normally it will be some candlestick combination. Once I'm in the trade, I will have my TP and SL level in place, also I am ready to deal with possible difficulties near previous support or resistance levels. I will take care of each winning trade to not turn it into a losing one by protecting my profits. On this particular trade I have already halved the initial risk. If the price will fall very fast I will move TP level further and also trail SL to lock in profit. I expect to see some more movement tomorrow. Ideally trade should be closed tomorrow or after tomorrow.
P.S. I'm also long on GBP/CHF, not the best entry perhaps. Some news coming out tomorrow, will adjust exposure accordingly.
Maybe we will have a good opportunity to buy GBP/USD tomorrow too.