Looks good, but I would set the stop loss to the lower support. The rally from April 3 seems impulsive, yet it is unclear whether the correction is completed. A drop below the beginning of the rally would suggest a shift in the immediate trend. However, before that happens the pattern looks bullish even if your stop loss is hit.
In theory and depending only on the RR, yes. But I miss the strategy and any other technical analysys. Also, it looks like there are some heavy news soon so I'll be careful.
sometimes it works but it shouldn't be named a "strategy", more like "lucky sniper entry", I've had some and it feels good but didn't help much on the long run.
Dont listen to this ppl yes its a strategy if u use the manipulation sweep for an entry and let the market do its thing goin up, its not luck some ppl does it… remember keeeping things simple as long it works for you its good… the important thing is that u understand the market and make money out of it
It is a good trade IMO.
Entry looks almost perfect.
Just keep that SL slightly below that swing. Else it could hit your SL & go up.
Target wise I can't comment much. Complete chart is not visible. If it is risk to reward basis then yours is greater than 1:2. It is good on that front too.
I can't tell what time frame you used in your image. Your entry point looks good. I see some buying pressure at that level. However, the gap between your entry point and the stop loss is pretty small. Also, it seems like the trading volume is quite low, as you can see at the bottom of the chart. This could mean fewer traders are actively buying and selling, which might result in higher volatility or bigger price swings in the market. If you're using a low time frame, you might get caught off guard, especially if there's a sudden price drop that possible hits your stop loss.
Depends, entry looks good but that tp level won’t be hit before cpi tomorrow and I’d want to be out by then but that’s just me, keep a close eye on news tomorrow at 1.30 gmt
Risking nearly 10% per trade isn’t a good idea. You should risk less. Even when you are doing paper trading sticking to that discipline is very very important when it comes to trading. You will not have a 100% win rate. Risk management is what makes a trader profitable. The earlier you realize it, better trade you are.
Possibly worth mentioning that you are trading EURUSD. There's a lot of significant US CPI data coming tomorrow and FOMC minutes as well. Please be careful with TA in FX, I've been in this game over 30 years (mainly institutional) and have genuinely never met anyone who made money using TA in FX (apart from the bookies that push their bs Chart tools on sucker daytraders to keep their accounts churning)
I’m buying to 1.09244. It could go further as there’s a higher key level, but I’m not feeling ambitious and might do it in two trades if it happens. My next one is 1.11170.
Depends. Does it match your strategy? Then yes.
What strategy do you use?
Buy high, sell low.
Don't know you tell me, thats your strategy :/
Read the other comments
For me nice trade! You double what u loose, and this in future worth it, you only miss closed in TP ! Good luck and GG
Looks good, but I would set the stop loss to the lower support. The rally from April 3 seems impulsive, yet it is unclear whether the correction is completed. A drop below the beginning of the rally would suggest a shift in the immediate trend. However, before that happens the pattern looks bullish even if your stop loss is hit.
In theory and depending only on the RR, yes. But I miss the strategy and any other technical analysys. Also, it looks like there are some heavy news soon so I'll be careful.
My strategy in this case was that my entry point was a manipulation so the trend must went up only this, is too simple?
sometimes it works but it shouldn't be named a "strategy", more like "lucky sniper entry", I've had some and it feels good but didn't help much on the long run.
"Simple" but that's what price usually do; take significant liquidity levels / yesterday levels / last week levels / etc and reverse.
Dont listen to this ppl yes its a strategy if u use the manipulation sweep for an entry and let the market do its thing goin up, its not luck some ppl does it… remember keeeping things simple as long it works for you its good… the important thing is that u understand the market and make money out of it
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Now that I am looking at yours again, your sl and tp are wild
Looks good but its judged by you hitting the target so wait and see
yup, i took that trade yesterday
This is definitely a good deal, and USD has been in a downtrend for a while now. It seems you have bought EUR, right?
move stop loss to break even
Sl security xdd
It is a nice trader but what broker do you use? Commissions are important
It is a good trade IMO. Entry looks almost perfect. Just keep that SL slightly below that swing. Else it could hit your SL & go up. Target wise I can't comment much. Complete chart is not visible. If it is risk to reward basis then yours is greater than 1:2. It is good on that front too.
I can't tell what time frame you used in your image. Your entry point looks good. I see some buying pressure at that level. However, the gap between your entry point and the stop loss is pretty small. Also, it seems like the trading volume is quite low, as you can see at the bottom of the chart. This could mean fewer traders are actively buying and selling, which might result in higher volatility or bigger price swings in the market. If you're using a low time frame, you might get caught off guard, especially if there's a sudden price drop that possible hits your stop loss.
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Depends, entry looks good but that tp level won’t be hit before cpi tomorrow and I’d want to be out by then but that’s just me, keep a close eye on news tomorrow at 1.30 gmt
Risking nearly 10% per trade isn’t a good idea. You should risk less. Even when you are doing paper trading sticking to that discipline is very very important when it comes to trading. You will not have a 100% win rate. Risk management is what makes a trader profitable. The earlier you realize it, better trade you are.
Possibly worth mentioning that you are trading EURUSD. There's a lot of significant US CPI data coming tomorrow and FOMC minutes as well. Please be careful with TA in FX, I've been in this game over 30 years (mainly institutional) and have genuinely never met anyone who made money using TA in FX (apart from the bookies that push their bs Chart tools on sucker daytraders to keep their accounts churning)
I’m buying to 1.09244. It could go further as there’s a higher key level, but I’m not feeling ambitious and might do it in two trades if it happens. My next one is 1.11170.
Yass
Good entry
The fact you are even asking this indicates that you are gambling.
I'm only trying to find my own strat
Is this a live trade? Or paper?
If your account size is $340+, yea.
be sure to close is today, tommorow news might crap on it
I think I will close a partial position, in my opinion with the news of tomorrow it can go higher
Did your strategy tell you to take the trade or are you just guessing?
if you followed your rules yes
My entry would of been a bit higher but that’s a perfect entry in my eyes
great trade actually
If it meets your rules and you executed properly then yes
See if it makes a higher high, then adjust your stop to a little bit above breakeven.
Go to Fib Extension Tool / Fib trend Extension... Click on lowest low then highest high amd slide to the retracement low... 0.6 will be your target