TURNCOAT RESISTANCE & SMA 200 DYNAMIC SUPPORT CONFLUENCE EURGBP
Обновлено
We have a valid buy setup with a pending order waiting to be filled on EURGBP and this is with a potential of 2 to 1 Reward to Risk.
Yesterday EURGBP formed a valid sell set-up which was published but canceled later because price retraced above our inside bar pattern without our pending order filled, so we avoided a loss there by entering with a pending order at the break of the high/low of the inside bar breakout candle and not at the market.....
Yesterday retracement from our entry has now formed a valid buy setup above this confluence zone......
THE TRADING RULES FOR THIS SETUP IS AS FOLLOWS....
* SMA 200 and supply/resistance zone confluence detected
* Check the previous price swings at the zone and look for atleast a price swing test of the zone
* Price moving up towards the confluence zone and price breakout of the confluence zone with an inside bar bullish breakout.
* The wick of the mother bar must touch both the sma 200 and supply/resistance zone
* Check price correlation to see if the pair is correlated with any opened position in other to avoid doubled risk. {Correlation for all opened positions must either be WEAK or NONE}.
* ENTRY :- Pending order at the high of the inside bar breakout candle
* STOPLOSS :- SL to be set at the mother bar high behind the sma 200 which is 58pips
* TARGET :- 2:1 RRR which is 116pips
* TRADE MANAGEMENT :- 1-2% Risk, Reduce stoploss by half at 1:1 RRR and move stoploss to breakeven at 150% profit i.e 1.5:1 RRR. {Ensure our breakeven level is not beyond any trouble area else skip the trade}.
NOTE: If price go below the mother bar of our inside bar pattern before triggering a breakout to the upside to fill our BUY STOP order, then this trade will be invalidated and canceled.....Please take note
Yesterday EURGBP formed a valid sell set-up which was published but canceled later because price retraced above our inside bar pattern without our pending order filled, so we avoided a loss there by entering with a pending order at the break of the high/low of the inside bar breakout candle and not at the market.....
Yesterday retracement from our entry has now formed a valid buy setup above this confluence zone......
THE TRADING RULES FOR THIS SETUP IS AS FOLLOWS....
* SMA 200 and supply/resistance zone confluence detected
* Check the previous price swings at the zone and look for atleast a price swing test of the zone
* Price moving up towards the confluence zone and price breakout of the confluence zone with an inside bar bullish breakout.
* The wick of the mother bar must touch both the sma 200 and supply/resistance zone
* Check price correlation to see if the pair is correlated with any opened position in other to avoid doubled risk. {Correlation for all opened positions must either be WEAK or NONE}.
* ENTRY :- Pending order at the high of the inside bar breakout candle
* STOPLOSS :- SL to be set at the mother bar high behind the sma 200 which is 58pips
* TARGET :- 2:1 RRR which is 116pips
* TRADE MANAGEMENT :- 1-2% Risk, Reduce stoploss by half at 1:1 RRR and move stoploss to breakeven at 150% profit i.e 1.5:1 RRR. {Ensure our breakeven level is not beyond any trouble area else skip the trade}.
NOTE: If price go below the mother bar of our inside bar pattern before triggering a breakout to the upside to fill our BUY STOP order, then this trade will be invalidated and canceled.....Please take note
Сделка активна
BUY STOP FILLED. Trade now active...May the pips be with us....
Заметка
Even though price immediately moved strongly against us the moment our order was filled, we can see the dynamic SMA 200 support doing a great job here at proyecting out stoploss......This is why we always place our stop few pips behind the sma 200
Сделка закрыта вручную
Trade closed manually for +1pips because price keep ranging and has formed another supply zone.....
Похожие публикации
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.