babymonkey
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1.2975 looks like a good place for a stop to me. Good luck Leia!
T2 hit (+190 pips) R=4
I have placed an order to short @ 1.49 85, stop 1.50 65 (risk -85pips), split into two parts
T1 @ R1 = 1.49 00
T2 = recent daily (channel) low 1.48 25 (R=1.7)
Price has moved to within 10pips of my initial target (1.49 10 +75pips) and then moved higherOrder has opened and price has seen 1. 49 45 (+40)
The 4hour time-frame has a clear resistance level @ 1. 50 35, which I am moving my stop to, reducing my level of risk by 30 pips
Target 1 achieved (stop on second part already at breakeven)Price has moved to within 10pips of my initial target (1.49 10 +75pips) and then moved higher
To protect my capital I have moved my stop to breakeven @ 1.49 85, despite not quite achieving R1
order tiggered (just) and stop hitI have therefore placed a sell order if price goes to 1.23 70, with a stop above these highs at 1.24 10 (risk 40pips)
My three targets are
T1 = R1 =+40pips @ 1.23 30
T2 = recent lows @ 1.22 85 (+85pips or R2, if seen)
T3 = trailing stop or 1.21 60 (first of these to be hit)
Target 1 achieved (stop on second part already at breakeven)
order triggered (just) and stop hit
-40pips on all three parts
Pipped in and stopped out. This pair is obviously not going to turn around at this level after all!I have placed a new order to short this pair at 1.24 10 with a stop at 1.24 45 (risk 35pips) and three potential take profit targets of
R1 = +35pips @ 1.23 75
T2 @ 1.23 30 (+80pips = R2)
and a trialing stop on the third part
trailing stop to 4H swing high of 1.49 25, locking in 60pips on this second part of the tradePrice has broken lower and whilst not a swing high, I see 1.49 60 as a robust 4H resistance level that I am moving my stop on my remaining position to (+25pips)
I have placed an order to short @ 1.49 85, stop 1.50 65 (risk -85pips), split into two parts
T1 @ R1 = 1.49 00
T2 = recent daily (channel) low 1.48 25 (R=1.7)
If price moves towards the highs again and prints a 4 hour or daily 'short' trigger candle I will enter short with a stop just above the recent highs and psychological 'round number'