BEWARE OF TECHNICAL OUTLOOK - this trade is completely against this pair's directional bias
There is strong support down at .7145... I will be going for a quick intraday scalp with a buy order just ahead of the .7145 figure. There will likely be an intraday bounce. Don't get greedy! If you get a chance to profit from it lock it up. Use a 30 pip stop loss and look to get whatever you can on the profit side, 10-20-30 pips... whatever.
Use a 30 pip stop loss and look to get whatever you can on the profit side, 10-20-30 pips... whatever.
risk 30 pips SL to get 10-20 pips profit ???
UnknownUnicorn261897
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@gethermes, If someone provides solid targets they are full of shit. It is one thing to estimate optimal entry points in the market it is an entirely different thing to then predict the profit. It is very likely that price will bounce off the .7145 figure, how much it will bounce no one knows. Maybe it will bounce 100 pips... but maybe it will only bounce 10. As traders we need to focus on optimal entries then judge price action to manage the trade. If the momentum is there then hold it and maybe it can be good for 30-40-50 pips. If it goes 10-20 pips in your favor and then price action tells you that it is stalling out and will probably reverse what are you going to give up those 10-20 pips and take a loss? I wouldn't... If I see the momentum isn't there then I would take the profits and run.
gethermes
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@Unique4xPro, yes but risk /reward has to be at least 1:2 or 1:5 or 1:10 etc. trades with risk/reward 1:1 or 1: -1 are going to eat your account fast.
UnknownUnicorn261897
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@gethermes, Sorry but you are wrong in that. That is one of the prime examples of why 90% of retail traders fail. Institutional traders (smart money) does not trade like that. They focus on entries and monitor price for profit taking. If you need a 50 pip stop loss on a trade and you see 40 pips profit and then price action suggests the trade is about to go south you will just hold onto it and take a loss? Give up those 40 pips profit?
risk 30 pips SL to get 10-20 pips profit ???