A structure looking like a setup for long is forming, I will place a buy stop above the top and stop loss taking 1% of my account below the correction.
Option 1: it goes as intended and TP is taken
Option 2 : it breaks the low , so no trade is taken
Option 3 : it takes me in and drops, in that case I lose 1%
Option 1: it goes as intended and TP is taken
Option 2 : it breaks the low , so no trade is taken
Option 3 : it takes me in and drops, in that case I lose 1%
Note
So it took me in, now its time to wait and see what will happen.Either option 1 or Option 3.
Note
So the pair drops in 3 moves , but I'm still in the trade. The moment of truth is near, lets see if this is a correction for more upside , or I'll get stopped out.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.