I Think AUDUSD is Bullish in a channel so am looking for pullback or consolidation back to bottom of the channel and BUY.
My buy setup will be around 0.70426 where i believe there is a support
Kommentar
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Updated BUY order
Kommentare
timwest
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Can you wait until it reaches your entry level to publish your chart? That would be easier :-)
timwest
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What about a stop loss? 1/2 the distance to your target?
Roncriss
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Here is buy target and stop loo
Roncriss
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timwest
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If you used 1/2 the distance to your target, you'd have made the profit. Ugh
Roncriss
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Okay,Thanks
timwest
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If you put your stop too close, like that, it will get stopped out often. If you use a wide stop you stand a much better chance. The rules for 3 times the stop are BS. Those are just manufactured numbers that have no base in reality.
timwest
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And you put 5.79 reward/risk ratio in that trade setup. That is way too much upside potential for downside risk. If you were right 30% of the time, you'd own the world in no time.
Roncriss
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That was a worse R:R, I will work on risk/reward ration.I appreciate your advice