How to get a 4:1 Risk reward ratio trade in Doller index (DXY)
Previously, DXY encountered a fail downside attempt.
Upon reversing, I entered the trade when RMO indicator (RMO by Lazybear) turned green
Stop loss : - Low of the Bar - (Range of the bar)
The index was initially supported by Kijun Sen but later it gave in. Lower Time frame DMI was also choppy. But, I stayed in trade as it didnot hit the SL
I took out the profit at levels mentioned in the chart.
The trade trade was carried with SL below EMA 20 and H2 DMI support.
The trade closed when price broke EMA20 .
Profits were taken at 1.2, 2.4 and 4.4 RR.
My initial target was 2:1 RR. But went very good
Upon reversing, I entered the trade when RMO indicator (RMO by Lazybear) turned green
Stop loss : - Low of the Bar - (Range of the bar)
The index was initially supported by Kijun Sen but later it gave in. Lower Time frame DMI was also choppy. But, I stayed in trade as it didnot hit the SL
I took out the profit at levels mentioned in the chart.
The trade trade was carried with SL below EMA 20 and H2 DMI support.
The trade closed when price broke EMA20 .
Profits were taken at 1.2, 2.4 and 4.4 RR.
My initial target was 2:1 RR. But went very good