Pending Entry Sell Limit Order (4/4)
A pending sell limit is an order placed above price and expecting price then to go down. If you think that price action will continue downwards, but first retrace upwards then use a pending sell limit order.
Two risks: Price action not reversing high enough to hit your entry price before going down and second possibility is price action continues upwards hitting your stop loss before going downwards.
On noted EurUsd daily chart, trade setup gave a 1:3 risk reward. 50 pip stop loss and 150 pip target or profit.
On larger couple or few day trades on higher daily time frames, using lower lot sizes might be part of your risk management and plan.
Two risks: Price action not reversing high enough to hit your entry price before going down and second possibility is price action continues upwards hitting your stop loss before going downwards.
On noted EurUsd daily chart, trade setup gave a 1:3 risk reward. 50 pip stop loss and 150 pip target or profit.
On larger couple or few day trades on higher daily time frames, using lower lot sizes might be part of your risk management and plan.
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