What i see is a down trend since we have the 50 EMA (Blue) and the 200 EMA (Green) both above the market price.
I also see 2 bearish patterns which are a strong indicator for a short position,
Firstly i see the Symmetrical Triangle pattern (Red) which has been broken by the market and is one of the stronger patterns indicating a sell
Secondly, I see a Descending Wedge (Blue) which is also another strong indicator for a sell
Finally, whenever we see the market near the EMA's we know its potentially going to make a move towards the way the market is currently going, if the market is below the EMA then we know its an downtrend and if its above we know its and uptrend.
We see the market break through the bearish patterns following the trend. my Stop loss is placed at 1.08144 which was the last support level now Resistance.
My TP is 1.07200 since we know round numbers are usually the strongest support and resistance levels. The risk to reward 1.71. i always keep my risk to reward atleast 1.5 up to 2.0
I have backtested this strategy on 103 trades over 10 months time, my results where that I have lost 30 trades coming with 73 successful trades giving me a win % of 70.87%
I also see 2 bearish patterns which are a strong indicator for a short position,
Firstly i see the Symmetrical Triangle pattern (Red) which has been broken by the market and is one of the stronger patterns indicating a sell
Secondly, I see a Descending Wedge (Blue) which is also another strong indicator for a sell
Finally, whenever we see the market near the EMA's we know its potentially going to make a move towards the way the market is currently going, if the market is below the EMA then we know its an downtrend and if its above we know its and uptrend.
We see the market break through the bearish patterns following the trend. my Stop loss is placed at 1.08144 which was the last support level now Resistance.
My TP is 1.07200 since we know round numbers are usually the strongest support and resistance levels. The risk to reward 1.71. i always keep my risk to reward atleast 1.5 up to 2.0
I have backtested this strategy on 103 trades over 10 months time, my results where that I have lost 30 trades coming with 73 successful trades giving me a win % of 70.87%
Trade geschlossen: Stop wurde erreicht:
Missed TP by couple pips.
Thats fine not every trade will be profitable ! stick with your strategy that you have backtested and trust the process
Thats fine not every trade will be profitable ! stick with your strategy that you have backtested and trust the process
After couple hours of the trade running we almost hit TP, checking on the lower time frame shows that the market has broken the supporting creating a new resistance which is being retested right now, we could add another trade in here for extra profit however we would have to put the stop loss at entry in order to make this a low risk trade