Reply To: Dummy Trade & Battle Plan practice AUDUSD 9 JUl
Yes John, I aim to only enter on a candle that is aligned with MOR and control and that breaks strongly out of the DOR , engulfing the opposition as it goes. I see what you’re saying about strictly applying the FXBA “engulfing” definition (straight up, straight down etc) and I had the same hesitation myself, but I decided it’s better to be holding and managing a position and learning all of that than looking for “picture perfect” entries and never pulling the trigger.
Also the bigger picture swayed it for me. On D1 there is nothing technically to stop the price falling forever. So it would be good to be holding a short position. However on this mornings M15 things looked particularly tight with yesterdays support levels so close. Waiting for a further engulfer way outside the DOR would have destroyed the reward/risk and an opportunity lost, I think.
I was pleased with the exit as before FXBA and Rich’s teaching about looking for target confluences I wouldn’t have had a clue where to put my target.
The levels are holding today, but if they’re broken overnight/tomorrow I’ll definitely be looking for further sells if the DOR says so!
I would happily have had money on this one so I think my next trade will be live.