Dummy trade EURGBP 23 June
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Hi All,
Attached is a screenshot of a dummy trade in today’s EURGBP . My battle plan for this was as follows:
From D1: Price is just below MOR, sellers are in control. There is no Eco news. Strong support is below at minus 50 pips, which is a bit tight. This coincides with the Gann 50 level from M15. There are no major trend lines to worry about. DOR is running along the bottom of the MOR. Statement of intent is to look for bear engulfing candles below the MOR and DOR. If reward/risk is better than 2 then place the order, otherwise stand aside.
Bear engulfer prints at 0900. Stop loss minus 20 pips. Reward/risk 2.5. Sell Stop order @ 0.71263, Stop Loss 0.71487, Take Profit 0.70930 (co-incident with Gann 50 and 15 pips short of major support level).
1230 Stop Loss to break even.
1515 out at the Take Profit target.
Result: plus 34 pips, plus 4.5% ROI.
Outlook: If price breaks below the major support (around the 0.7080 level) the path below is clear for further sell opportunities if signalled by subsequent DORs.
Sounds good to me Simon! 🙂
When you explain it like that, it makes it seem so simple haha. It was a particular good trade to take as well, cause it had been bearish for about 2 weeks.
Do you think it will break past the resistance thats in the daily chart?
If you go into the weekly chart then you will see huge price action at that level.I don’t know, Lewis, it looks like a very solid floor. Good info from the weekly chart, I hadn’t checked that. If the price breaks through, then it’s clear below so who knows how far it will go. A good situation to try and build a few positions…..
Regards,
Simon
Yip, thats my thoughts exactly, I’m praying that it breaks through so we can jump on board the profit train hahah
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