Purple rectangles = minor s/r area
purple line = minor trendline
euraud swings 4-5% (700-850 pips) within a month
My BUY ZONE entry: 1.6200 TO 1.6275
My TAKE PROFIT AREA: 1.6915 to 1.6990
patience is key. I want to see this happen by july 27th . one month away
Distance between the 2 area 640 pips
Stop loss should be no bigger than 213 pips or around 1.6000 which is major price
why?
Reward to risk
640 / 213 = reward 3x your risk
for example
if you risk 3% to make 12% every time you place a trade. You can essentially lose more trades than you win and still remain profitable trader.
purple line = minor trendline
euraud swings 4-5% (700-850 pips) within a month
My BUY ZONE entry: 1.6200 TO 1.6275
My TAKE PROFIT AREA: 1.6915 to 1.6990
patience is key. I want to see this happen by july 27th . one month away
Distance between the 2 area 640 pips
Stop loss should be no bigger than 213 pips or around 1.6000 which is major price
why?
Reward to risk
640 / 213 = reward 3x your risk
for example
if you risk 3% to make 12% every time you place a trade. You can essentially lose more trades than you win and still remain profitable trader.
Note
12hr
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.