We've made some good pips with this pair recently if you have been following (related ideas). Here are the two scenarios.
Scenario 1: Price breaks under current support and we sell
Scenario 2: Price remains in the structure and starts rising towards the top
I favor option 1, and this is the trade I am waiting for... However I will happily use Scenario 2 as my "plan B" to make pips anyway.
Knowing what will happen if your ideal scenario DOESN'T happen is the best way to keep profits consistent and minimize frustration.
Scenario 1: Price breaks under current support and we sell
Scenario 2: Price remains in the structure and starts rising towards the top
I favor option 1, and this is the trade I am waiting for... However I will happily use Scenario 2 as my "plan B" to make pips anyway.
Knowing what will happen if your ideal scenario DOESN'T happen is the best way to keep profits consistent and minimize frustration.
Note
While posting this, my buy order was triggered... So we go with option 2 in this case.Option 1 is always though and should be prepared for.
Happy trading.
Note
Closed half position 0.893 and adjusted stop (which was hit)Now waiting to see if this will break down here to short.
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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.