Re: your Trade Management on EURUSD
please explain your management rightnow on EURUSD
Hi - yes I was out bidding 6 Hearts at the time (went one off
)
Firstly, I trade equities off eod (prefer the reality of opened and closed books) with the assumed swing low bar (the long red in your pic, ugh) my reference bar, with an assumption of a test of previous high from where the retracement began. Don't take trades unless there's at least 1.5:1 potential in it.So I wouldn't be touching your pic even if it was eod (it's M5 isn't it?)
However, if you forced me into a long from the point you say then the same management would apply.
1. I would be looking for an entry in the yellow zone via a lower time frame to see some upward momentum or lack of desire for south. No "signals" here, just a judgement call.
2. After entry I'd watch action on the lower TF if it retreated into the purple stoploss zone. If it had zoomed into it with some momentum I wouldn't hang about too long, otherwise it's the mirror image of the entry judgment with the bottom of the zone the line in the sand where I'd go come what may.
3. If all went well and price goes into the blue target zone it's the same sort of thing. If it zooms in with good momentum I'll give it some time to see if it's going to break through - if it does I move a hard stop up to half way in the zone. If it staggers in I'll generally take the best I can get. The line in the sand is the bottom of the range and I'll go if it comes back out come what may.
