Entry 0.5800
STOPLOSS 0.5700
TAKE PROFIT 0.6025
PRICE RANGE FROM NOVEMBER 65 - FEB 66
UPPER 0.6
LOWER 0.57
I take this trade based on price action
As a trader, I have identified a favorable trade setup through price action analysis, where an engulfing pattern has formed at a demand zone, and a trendline has been confirmed. Additionally, the price has been rejected at the low of the past three months, further supporting my bullish bias.
To manage my risk, I plan to invest only 0.5% of my risk per trade portfolio, which is valued at $100,000. Therefore, I will be risking only $500 for this particular trade. With a favorable risk-reward ratio of 2.3, I stand to gain $1,150 if the trade goes in my favor.
To avoid psychological bias and emotions affecting my trading decisions, I will implement a set-and-forget method, where I will not monitor the trade and simply let the stop-loss and take-profit levels manage the trade.
(IMAGINE)
Furthermore, my overall portfolio is valued at $700,000, and my risk-per-trade portfolio is $100,000. Therefore, I am risking only a small portion of my overall equity curve, and any potential losses will not significantly affect my long-term returns.
Overall, through the use of price action analysis and proper risk management, I have identified a favorable trade opportunity that aligns with my bullish bias and has the potential to generate positive returns for my trading portfolio.
STOPLOSS 0.5700
TAKE PROFIT 0.6025
PRICE RANGE FROM NOVEMBER 65 - FEB 66
UPPER 0.6
LOWER 0.57
I take this trade based on price action
As a trader, I have identified a favorable trade setup through price action analysis, where an engulfing pattern has formed at a demand zone, and a trendline has been confirmed. Additionally, the price has been rejected at the low of the past three months, further supporting my bullish bias.
To manage my risk, I plan to invest only 0.5% of my risk per trade portfolio, which is valued at $100,000. Therefore, I will be risking only $500 for this particular trade. With a favorable risk-reward ratio of 2.3, I stand to gain $1,150 if the trade goes in my favor.
To avoid psychological bias and emotions affecting my trading decisions, I will implement a set-and-forget method, where I will not monitor the trade and simply let the stop-loss and take-profit levels manage the trade.
(IMAGINE)
Furthermore, my overall portfolio is valued at $700,000, and my risk-per-trade portfolio is $100,000. Therefore, I am risking only a small portion of my overall equity curve, and any potential losses will not significantly affect my long-term returns.
Overall, through the use of price action analysis and proper risk management, I have identified a favorable trade opportunity that aligns with my bullish bias and has the potential to generate positive returns for my trading portfolio.