Hi , I am continuing from where I left last month. The point to target now is how to be patience and look for trades and what type of edge you can have and how you can spot good Risk Reward opportunities.
I’m hereby simplyfying the process of locating a trade. Trade locations can be everywhere but you need to look around and see what are the reasons and logic to take the trade if at all it has to rally in the direction of the trade.
Process of eliminating the Risk or getting high probability trades with Good Risk to Reward
I always look around and see the weekly chart once at the end of week to see if there is some synchronization between trade location and what relationship it has on lower time frames & only then I decide to look around in the coming week, when or if price approach that trade location.
Chart below explain why I dont look around too much for help or not concerned at all what happening out between U.S & China. I just pick my chart & try to cut losses as much as I can & take the trade & set the stop and target.
Chart speaks louder than words or mare assumptions. That trade location is not too far away from Eur/usd trade & If that is right then we will probably see 1.1277 hold the downside risk & rally to atleast 1.1488 is possible but we need to see how it is approached as I’m still expecting an upside rally from 1.1290 area before approach to that trade location.
Rest I’ll post an update soon, If an when price start rallying again, but there is no risk to downside in Euro is seen this current week or the weeks to come.