Here on the EURGBP , price action has made it's way in a level of previous at the 0.8590's level and has created a pattern along with an overbought & Divergence. Thanks to the psychological number right above, we are now provided with a very low risk trading opportunity featuring a reward to risk ratio that is 3:1.
Contrary to popular belief ( aka what the internet tells you) most traders don't win at a very high rate. Outside of chat forums, most professional traders lose just about as much as they win (40-60%0. therefore what's more important than a high win percentage is a controlled risk and this trade represents a perfect example of such trade.
"plan Your Trade, Trade Your Plan"
Great work as always. I personally wont be trading this one as I try to stay in line with the trend (hard to stay out when you see decent trading opportunities like this but I am still practicing) and will be looking to long if it retraces to your 2nd target/builds a new structure in the coming days.
My question is regarding candlestick formations and trading the obvious. From what I see here, there could a flag like structure occurring which MAY mean a further move up. Would this impact your decision to stay in the trade/do you sometimes cut the trade short depending on what candles have been printed ? This next one might be a silly question but, isnt this setup too obvious? Wouldnt the big boys know that this is a prime shorting zone for retail traders and attempt to push the price further once more in order to take out stops? Or so you find that trading the obvious has a positive expectancy over a period of time.
Once again, thanks for your time and content (I've pretty much watched, and will continue to watch all your Youtube videos)
Look forward to your reply