Current weekly bar has a fake break out forming a clean long-term
double, then reverses and since it closed last week as a
blue bar, which is a down bar it's also a very strong reversal
candle off an important area of resistance, also working off of
the .618 which price hasn't been able to break in a long time.
So, just using 1% of of capital risk on a 2000 size account for
example would be 20 and profit would be anywhere between 20 and 40 dollars.
Stop loss would be at a safe distance away, like 400 pips, so to
keep with 20 dollars you'd only place 750 to 800 units which is like .05 per pip. Then wait and see if it goes in
favor or not, what kind of strength and directional power it gives over the next couple of weeks.
double, then reverses and since it closed last week as a
blue bar, which is a down bar it's also a very strong reversal
candle off an important area of resistance, also working off of
the .618 which price hasn't been able to break in a long time.
So, just using 1% of of capital risk on a 2000 size account for
example would be 20 and profit would be anywhere between 20 and 40 dollars.
Stop loss would be at a safe distance away, like 400 pips, so to
keep with 20 dollars you'd only place 750 to 800 units which is like .05 per pip. Then wait and see if it goes in
favor or not, what kind of strength and directional power it gives over the next couple of weeks.