Do you want to close after massive bearish rejection candles in Forex?
So we’re going to wait another 6 minutes to decide exactly what we want to do in this position, so let’s wait Okay, guys, trading update, we’re currently up at 189, so I just showed you guys that we have to wait until the close of the 15-minute candlestick and imagine what If we were to close here at 150 and then this happened literally a few seconds later and you guys also have to understand that this is the whole point of set and forget when you enter a winning position, it should be set and forget that your short profits are not closed in Forex.
Do you want to close after massive bearish rejection candles in Forex?
When I was telling you guys, this trade had a huge drop in downside potential when we were in this situation here and you guys were telling me, oh, you should close when this trade was at this point here literally this market was at this point and I was up To about $100,000 at this point, show the clip so people can get some context if this is their first time seeing the $50,000 or $91,000 balance.
This trade could potentially go to $4 million so let me show you guys here so earlier we were expecting the price to have a candlestick close below that level and if we did that we were golden but the price is witnessing Pullback retest this level of support and then resistance here when this was the point that you guys were saying close the trade, close the trade, you’re over 100 thousand, and that’s what I’m telling you guys like you guys are looking at the money.
Closing a Forex trade at a minimum risk reward
I don’t care I hit 100k, but the trade didn’t go through The trade should be closed at a minimum RIS of 1 or 2 If I were to close this trade at this point here, I would have a close at 1 to 1.2 I should close at a RIS of 1 to 2 At least now yeah, I’m over 100k at this point, that’s crazy for sure, but I’m breaking my trading plan if I don’t let it get to take profit, I have the weekly in my favor, I have the daily in my favor.
I have the 4-hour clock in my favor I have all the price action I could ask for in my favor for this trade to go to the downside why would I close my rush for 100k when I see downside potential for the trade I am following if I set my trading plan and forget if I close early this is The reason I’m emotional now that we realize that my price going up 100k and not closing it doesn’t mean I’m greedy.
Forex risk reward ranges from 1 to 3 per forex trade
I’m following my forex trading plan my trading plan worked because at no point did I lose this trade if I had kept adjusting and I forgot this trade was technically only lost because I closed this trade manually but if I’m going to continue to send forget this and this, look where we’d be now the analysis was correct the only problem is the trader behind this analysis was incorrect now if I decide we’re at a forex risk reward of 1 to 3 on this trade so we don’t close it at This stage.
Retesting the strong level of support in Forex
In this Forex trade that we’ve just retested, let me remove this little thing that retested this strong level of support and this strong level of resistance with the moving average (EMA) the last time we broke out. And we retested this point here, look at the massive move we had to make.
But the real profit-taking that we should have is this now we’re faced with the challenge and you know I need to be a little bit more realistic about the outcome I probably won’t hold it for long but this trade has a lot more downside potential than I think it does.
Forex trading on the weekly time frame
This weekly trade on the time frame we expect a new lower leg to be created we have a massive turnaround into a lower low lower high retest, this is the perfect price action and it assures you that it will create a lower low, we close it at 50% of the lower low as we close our profits Half remembering that I am analyzing a swing trader, I am just entering, executing and managing the trade as a day and intraday trader.
But this is the most beautiful swing trade you could ever have, this trade is going to hit this low right here right now how could that take 2 to 3 months, I definitely won’t be trading for that long because I simply don’t do that, but I want you guys to Understand by setting and forgetting that you are following your trading plan and you would never want to reduce your profits.
How can you maximize Forex profits by identifying
Now the trading is looking very good, we have great momentum to start the week, and if we decide to close this trade at the bottom of this week’s structure point realistically, this structure point here as if we will exceed the move that we will do during the week as it stands now, Yeah it’s crazy because like last week bro, we were questioning everything and just because I was dealing with it.
Only if you are an experienced trader like me for 5 six years, will you understand what I am looking for, it was difficult to listen to people and then do what I wanted, and it was difficult to do everything at the same time and I am happy that I became a stronger person and was able to manage These things and I realized well you know what I had to commit to last year and at this particular point, the pop-up showed a clip of me cracking up last year.
Summary
Now this year I’m stronger and I’m totally a different person I’m happy that I’m able to show this to you guys so bro this doesn’t stop looking at it like why do I want to close this down now we’re in like this is the whole point of this move momentum continues this Literal trend now when this trend starts to reverse You have already received this question in Forex.
