Short Target in Play based on setup initiation breakout.
We've had a short break (a while ago) and have retraced back above my target entry point. This gives a great risk reward ratio since I didn't get in on this originally (wasn't watching pair - note to self need to script/automate setup identification!!). Anyway I'm now in short to T1 and then will reduce position and set trailing stop on remaining.
As per all my previous setup IDEAs (having great success by the way!) I am not identifying trend here as I am merely identifying price targets based on price action and underlying short-term momentum - I do use higher time-frames to give me a view on direction but due to risk per trade (no more than 1%) I am looking for short term action that gets me in and out on a reasonable timeframe.
As per all my previous setup IDEAs (having great success by the way!) I am not identifying trend here as I am merely identifying price targets based on price action and underlying short-term momentum - I do use higher time-frames to give me a view on direction but due to risk per trade (no more than 1%) I am looking for short term action that gets me in and out on a reasonable timeframe.
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