Forex doesn't need to be complicated. The noted GBPUSD hourly chart is one of the few setups I look for to daytrade, which is putting blended candles together (like a puzzle) to make either engulfing or pin bar candlestick patterns. That can be normal candlestick patterns like engulfing is only two candlesticks, but can be blended to include more (like chart three candlesticks together).
By seeing the bullish hourly setup early you could have just waited for the best opportunity to put in your buy order, for a 1:3 risk/reward setup.
Noted on the chart:
* Three candlesticks bullish engulfing setup during Asian session (I don't trade this, but this is good for future trades).
* Enter the price of 1.27500 with a stop loss of 1.27375 (12.5 pip stop), exit target of 1.27875 (37+ pips).
Note: Trade happened right at the end of only London session and during both London/N.Y. session overlap (my favorite time to trade).
Price action and risk management are always #1 in trading Forex. Keep trading as simple as possible, you will profit more and be happier trading.
Good Luck in trading and may the pips be with you.
By seeing the bullish hourly setup early you could have just waited for the best opportunity to put in your buy order, for a 1:3 risk/reward setup.
Noted on the chart:
* Three candlesticks bullish engulfing setup during Asian session (I don't trade this, but this is good for future trades).
* Enter the price of 1.27500 with a stop loss of 1.27375 (12.5 pip stop), exit target of 1.27875 (37+ pips).
Note: Trade happened right at the end of only London session and during both London/N.Y. session overlap (my favorite time to trade).
Price action and risk management are always #1 in trading Forex. Keep trading as simple as possible, you will profit more and be happier trading.
Good Luck in trading and may the pips be with you.