I would like to hear the rest of the story - when you find the guy that got your 80k. . Tom R. - live.
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Hello traders here. Chris Capre. 2ndSkiesForex.comSo, I want to share a live price action trade that I'm in with you right now. This is actuallya trade setup that we have posted in the members commentary, trade setup commentary, in ourprice action course on Sunday and it activated on Monday and here we are on Tuesday and it'swell into profit and so...I want to talk about this trade in terms of trade location, in terms of stop loss placement,in terms of take profit, trade management and kinda give you the overall price actioncontext here. Now, just to make sure you know, this is a live trade, you can see this isan open position right now, this all matches. And also this says real right here. So FXCM,if it's a demo account, that real will say demo, it will never say real. So you knowthis is a trade I'm in with my own money right now, that I only trade with my own money.And so, with that being said, let's talk about the price action context first.So, as we can wee, the GBPUSD has been relatively in a corrective structure range. It's about250-300 pips high, from 1.55 down to 1.52. Now, we had an impressive bull run, an 8 candlebull run into 1.55. But then what happened with all that bullish momentum? It ran intothe big figure at 1.55, and it kinda triple tapped here. Suggesting that the offers werewilling to hold the line here and kinda mount a challenge and stop this momentum. They wereable to eventually reverse the momentum and show with strength that they could push thisback down. And they did, 250 pips. And you can see this strength kinda coming in in atypical impulsive, corrective, and impulsive, corrective structure here.So we had a relatively good idea in terms of trade location at 1.55, and so we saidok, we literally said on Sunday, look, we are looking to sell, if you're bearish youwanna be selling at 1.55, and we don't need a tight stop loss on this. We feel that thecorrective structure will hold and because the offers held 1.55 very cleanly which youcan see here with the wicks all around the same height, we don't need a tight stop loss.If the wicks are much more varied, a short, a long one and a medium one, then that wouldshow not only volatility but a wider range in the depth of the order book around 1.55.Therefore we would need a much tighter stop loss. But we didn't have that. We had a veryclean reaction from the offers here at 1.55.So we said ok,
we're gonna look to sell 1.55 and you don't need a tight stop loss. We actuallyplaced ours, 34 pips above, which you can see here, stop at 1.5530, and an entry at.54969. We literally ended up top-ticking the market. As you can see the high was 1.5497.So by .1 pips we got literally the best entry by .1 pips. That's not common, it doesn'talways happen that we get that perfect entries. I literally missed another trade today bya pip. That's just gonna happen, that's part of it. Sometimes you're gonna get these littlegems that hit perfectly. But when you find good trade locations, you should have relativelygood entries, near where the market stalls and turns.So, because of that, because of this reaction here, we can have a tight stop loss, you shouldn'tneed a large stop loss if you can find good trade locations. Now, in terms of our target,the offers that held here at 1.55, they pushed it all the way down to 1.5250 before someimpressive bullish momentum came back in the market. And the change of hands happened here.So we're expecting the bears to try and target this. If they're gonna show that they haveequal strength in the market, then they're gonna want at least tag this and say ok we'regonna push you back to where you started. So that's our target.We do see an interesting role-reversal level here on 1.5375, so you can see this is aninteresting role reversal level. The market might get stuck here, and if it does, we maytake some profit and neutralize all the risk at that point. But if we get below this here,then I see relatively clear or smooth sailing down to .5250. So that would be a 250-pipprofit on a 34 pip stop. So we're talking about a +8R.Briefly I wanna talk about the entry in terms of how we placed the entry and time and everythinglike that. And then we'll wrap this up.To make sure we didn't place any confirmation price action signal. We don' wait for confirmationprice action signals. Those lower your accuracy, they lower your profitability and they giveyou worse locations. There was no pin bar on the 4hr chart, there was no pin bar onthe 1hr chart, or anything like that. And on the daily chart there was an interestingone here but assuming you got the 50% you know, retrace tweak entry, you're not gettingin till here so you're missing this.Now let's be generous. Let's say you absolutely top-ticked the daily candle today and yougot an entry. Where's your entry? The high is .5445. Your stop has to be above .55 now.So
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