E/U. Short update ~ 800 pips.
Closed both positions on E/U trade for roughly 800 pips combined.
Price looks like it might rebound from current Demand Zone. Will watch for short-term Long setups. Or Short if fails & falls below the zone.
Stay Pip'n #IzzoFx
👨🏫When Trading, Always Follow One Simple Rule:
Always seek a bigger reward than the loss you are risking.
This is a valuable piece of advice that can be found in almost every trading book.
Typically, this is called a “risk/reward ratio”. If you risk losing the same number of pips($) as you hope to gain($), then your risk/reward ratio is 1-to-1 (sometimes written 1:1). If you target a profit of 80 pips ($100) with a risk of 40 pips ($50), then you have a 1:2 risk/reward ratio.
If you follow this simple rule, you can be right on the direction of only half of your trades and still make money because you will earn more profits on your winning trades than losses on your losing trades.
What ratio should you use?
It depends on the type of trade you are making.
You should always use a minimum 1:1 ratio.
That way, if you are right only half the time, you will at least break even.
Generally, with low probability trading strategies, such as counter trend trading strategies, you will want to use a lower ratio, perhaps between 1:1 and 1:2.
For Higher probability trades, such as MY Winning trading strategy, a higher risk/reward ratio is recommended, such as 1:2, 1:3, 1:4 OR EVEN 1:10 (don't expect this right away. its takes time and patience). Remember, the higher the risk/reward ratio you choose, the less often you need to correctly predict market direction in order to make money trading.
In this Trade on AUDUSD - I've taken a long trade and I've risked 10 pips for a 150 pip reward 😁📈📈(Currently sitting at 90 pips = 1:9 Risk to reward ) .
EUR/USD 📉Short update.
2nd position added today after price book TrendLine + Support @ 1.2200
If price retraces back up and falls then looking to build on my positions.
Stay Pip'n ~IzzoFX
CJ Short update 📉 : 250 pips. Took first profit @ 84.50 and will let the rest ride out to 82.00
The Yen is still standing tough against most other currencies.
Stay Pip'n. ~ IzzoFX