As I am getting ready for my live trading room, I came across this very nice butterfly pattern that will complete at this major structure level. Now I normally don't trade butterflies, due to the fact that they complete below X, and this is where i place stops on the other advanced patterns I trade.
But when I get a setup like this, well now I have a structure zone to place my stops under.
This pattern will potentially complete @ 1.3021, which is right at the lows of this major structure zone. Minimum stops should be below the structure zone, and even if you want to put your stops below 1.30000, you will still have an excellent risk/reward ratio for both target 1 and target 2. As always, follow your trading plan.
If you would like to join me in the live trading room, here is the link: http://www.youtube.com/channel/UCzmQLmi44Kcia-iuvV2qvaA/live
Good Luck and Good Trading!
But when I get a setup like this, well now I have a structure zone to place my stops under.
This pattern will potentially complete @ 1.3021, which is right at the lows of this major structure zone. Minimum stops should be below the structure zone, and even if you want to put your stops below 1.30000, you will still have an excellent risk/reward ratio for both target 1 and target 2. As always, follow your trading plan.
If you would like to join me in the live trading room, here is the link: http://www.youtube.com/channel/UCzmQLmi44Kcia-iuvV2qvaA/live
Good Luck and Good Trading!