AUDCAD Trade of the Month Oct #2
Trading Consultants Inc always begins its process with a Review of Monthly Price charts. If we can determine from the monthly chart whether ” price ” for the pair is rising, declining, or ranging… we can continue analysis.
If not we can not answer definitively the previous question then we simply defer for the month. Here we have used our monthly charts and determined the price is ranging. Thus we needed to check weekly and daily for the entry that possibly can occur. In this case, we are entering based upon a three candle Price action from a formed weekly supply zone . We call this formation engulfing with a( 66% ) retracement. Now we will follow this trade to conclusion.
Reminding our readers…of some of the major points.
Trading Consultants Inc has recently reviewed its Corporate Trading Plan with a focus on risk to conform to Jon McGraw and Jake Gibson. Effective immediately
- We must enter all trades with a stop loss (even with a ranging trade)
- We must present a RR ratio greater than 1:1
- WE must have a defined zone and two candle PA from H4 or higher .
Trading Consultants Inc invites you to follow this trade #2 in our series “Trades of the Month”
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