double bottom after downtrend

double bottom after downtrend


After a downtrend to lower lows for the year happened we waited for the bottom, followed by a double bottom and took the buy entry at the double bottom . We took a 10 lot trade with 0.75% risk a.k.a. 1.5k loss if it would hit loss and a 3k win, if we won 2:1. Should look for the three to one risk instead. Looked at the RSI to know we were heavily under bought. Also put a fib retrace from the first bottom to see target levels. It ended up going to 0.38 level retracement

Leave a Reply

Your email address will not be published. Required fields are marked *