Idea: Testing a strategy using the relationship of related time frames for measuring retracement high. I am expecting the long trade to hold to my 1HR target at 1.27736. I am not expecting price to fall below 1.269 before reaching the target.
Pros: Accurately predicting retracement highs could also be useful for precise entry on the next short trade.
Cons: Looking at candles alone, there is already some resistance forming around 1.2742. If the market turns here & doesn't reach my target, I will suffer profit losses as the market turns and forgo trading the next leg down.If I need to cut in profit, it will be below 1.269. SL is currently at zero risk reward at 1.262.
Pros: Accurately predicting retracement highs could also be useful for precise entry on the next short trade.
Cons: Looking at candles alone, there is already some resistance forming around 1.2742. If the market turns here & doesn't reach my target, I will suffer profit losses as the market turns and forgo trading the next leg down.If I need to cut in profit, it will be below 1.269. SL is currently at zero risk reward at 1.262.