Trade of the Week: Scissors

Date mark up: October 22, 2023

Scissors Trade
Trade setup: Identify a an engulfing candle stick ( Bullish engulfing or Bearish engulfing) on the 4Hr. Then grab your fib and place it from the top of the candle to the bottom of the candle. Next grab a white dotted ray and place it at the 50%. Make sure to delete the fib after identifying the 50% mark. Now we are waiting for a break above or below at the 50% followed by a retest at the same 50%.
Execute: Break and retest

Set an Alarm at 1.223

Standard Rules:
*Position Type: Limit orders and Market Execution orders ONLY
* Only risk 5% of your account

TP1 100 pips
Tp2 150 pips
Tp3 200 Pips