Here is my trade selection for today:
This trade is made on the basis of the exhaustion candle on GPBUSD. I also checked on other correlated currencies and found that EURUSD was showing the same indication as well as shown in the next screen cap.
On the first image you can see I entered a sell on the dotted green line, which I entered into a few minutes before the candle closed on the 1 hour chart. My target Profit is almost there are the dotted red line on the bottom of the image.
Because there was also an exhaustion candle on EURUSD i took on a sell order on this one as well. As you can see by the time I took the screen cap the price already dropped and I took my profit as show below.
You can see on this screen shot, I just took a lot size of 0.01 because I am playing with bonus cash and looking to get my win ratio to 80% before increasing my lot sizes. Essentially the lot size does not maker, its just the win ratios, because you can always scale up your lots once you are playing the forex game right.
So there we have it. Two successful trades, I could have increased the lot size and might consider it in the future.
Previously I have made trades on Pro Strategies with candles that are close to being exhaustions (60% tail to body) and when I did that they typically lost. I have learned that its better to go in on an exhaustion candle with a higher tail percentage because the success rate is likely 99% when done properly.
Now even though I decided to limit my trades to one per day, this trade is down in about 45 minutes so I will be reviewing the charts every hour and if there is a solid trade opportunity I will likely take it.
Until tomorrow, happy trading.