40R EURUSD Long Swing Trade (Smart Money Concepts)

9 Mar 2023

Testing one of my smart money concepts swing trading strategies using an early entry based on day trading setup. The setup normally involves a sweep of a 4h choch/MSS deep in premium/discount, then a daily pin bar or hammer, or a 4h choch.

Previous Day Opening Gap has been filled on DXY as well as three months of liquidity swept.

This early entry utilizes a long from a trendline following another strategy of mine. If successful, will take the majority of the position off after daily FVG fills and leave some on to run as a swing trade.

9 Mar 2023

Catatan

here's the macro perspective. I don't know how to post two charts when creating the idea:

9 Mar 2023

Catatan

So far so good, but before getting all the way to 40R, first hurdle is getting over this intra-day high

9 Mar 2023

Catatan

...And we closed above! Stoploss to breakeven. If we go below the entry now, this setup would go in the bin and a fresh entry can be devised.

9 Mar 2023

Catatan

Its looking bearish in the short term. This is where I would take off 75-80% of my position. Still 4R. 75% on a 100k account at 1% risk is 3 grand. Dont mind if I do!

Just another reminder that you always take partials when trading with SMC. Price is more likely to move less distance than more distance. We live to fight another day.

9 Mar 2023

Catatan

If you're brave, you could even hedge this short:

10 Mar 2023

Catatan

Wow half way already. I would take a partial here in case of swing failure. Nobody went broke taking a profit they say.. especially not at 20R.

15 Mar 2023

Catatan

Always take partials ;)