Good News Everyone!
Finally got some points on the board today with a short trade on EU. Currently still in the trade with the first half of the trade closed.
First things first, we're in a down trend, so that was step 1! 15min chart first with the two zones for today;
EUR/USD 15min
My ideal situation and something I was talking to a friend about briefly this morning was a retrace back up to 2905 area on my chart, to test the low of that out of place Asian volume from last Thursday/Friday. This didn't happen and we got the first high volume bar marked on my chart. The next bar is up, but it's a compressed range and the next few bars were all down, definitely showing some selling on marked bar.
EUR/USD 5min
When we printed this 5min No Demand into the 50% this gave me my entry. I went through a bit of draw down but as another friend pointed out to me, that small up move was on lowering volume, the odds were in my favour. Besides, I had my stop, I wasn't going to close. After a while the trade came good and hit the 1:1 target at 2848 (19 pips). And I moved the second half to BE+1. I bent (not broke!) my exit rules a little and this has so far kept me into the trade up to now.
I'm considering my options at the moment. I can either tighten the stop a bit (it's still at BE+1), leave the stop as is, or close the position and be happy with my earnings. With my recent run, i'm admittedly leaning towards the latter. But, importantly, i'm relaxed about the whole thing.
I'll let people know what I did tomorrow some stage!
Cheers,
Liam
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