Thursday 28th April - Part 2

by 18:47 2 comments
I took another trade in the second half of the day. Unfortunately this resulted in a loss for the first time in a month. I set my order on the high of a test on a trigger line. It was a valid test but once it didn't trigger after two bars I should have cancelled the order. The test had failed. I ignored my own rule and left it in for one more bar. It triggered and went up about 18pips before falling and stopping out. I probably should have put my stop to break even as well but I was out of the house at the time. I must admit i'm pretty annoyed with myself in this instance. But there ya go. Live and learn.

Trade 34 - EUR/USD - Buy @ 1.4821 -  Closed @ 1.4786 = -35


 Eddie 5min

Liam

Author

28. Forex. Trading. Music. Beer. Food. Travel.

2 comments:

  1. Hey liam, i'm still following your blog! You have only taken 1 loss this month? Thats pretty good dude, quick question - what rule are you using for setting your stop losses?
    Cheers

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  2. Hey man, cheers for still reading! Not really posting on Forex Factory as much at the moment, trying to concentrate on my trading a little more.

    For this trade i set my stop a few pips below the low of the wide spread, ultra high volume bar. It'd normally be on the swing high or the low (depending on if it's a sell/buy) but that was too far away for this I felt. Even if i had put it on the low that would've been hit as well.

    Cheers,

    Liam

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