Wedensday 18th May

by 23:44 4 comments
Ended up taking two trades today, the first one I closed for 15.6 pips, adding 1.25% to my account and the second got stopped at 0.1 pips.

Trade 40 - EUR/USD - Buy @ 1.4230  Closed @ 1.42456 = +15.6

Eddie 15min

Entered this trade based on a 15min chart. High volume trigger with a good reaction followed by a test. If i'd set my usual 3% target (in this case 38 pips) that would've been hit. I set it two pips higher and that wasn't hit!

Trade 41 - EUR/USD - Buy @ 1.42562  Closed @ 1.42563 = 0

Eddie 5min

Re entered on the 5min after two tests following the 15min upthrust, this trade was up about 20pips but I decided to let it run to see what the news would do, got stopped at BE on a move down before the FOMC news announcement.

The following chart is an example of a set up using the low of a trigger bar instead of the close. This is a 5min Cable chart today. I didn't trade this because I only saw it after the fact. Nice example nonetheless.

Cable 5min

Good to make some money back from what I lost yesterday but it should have been more. Never mind. As always, I learnt some important lessons today!





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


  1. On the last chart, IMO those bars are not ND. You can see strength coming into the market before the first bar marked ND because of the increase in volume on down bars closing on the high. That bar marked ND to me is a failed test, and I personally would have entered a short on the low of that bar. Just my 2 cents

  2. Admittedly the first ND i marked isn't a great example. But as for the second, I still think that's a ND, we both agree to go short so let's not get mixed up with nomenclature! It was in a medium/short term down trend so it's more likely to be a ND than a failed test. It's an even close bar so 1 pip either side would give us a better view of it.

    Cheers for the comments by the way, you always have a welcomed insight, keep em coming!


  3. I have one rule when trading, If my TP is not at least 2*mySL pips from any S/R i dont enter the trade.

    Liam if you used 2:1 Risk reward in this trade using as a SL 1 pip below the test (that i use), you would have been profited twice.

    1 for 32, and the other for 24.

  4. Each person is different. Having a stop on the low of the test is far too close for me, I've been taken into a trade many times only to see it break the low of the test soon after. With my stop on the swing low/high I feel I am more protected. Each to their own really!