Today is the best day trading I've had to date. Very happy with the trades I took today. Two trades in total, adding 3.8% to my account. About 115 pips in total.
I've been trying something slightly different this week, still based on the trigger system that I've been using but now incorporating fibs into the mix. More precisely fibbing a high volume bar or WRB - wide range bar.
Two charts posted below, 1hr and 5min. I took the highest volume bar from the hourly chart for Monday and put a fib on this bar. Important areas to watch are the high, low and close as always, but with the use of fibs we can also look at the 50% of the bar. This gave me my first entry today.
Both of the trades I took were shorts on Eddie.
Red box was trade 1 and Orange box for trade 2.
EUR/USD - Sell @ 1.3212, TP @ 1.31999; P/L = +12.1
A. Increase in volume closing on the 50% followed by succession of down bars
B. No demand / no buying pressure back towards the 50%. Shorted on the low
B. No demand / no buying pressure back towards the 50%. Shorted on the low
C. Closed trade here.
EUR/USD - Sell @ 1.3194, TP @ 1.3091; P/L = +103
D. Increase in volume and upthrust into the low of the hourly bar, down bar confirming weakness
E. Tiny spread no demand, entered on the low
F. Exited here after trailing the stop and that getting hit.
EUR/USD 1hr
EUR/USD 5min
I also tried a different method of executing trades today. Instead of my usual full risk on one trade I split the risk between two trades. Once I'd hit 1:1 on the trades I closed one trade and moved the second to break even and let it run.
Had a lot of help in managing the trade from a friend that I trade with. He taught me a lot of things about stop placement and certainly gave me some things to consider for future trades. It's also his method trading with two trades / two lots that I adopted.
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