Friday 23rd March

by 14:48 1 comments
Finished the week on a high note with a short on EU. Hit 1:1 on the first half of the trade with the second half getting stopped at BE+1.

As usual I took my high volume zone from the 15min chart. This corresponds with a high volume spike on the 5min chart, marked at A. We had a small push out of this zone but this was also on high volume with no follow through to the upside so I took this as weakness as well. We pushed down back into the 15min zone and printed a nice narrow spread No Demand bar with the volume the lowest in over two hours. Set my order just below the low and I was taken in on the following bar. I had my stop just above the high of the zone. 27pips away in total. 


EUR/USD 5min

Once again i'm happy with this trade as I didn't let my emotions get the better of me, even with a bounce from the low of the zone and a revisit to the 50% area, i didn't panic and go to close the trade, I stuck with my original analysis and reached 1:1 just as it pushed down to the green fib (high of Thursday's 1hr zone).

I'm still toying with the idea of taking 1:1 on the first half and letting the second half trail. It has it's pros and cons. A couple of times this year I've had it hit 1:1, gain 1.5% and then the second half retraces and stops at BE+1, leaving that other 1.5% on the table. Then on the other hand it has worked great to trail my stop and get some bigger wins.

Anyway, I made 1.67% on this trade as my broker was kind enough to allow 2 pips slippage in my favour when it the 1:1 mark! Made 1.75% total this week including the small gain on Thursday. 3 profitable weeks in a row, quite happy with how it's going. Next week is the last week of working different hours at job no.2 so I'll be back to normal trading hours for the first week of April, which i'm looking forward to!

That's it for now,

Have a good weekend everyone!

Liam

Author

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

1 comment:

  1. Always Remember, Don't let emotions get better of you.

    ReplyDelete