Closed an EU sell not long ago for a nice profit, 3.48% added to my account.
Entry was based on the 15min chart this time around. We had a bounce from yesterday's highest volume hourly bar (upper green line) this morning and this resulted in a widespread bar with a volume increase. Considering the volume to the left of the chart this wasn't a massive increase in volume, but enough to bring in some selling with the following 4 bars printing down. We had a small retrace on No Demand / No Buying Pressure and this hit the 50% to the pip. I shorted the low of this bar with a tight stop above the high for a change. Entry @ 1.3354, stop @ 1.3368.
1:1 target (1.3340) was hit on the first half with the wide-ish spread through the low of the fib zone. I moved the second half of the trade to BE+1 (1.3353) once this happened. Bar B made me do two things, this hit 1.3326 so I moved my stop down (1.3340) again, locking in 1:1 on the second half. But it also closed on the high forming a pin type bar. As we had a lot of potential strength in this area with three fib zones converging I decided to close. Regretted it a bit when the next bar pushed down, but this didn't hit the next target and pushed up and would've hit my stop at 3340. So I actually gained a bit more by closing after the pin instead of letting the market take me out as I was supposed to according to my plan.
EUR/USD 15min
If it had kept going down i'd be a tad annoyed with myself for not following my plan to the letter. But by not following the exit rules, I actually made more money. The entry and managing during was perfect, but the exit wasn't. In this instance It was a good thing.
I'm confused! Should I be happy or does this indicate a flaw in the logic of my strategy?
I have a line in my strategy; "only close out if a really obvious countermanding signal shows on the charts" I guess I considered bar B to be countermanding so this warranted a close. Perhaps I should further define "really obvious" as this is a bit of a loose term.
Anywho, happy with the result and gains on my account. On to the next one!
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