Tuesday 19th June

by 13:34 0 comments
Took a long position on Euro yesterday and added 2% to my account. Very happy with the set up, how I managed the trade and that I followed my strategy to the letter. 

EUR/USD 5min

Despite being very happy with the outcome I can't help but feel a little unlucky at the same time. If you look at the chart above i'll explain why. Firstly, i've two orange shaded zones on the chart, these represent the highest volume 15min areas. My trade was taken from a test into the 50% area of the first shaded zone. The second overlapping zone was formed from a news announcement. I was actually a little lucky this didn't stop me out. Had I remembered the news was coming up, I might not have entered the trade. I was away from the screen when the news did come out so I didn't get spooked out of the trade thankfully.

Anyway, the test was a nice narrow spread closing on the high with the volume being the lowest in quite some time (a green volume bar is the lowest volume in at least 20 periods). Perfect for a long entry based on where the test printed.

My stop for the trade was 20 pips, each white line represents increments of 20 pips as the day went by. For those of you that don't know, I open two trades at my entry, each with equal risk and both with the same stop. Once the trade reaches 1:1 I close one trade and move the other to break even. Guaranteeing profit on the first half and a break even on the second at the worst. We then pushed up another 20 pips giving me 2:1 ratio on the 2nd half of the trade. I then moved my stop to 1:1, guaranteeing some profit on the second half of the trade. This is where I got unlucky, we pushed sideways for a while, bouncing between 1:1 and 2:1 lines before it came down and caught my stop at 1:1. So at this stage the trade was closed with profit made on both halves, perfect! I'm happy with this as it was exactly as my strategy should be. The slightly annoying thing is that it hit my stop perfectly, to the exact pip before pushing up and up and up! 

Not a lot I could do about that, I followed my strategy so I can't ask for much more.

On to the next one!





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


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