PnF Long Update

by Liam 12:24 0 comments

I'm happy to report that the PnF trade hit its target and then some. I finally closed out at around 1.2962 giving me a total of 127 pips. Probably one of the best trades i've had with regards to pip totals. I've only been risking the minimum possible so in money terms it doesn't total to much. The whole trade was about the process more than anything and I'm very happy with how it went. Trailing the stop as it moved upwards. To be honest if it wasn't the weekend I may have left it running. It'll be interesting to see where we go next week now that the target has hit. This can often mean a reversal.

EUR/USD 1hr PNF

Interestingly there wasn't a lot of volume analysis during the course of this trade. The initial entry was a buy on the break of a high volume zone as shown on the chart but apart from this there wasn't a lot else on the way up. I'm sure I would have been trying to short it given the opportunity. So that gives me a lot to think about. 

The PnF chart for Cable had some very similar set ups as well so that could be another chart to keep an eye on.

This is also the first profitable week i've had since the middle of July. Which is a great feeling. Before I get carried away I realise that this one trade does not a trader make. What it does tell me is that i'm well able to execute and manage a trade.

Now, my weekend is going to consist of the following; The Definitive Guide to Point and Figure Charting!

Hope you all have a good weekend,

Cheers,

Liam