Interesting Title to Entice People to Read

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Yeah, I couldn't think of a decent title.

Two trades this week, both on EU and both triple staggered buys. The first one ended up as a slight loss due to a typo on my part. Oops. The second one ended up as a win.


EUR/USD 1hr Hi/Lo PnF

Trade 1
The first trade had an entry of 1.2920 and was up 50 pips at best, which equates to 1:1. This was then followed by two reversals. This was where I would normally move my stop which would have locked in 10 pips. On the back of my last post I decided to move to BE instead, to give it that little bit of space to breathe. It pushed down and stopped me at BE. At least I thought it was BE. I placed my stop at 1.2912 instead of 1.2921. Doh! Only a few pips but an annoying error on my part.

Trade 2

Similar set up after appearing to form a based just below 1.2900. Entry was at 1.2940 with my stop at 1.2880. I decided for this one that I'd aim for 1:1 and be happy with it. This is what I did, I let the trade run and it got there within a couple of hours with relative ease.

It isn't noticeable from the PnF chart itself but we had a small bit of indecision as it approached the previous high (around 1.2970 - the extent of the first trade) with the hourly chart printing a wide spread bar closing in the middle, followed by an upthrust and then a test down to see if there were any more sellers, it turned out there wasn't and up we went.

I'm thinking that I will aim for 1:1 on my trades for the time being. There have been a couple of occasions where i've been at 1:1 and it has either resulted in a loss or a BE trade.

I'm about to start back testing EUR/USD, GBP/USD, USD/CHF, NZD/USD and perhaps EUR/GBP charts to accumulate some more data on this area. As always, i'll keep you all filled in with how i'm doing!

Cheers,

Liam

Liam

Author

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

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