Interesting Title to Entice People to Read

by 17:30 0 comments
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!





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


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