Charts - Monday 5th January

by 19:41 0 comments
As promised, two charts for today's trades. Two posts in one day, must be something of a record for me of late!

Anywho, took an EU long and an EU short today.

Given the current down trend on EU, you'd be forgiven for thinking i'm an idiot for taking a long trade. I'm only scalping these days, all the stars aligned, so I took the trade. I will give permission to call me an idiot for seeing a countermanding signal, acknowledging it was against my trade but then proceeding to ignore it. DISCIPLINE!

EURUSD 15min / 3min P&F
1. Spike in volume into the MA, price was trading above the MA so this means longs only! Got the triple top signal in the green box on the P&F chart so I took the buy.

2 & 3. Two spikes in volume, both are warning signs but when they come together like that, pretty much a sure bet the trade isn't gonna go your way. I ignored it and got stopped.

EURUSD 15min / 3min P&F
This was a much better entry but my stop placement and management is what let me down.

1. Starting point, spike in volume followed by a weak down bar. Entry was the break of the triple bottom on the P&F chart

2. This is where I placed my initial stop, 15pips away.

3. This is where I should've put my stop, at around 9/10pips.

4. This would've been the target with my stop at position 3, unfortunately with the wider stop, my target was a little wider as well. 

5. I'd moved my stops to BE+1 so there was no harm done. Of course it reversed and then went on to my target but i'm much happier to have managed the tail end of the trade a little better than the initial set up.

That's all for today, 





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


Post a Comment