Haven't shared an idea for a while so thought I'd share a position I currently have open on this pair since 2 weeks now.
Because I recently changed job and my new job would give me MUCH less opportunity to be behind my charts during the day I had been working on switching to the H4 for my trading instead of the H1. I wanted the strategy to be much easier to handle as well and not require me to check my charts every 4 hours to see if I was filled a pattern, if target had to be adjusted and all that so advanced patterns will now be used as a reason for entry in longer term trades instead of as a trade in itself. I have noticed already that it gives me much more freedom and I'm MUCH less anxious and in need of checking my charts all the time to see how trades are going (I can now spend all day withouth even looking at my charts and taking 30 sec in the evening to see how the trade is going before going to bed for example).
I will be sharing more about the strategies in the coming weeks and months (I expected market to start slowing down because of Xmas, and I myself will be interested in other things than trading for the same reason :) ) so watch out for beginning of next year where I'll be able to be more active with sharing ideas & reviews on a regular basis; as I used to.
Anyway, back to EURAUD, I have a bearish biais on the weekly on this pair so I'm only interested to get on the short side. As price was starting a potential consolidation 2 weeks ago (see the green elipses with last low and potential last top on the daily), I was looking for a reason of entry anticipating the end of the bullish retracement to hope on the next impulse to the down side and got rules met a first time at 1,5708 (Entry 1) with 82 pips of risk. Took profit at 1,565 and 1,555 for a total of +211 pips on that first trade. I still have 30% of the trade open and SL is now at 1,5604 with +104 pips of locked profit on that remainder.
Then last week, got an opportunity to add to the current position at 1,5488 for a risk of 116 pips this time. Price hit my T1 as it gapped down on market opening on sunday (+65 pips) and have half of the position still opened. I'm expecting price to continue to push lower, at least to the 1,53 area (previous support level on the daily/weekly) where I'd be expecting a relief and price to bounce back up. I will be continuing to trail stop which each new low to lock in more and more profit.
After that, we will see what markets will do at the 1,53 area. Ideally, I would like to see another consolidation on the daily/H4 and a new break to the downside allowing me to trail stop again on the current 2 trades, and add a new trade to the position. It all comes down to patiently waiting for my rules to be met and take every opportunity I'm offered by the market.
Wishing you guys a great rest of the week!
Plan YOUR trades and trade YOUR plan!
Because I recently changed job and my new job would give me MUCH less opportunity to be behind my charts during the day I had been working on switching to the H4 for my trading instead of the H1. I wanted the strategy to be much easier to handle as well and not require me to check my charts every 4 hours to see if I was filled a pattern, if target had to be adjusted and all that so advanced patterns will now be used as a reason for entry in longer term trades instead of as a trade in itself. I have noticed already that it gives me much more freedom and I'm MUCH less anxious and in need of checking my charts all the time to see how trades are going (I can now spend all day withouth even looking at my charts and taking 30 sec in the evening to see how the trade is going before going to bed for example).
I will be sharing more about the strategies in the coming weeks and months (I expected market to start slowing down because of Xmas, and I myself will be interested in other things than trading for the same reason :) ) so watch out for beginning of next year where I'll be able to be more active with sharing ideas & reviews on a regular basis; as I used to.
Anyway, back to EURAUD, I have a bearish biais on the weekly on this pair so I'm only interested to get on the short side. As price was starting a potential consolidation 2 weeks ago (see the green elipses with last low and potential last top on the daily), I was looking for a reason of entry anticipating the end of the bullish retracement to hope on the next impulse to the down side and got rules met a first time at 1,5708 (Entry 1) with 82 pips of risk. Took profit at 1,565 and 1,555 for a total of +211 pips on that first trade. I still have 30% of the trade open and SL is now at 1,5604 with +104 pips of locked profit on that remainder.
Then last week, got an opportunity to add to the current position at 1,5488 for a risk of 116 pips this time. Price hit my T1 as it gapped down on market opening on sunday (+65 pips) and have half of the position still opened. I'm expecting price to continue to push lower, at least to the 1,53 area (previous support level on the daily/weekly) where I'd be expecting a relief and price to bounce back up. I will be continuing to trail stop which each new low to lock in more and more profit.
After that, we will see what markets will do at the 1,53 area. Ideally, I would like to see another consolidation on the daily/H4 and a new break to the downside allowing me to trail stop again on the current 2 trades, and add a new trade to the position. It all comes down to patiently waiting for my rules to be met and take every opportunity I'm offered by the market.
Wishing you guys a great rest of the week!
Plan YOUR trades and trade YOUR plan!
Trade chiuso: stop raggiunto
Bounce reaction came a bit earlier than expected and a bit more powerful than expected, and my trailed stop got hit : +104 pips on the remainder of the first trade, and SL hit on the remainder of second trade (-116 pips).Total for the trades : +58 +153 +104 +65 -116 for a total of +264 pips
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.