Hello my friends,
Today was a flat day.
Here is the chart for Losing trade:
Everything was ok:
EMAs crossed at 09.00 GMT
10.30 GMT price breaks the RegChan and MACD turned up
11.00 GMT price retraces, W%R confirms.
11.00 GMT: BUY @ 159.56 with 1 lot
SL: 159.42 - 10 pips + .02 spread = 159.30 or max 30 minutes
Stop loss never reached. CLOSING the trade after 30 minutes without result.
LOSS: 159.56 - 159.44 = .12 = 12 pips x 1 lot x $10 per pip = $120
Here is the chart for winning trade that almost canceled the loss:
10.30 GMT: EMAs crossed
12.00 GMT MACD turned down
12.30 Price breaks the RegChan and closes under it. W%R gives the confirmation for entry with that retrace.
12.30: SELL @ 1.0224 with 1 lot
SL: 1.0233 + 10 pips + 2 pips spread = 1.0245 (never reached)
Target: 1.0214 - Successfully
Time of trade: 5 minutes
Profit: 10 pips x 1 lot x $10 per pip = $100
So, what I’ve learned today ? That I should wait for a Trend Line to Exist along with the RegChan. In first case no valid points for TL were found. So, next time I better wait for at least 2 points to trace a mini-TL to confirm with the RegChan. USD/CAD trade had a TL as a support for that range move in the morning
Thanks and Happy PIPpin’ !