I’m not sure if I’m jumping the gun here, since the day isn’t over and the full day’s candle hasn’t formed.
But price broke through the consolidation area high and close from yesterday, which I marked at 103.09 and 102.77
I entered at the market, 103.16. I set my stop at the daily ATR from yesterday, which was like 119-120. So my SL is at 102. Not the full 119 pips, but 102 is nice and round.
TP’s, I’m not so goo at identifying. But if I go back in the chart, a couple highs that stand out are 105.30 and 106.40. Super far away from the current price, but they’re the closet higher highs.
Actually, 103.90 is next in line. So I’m risking 115 pips for about 75 pips. Maybe I should get tighter with my stop???
CADJPU is trading at 103.88. I entered at 103.16. Got as high as 103.97. So it broke that recent high I mentioned yesterday, came back down and is now get close to 104. Sweet!
Now I’m thinking I need to move my SL. Should that go to breakeven at 103.16, or higher? Thoughts?
I could lock in some gains, or should I leave space for the trade to do it’s thing?
I’m at least doing BE, so that’s done. Okay, update in a few.
Hmmm, hit 104.10 about 3 hours ago. That would have been almost 100 pips. Back down to 103.96.
I’m thinking since it’s Friday, maybe I lock in some profit. Move my stop to 103.75. That’d give me almost 60 pips profit. Then let it ride into next week.
Well, my initial TPs were 103.9, 105.30 and 106.4. Hit the first one. If I zoom into 2014, to see “structure” around current prices and higher, there’s a high at 104.93. So the closets is still almost another 100 pips away.
Maybe we just watch the lower time frames for the rest of the day, and see where we are at in a couple hours.
I forgot to mention my new trade. Back into CADJPY! Had I left my previous trades SL a big wider, below 103.60, I’d be sitting on some crazy pips. Would have hit 2 of my TPs
So I went long on CADJPY again. Bought at 105.358. Set my stop at 104.80.
Price is at 105.85 right now. Same question again, where to move my stop. If I moved to my entry, I’d have about a 50 pip SL. I could just close the trade now for 50 pip profit. Or watch it some more as it moves closer to what I had put as another TP at 106.4, That again would be over 100 pips proft.
Using a ATR based SL is still a bit confusing. If I enter on something lower than the daily, am I using that timeframes ATR value, or always sticking with the daily TF ATR, or some multiple of it?
Giant candle down! 4% down. Got some accumulation (?) last couple of days. Double top maybe, but then there’s a higher low, but not a higher high. So mixed signals. Got a couple indicators maybe saying a move up is in the cards.
Order block between .9638 and .9573 identified, it shot up, and it came back down into the block.and now it’s sideways. Potential trade?
Also, I decided to follow forex.com’s suggestion about the EURGBP pair and some UK data coming out this week, with a potential for the pair to move up.
So I put in a limit buy order at .8615. Looking for a 100 pip move to the recent high. Set my SLto the recent low, 50 pips from my entry. Let’s go!
Things like this are very disciplined and helpful. So you are doing everything right, the main thing is to stay as motivated and disciplined so that you keep it up and understand what you are doing it all for now.
Haven’t been able to do my analysis as much today as I liked, but forex.com is always posting something with some nuggets.
So maybe I’ll just watch EURUSD. We should have some volatility tomorrow by 9 AM after the Fed and ECB speeches. Could be interesting to watch the chart real-time while the speech is on going. Haven’t tried that.
Sure, I’ll have to drop it in a spreadsheet. Took a hit last week on EURGBP trade. Moved 25 pips up, but then came crashing down and hit my stop. 2 wins, 2 losses, but still up a couple bucks.