Hi all,
I’d like to introduce myself, as I have only just registered on these boards, having only discovered BabyPips yesterday (how come I never heard of it before? God only knows).
Any way, as you can guess, I am an aspiring Forex trader. I focus on the EURUSD and EURGBP pairs, and I try to run a medium term strategy. I mainly pick trades based on support and resistance plays, trying to enter in the direction of the main trend -if I can see one that isn’t fictional that is ;). I also attempt to factor in fundamental data (eg. interest rate differential, news events,…).
Ideally, I’d like to build up the knowledge to run macro plays. Who doesn’t want to trade like the macro global guys out there? To that end, I’d be more than happy to hear about any books/resources that would help get me started (ie. macroeconomics for dummies, fixed income stuff, geopolitics,…).
Before I bore you to death, I’d like to present my first ‘proper’ trade, aka the planned trade. Feel free to give me feedback.
Pair : EURUSD
Amount : 10,000€ (account size : 1,000€)
Price : 1.2830
S/L : 1.2626 (-206 pips)
T/P : 1.3175 (+345 pips)
Trailing S/L : 230 pips
I noticed a strongish S&R level around 1.27, which has seen nice moves after being broken and has been tested recently. As it is a round number, I’m thinking some shorts could get squeezed if prices move higher.
I didn’t enter the trade straight after the resistance was broken as I wanted to reduce the risk of a fake break out. I’m currently ten pips down.
Thank you for reading me,
Helacare