MON19AUG2019: LONG EUR/USD DAY CHART:(S/Out @BE)
As mentioned above, this morning I entered this Long Trade based on the technicals mentioned above
It hasn’t yet moved enough in our favour to move our stop at b/e, so we cant count our eggs yet…
As usual, wait and see…
TUE20AUG2019: I have done further analysis on this trade we entered yesterday. It has now formed an “inverted hammer” on the day chart. We can also see that (although not “textbook”) the EUR/USD has formed what it appears to be a “Gartley 79” or a Gartley with a “D” point at the 786% fibonacci retracement level.
This further confirms my confidence on this trade.
Furthermore, in the next post, we also see that the EUR/JPY downtrend appears to be “exhausted” and this further confirms the probability that the EUR may go higher from here.
So there is still time to enter LONG on the EUR/USD cross since it retraced back to yesterday’s prices after forming a inverted hammer (above post) OR alternatively, some of you may want to also take on this LONG opportunity on the EUR/JPY.
As part of my KISS principle strategy, I am looking to only enter ONE trade at a time and only open a new trade once the first trade is at B/E at the minimum.
In this case, I have the G/J on B/E and still looking as it might hit one of my TPs (I have 3 separate lots on it) and the E/U open trade at 1unit risk.
I am monitoring the G/J closely to take 1 unit profit at least at any time I see signs of turning around so that I am NOT losing with either trade… if that makes sense, making my total risk “0 units”.
So stay tune for my updates as we move along this week.
KISS PRINCIPLE RULE…A REMINDER…: "LESS TRADES, MORE PROFITS"
WED21AUG2019: ADDED TO LONG POSITION AFTER BULL ENGULFING FOLLOWING HAMMER & INVERTED HAMMER ON DAY CHART
Following the hammer at the 78.6% fib retracement of what it appears to be a Gartley 79, the EUR/USD has formed a Inverted HAmmer and now a Bull Engulfing. If there is such a thing as a HIGH PROBABILITY TRADE, well, this is it. For this reason, I have added to this trade today, however the target is under the last high to cash in and be in profits.
I also have taken 1 unit profit on the G/J which is still FREEROLLING.
NOW…THIS IS A GOOD PLACE TO BE, NOW IT IS UP TO US TO MAXIMIZE PROFITS.
So, between the two trades I am risking only 1unit for a nice 15+ units profit targets
Wait and see…
MON26AUG2019 UPDATE: I had a meeting with my son last night were we discussed the EUR/USD trade, he reminded me that “it is best to place your stops at the last swing low/high” … and he is right. I have been far too aggressive lately, taking far too many chances, more than usual. I guess my “punting side” has been taken over my “trading side”…
So, I will be looking at getting back to basics, accepting a lesser R:R in order to have a more “conservative” approach.
As we can see, the same Day Trade would’ve worked out just fine for us if we had place the stop at the “x” swing low…