Hi,
I’m pretty new in forex, so I’d like your comments on the trade that I took just now
So this was how I took it:
On the one 1 hour chart I noticed that a support level was hit, and MACD was going to intersect. On this note I was fairly confident that price will rise, but I don’t know by how much, although I was expecting it to stop at the next resistance level shown in the 15 min chart.
When I took the trade I drew a fib retracement, and found out that price was already hitting the 38% level, so I had a long order.
My initial plan was to exit at the resistance, about 10 pips away from entry, but I was afraid so I stopped at 3.8 pips profit.
This was my first live trade ever.
Any thoughts will be greatly appreciated 