#10WTC Week 5 Journal Entry: Closed Trade Recap from Week 4: AUD/USD
February 20, 2019
While this one didn’t really take as long as the previous trade, it still bled into the weekend and caused a bit of discomfort. I say only a bit because at least I wasn’t in the red as it was chopping around. It still gave me that annoying problem I seem to constantly be having though: Should I take profit now or let it run???
Trade 11: Long AUD/USD
I went long after seeing this pair bounce off its bottom channel resistance. I thought it was going up to its mid-channel area at least. Hopped in at market (orange line and yellow arrow line for my entry day) and set my TP at the mid-channel and SL at the bottom channel.
This was one of the trades I thought of when @BaconSandwich wrote:
At the time, I was thinking of drawing another lower TP line so I can just close the trade and be done with it. But I thought about it some more and realized the pair was still trading according to the direction I went in so why get out?
I kept it and a day later, I got stopped out and took profit.
I took home $6.61 or about 66 pips.
Ok so while that’s a good thing, I’m still a bit annoyed because I feel like I shouldn’t have added a limit order.
But clearly I’m only thinking about that now becauuuuuuseee……
Trade 12: Short AUD/USD aka Let’s Make a Quick Gamble on This Sucker
First mistake: Looking at the 4H chart. I looked and saw that it was having trouble breaking through that mid-channel resistance.
My thought: OOH it’s probably topped out. Let me make a quick bet.
I put out a veeeery tight SL (6 pips), just a tiny bet to find out if I’m wrong.
As you can see in the chart (Trade #11 still), I got stopped out lol and it continued to chop. I’d probably be in the green now if I made my stop wider but let’s be honest I wouldn’t have placed my stop there to account for that spike up!
I lost 6 pips or $0.06.
I don’t really regret this trade, I think it was a small price to pay to be wrong and would have been beautiful had I been right.
At this point my account balance is now at $343.72. I’m up about 14.5%. I am not complaining!
I have 5 more weeks to not mess up. Let’s get that bread!