This is my first trade in the monthly loot series.My main chart is the daily charts but i use the 4 hourly charts to refine my entry and exits.Over the weekend i selected pairs which might reverse or continue their previous trends during this week.Today i was looking through the charts of previously selected pairs for a possible trade and noticed the GBP/USD forex pair rebounding against the resistance at 1.5902 which agreed with the stochastic and MACD signals.I then set up an order trade using the most recent high as my stop loss and the target profit is 15594 and then 15524.order was filled at 15873.
Trade direction: short
Stop loss:1.5970
Target price for exit:1.5594 and 1.5524
Distance between stop and target: 376
Distance between stop and target/ 4: 94
Entry point for desired risk reward of 3:1
Potential loss(risk): £50Actual Entry point: 1.5873
Trade size (£ per point) :0.53pence
Comment: cftc cot showed more traders favouring the upside,a warning which i refused to see in my haste to trade.
Verdict: No loot
No comments:
Post a Comment