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Hello everyone,
Today [26-08-2008], I initiate a short position on the GBP/USD at the price line of 1.8473 at 10:17am (Singapore Time) | 02:17am (GMT).+26-08-2008+(before).jpg)
So, what is the story that I see today? Well, I laid back to watch how the market behave yesterday. Yesterday's price action showed me that market wasn't able to clear above my Weekly Pivot and it formed a candle pattern they will call "Dark Cloud Cover". At the point of my entry at the mentioned price line and time, MAs are down, Stochs are down, Fast MACD is kissing downwards and Slow MACD is neutral.
My Stop Loss was on the conservative side at the price line of 1.8495(-22pips) and Target Profit at 1.8410(63pips) which is near to yesterday's low which is around the price line of 1.8404. Risk : Reward = 22 : 63 = 1 : 2.86.
When market moved in my favour and hovering around 1.8440 area, I shift my Stop Loss to Protective Stop at the price line of 1.8472(1pip).+26-08-2008+(after).jpg)
My Target Profit was hit at 03:14pm (Singapore Time) | 07:14am (GMT), giving me 63pips profit for this trade.
Peace and trade safely everyone...
2 comments:
Hi,
It'll be great if you can post your bad trade too so that we can learn from mistake too.
Hi There :)
Thank you for your comment =^_^=
Please do read most of my entries. My so called "Bad Trades" are there with my Protective Stop hit.
Do enlighten us with your meaning of "Bad Trades". Traders Term, Bad Trades are trades initiated without explanation or analysis or without "Risk : Reward". If your "Bad Trade" is losing money, then I apologise to dissapoint you. Trading is meant to make profits and not losses. That's not how I was taught to be a trader.
As far as I know, I have been trading with my strategies.
Warmest Regards,
Ash Ariffin
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