Tuesday, April 24, 2012

24th April 2012 - loss on AUDNZD

While this trade is technically a loss, I'm learning where to place my take-profit stops (at first support/resistance). A pinbar formed on the AUDNZD overnight at a resistance level and BRN (big round number) of 1.27000. I checked for a second opinion with other traders, and the biggest concern was the close proximity of first support level, around 1.26500. 

Price broke the low of the pinbar before bouncing off support. It's quite amazing how these levels act as decisive points. I placed my SL at the 75% mark of the pinbar, which was taken out later today. I should pay more attention to resistance / support when placing my SL.

Since I'm only trading microlots, damage to my account was negligible. 


Lesson: Respect first support / resistance levels, place SL and TP around here.

In order to instill discipline and learning, I will extend trading in microlots for an additional week (May 4).

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.