Wednesday, October 9, 2013

9th October 2013: Trade #1



Net pips won = 3.2 pips - 0.55 pips = 2.65 pips won

I spotted good confluence here: a (fat) bullish pinbar with good volume, support at 1.32000, a trend line and Fib 50% retracement. I entered after the fat pinbar had closed and retraced a little. However, price seemed to find near-term resistance at 1.32100. After this level was respected three times, and with the trend line looking close to being broken, I decided to bail and took profit. I was aiming for 1.32160.

2 comments:

  1. Nice trades on the EJ, well done Kevin. Do you mind me asking how you are identifying stop levels on the these trades? you're getting great R ratios! Best G

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  2. Hey. I generally look for the most recent highs and lows and base my stops around them. Just a bit of a disclaimer: I'm not a profitable scalper!

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