Friday, August 1, 2014

AUDUSD - 31 July 2014 - Daytrade 2

This is my second daytrade for today. I took this trade late in the European / US overlap session. I spotted a bearish HVLR (high volume, low range) candle rejecting off a significant S/R level (yesterday's low). Price action had also become bearish, with a lower swing low and lower swing high forming, indicating that the bullish trend since the NY open may be turning. After the HVLR candle broke, I entered using a limit order, which improved my risk:reward ratio to 1:1.5. 

Once price moved halfway towards my profit target, I moved my stop loss to breakeven, and got stopped out by the bullish pinbar that formed a few candles later. Price resumed moving downward shortly after. This is the second trade today where I've exited prematurely, despite being correct in price direction. Mildly annoyed.

(click to enlarge)

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