Thursday, November 27, 2014

26 Nov 2014 Trades: EURJPY & EURNZD

Opened two trades today using my 'Plutus' system, although I adapted the system's rules to what I saw on the chart. This was a combination of discretionary and mechanical trading, and in both instances I won the majority of the move.


I spotted a low volatility, high volume candle off 147.000, a significant round number level. 

When I see an entry signal, I want a story behind it. In this case, I felt sell limit orders along 147.000 were being triggered, and went short. I took profit some distance above the previous major swing low, which was ideal. Shortly after I took profit, price turned upwards and would've taken me out. 


It's a similar story with the EURNZD. I spotted a  low volatility, high volume candle off 1.59000, and figured that a whole bunch of buy limit orders were hit. I went long and took profit just below the previous swing highs (marked on the chart below). Price turned shortly after and would've stopped me out, so my profit target was well-placed. 

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