Tuesday, December 16, 2014

16 Dec 2014: Daytrade #1

I'm about to duck out to finish my Christmas shopping. This was a trade I took in the middle of the Asian session. The H1 and M5 USDJPY charts were trending down, so I was looking for shorting opportunities.

Price retraced to the 50% level of the last down swing. I used the M1 chart to time my entry. I utilised the Momentum indicator as confirmation of my entry. When I saw that price was struggling to move higher, with the Momentum indicator showing bearish momentum strengthening, I saw this as a good entry point and went short. 

I took profit at 2.5R when price reached yesterday's low (a support level) and began to waver. Price broke down in the next candle and fell 20 pips. I missed out on this move. Oh well.

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