Friday, December 19, 2014

19 Dec 2014: Daytrade #1

Not the best trade in the world. I tried to go short on the break of support but was quickly stopped out within a minute. Slippage was pretty bad, and I got out 1 pip above my original stop loss.

My rationale for this trade was that the retracement from the previous touch of support was pretty low (refer to M1 chart). It suggested that momentum was turning bearish if bulls were unable to push the retracement up to the 50% level.

My reward was 2R so this was a trade that simply didn't work out.

(click to enlarge)

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