Monday, December 29, 2014

29 Dec 2014: Daytrade #1

Didn't do much trading during the Xmas break. I had alot of hours at work, and needed the rest of my time to Xmas shop or relax.

I only had time for one trade during my lunch break today. I saw this setup form on the AUDUSD. M5 and H1 charts showed bullish strength, and I felt this newly-established resistance level would break, especially after I saw the short retracement to yesterday's high. 

I got out at 1.25R. I wanted to get out just before the major swing high, which I've marked on the H1 chart. I'm not sure if this was the right decision. It was a conservative play. 

As price rose to the resistance level, I moved my stop loss to breakeven, so I at least did this part right. The level was going to break, or I was going to get out quickly. 

(click to enlarge)

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