Tuesday, January 6, 2015

6 Jan 2015: Daytrade #1

I only took one trade today so far, in keeping with my "2 trades per day" rule. I may open another trade during the Euro / US overlap later on. 

This EURJPY trade didn't quite work out. 1D and 1H trends were down, so I was bearish. I saw price bounce off resistance during the critical first 4H period of the day, and set a short entry on the break of the bounce's low. My stop loss was 5 pips.  

I was aiming for 18 pips (almost 4R), but price reversed before it hit my profit target. I had moved my stop loss to breakeven, but when I saw how strong price was flying upwards, I closed the trade at 0.5R profit, or a few pips. 

(click to enlarge)

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