Wednesday, January 7, 2015

7 Jan 2015: Daytrade #1

I got out at breakeven with this trade on the AUDUSD. 

Price bounced off the first 4H resistance zone, and I went short on the break of the bounce's low. 1D and 1H trends were down, so longer-term momentum was with me. My stop loss was tight (3 pips). 

Price did breakdown, but then stalled halfway towards my profit target before returning upwards again. At this point, I moved my stop loss to breakeven. Shortly after, I got stopped out.

That's the good thing about tight stop losses. You don't need to move them much to put your trade at breakeven. 

(click to enlarge)

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