Last week was really bad. I missed out of every trade that
ended up to be a winner; while those I perceived as good went south. Consecutive
losses drag my account towards red and I knew (and prayed) it was high time I
had my fair share of good fortunes; and then, the new week beckons. This setup
was relatively easy as par analysis and I did very little in managing it other
than watch price fall.
On 4-hour time frame, the entire trend is a downtrend. In
that regard, I was inclined to go short. The thick black trend line was drawn
joining the close of recent swing highs on 4hr.
On 1-hour time frame, the thin black trend line was drawn to
complement the thick one, and together they form a trend line cluster.
Also on 1-hour time frame, demand channel (the blue channel)
was drawn. The resistance of the channel was in confluence with the trend line
cluster and price formed a shooting star immediately it tested it. An instant execution
immediately after this development at 1.4587, and Stop Loss was placed at
1.4630 ( 43 pips - above the most recent swing high), and Target was placed at
1.4461 (126 pips – at a low below the recent swing low).
EVENTUALLY
Little things worthy of note happened other than price
trading sideways for throughout the end of Tokyo session and a larger part of
London session. However, the decline was inevitable as price headed for my
target.
Profit/Loss: +126
pips
0 comments:
Post a Comment