Trading with Venus logo

Get FREE Trade ideas:


Trade Review – Oct 1, 2014

Facebooktwittergoogle_plusredditpinterestlinkedinmail

Oct. 1 Trading Notes

Trade 1: EURUSD short

Entry: 1.2607
SL: 1.2637 – 30 pips
TP: 1.2650 – 57 pips

Reasons for taking the trade

  1. Rail Road tracks
  2. Price being held by 50EMA on the 15min chart
  3. Previous bounce off 1.2615
  4. Trend down
  5. Asian session high at 1.2629

How do I feel?

Technicals feel okay. I feel a little anxious for the trade as I have not been trading too well lately. Not as confident as I would like to be. There’s PMI coming out at 10:00am which may impact the trade. Also, I adjusted my SL from 20 pips to 30 pips to put it above the high of the previous pullback. There is also a double bottom formation on the 15min chart that I totally missed.

Oct 1 EURUSDMOct 1 EURUSDM15

     

Result: -30 pips Loss: ($156)

Notes – Price spiked up on PMI data and popped just enough to take me out of the trade. After that, price stayed in a range anticipating ECB announcement tomorrow.

Adjustments to make going forward:

  1. Do not take trades before major announcements especially in a low liquidity scenario.
  2. Do not enter trades after the first one does not pan out. Walk away from the computer instead.
Facebooktwittergoogle_plusredditpinterestlinkedinmail


Get the FREE “3 Steps to Consistent Forex Profits” guide

I will never give away, trade or sell your email address. You can unsubscribe at any time.