Oct. 1 Trading Notes
Trade 1: EURUSD short
SL: 1.2637 – 30 pips
TP: 1.2650 – 57 pips
Reasons for taking the trade
- Rail Road tracks
- Price being held by 50EMA on the 15min chart
- Previous bounce off 1.2615
- Trend down
- 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.
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:
- Do not take trades before major announcements especially in a low liquidity scenario.
- Do not enter trades after the first one does not pan out. Walk away from the computer instead.