Welcome back to another weekly trade recap video. This week I got evolved in 3 additional positions, and I currently have 4 trades that are running as well. So let's take a look:
AUDJPY - First Trade -Full 1 % loss. Second Trade: Entered once price completes the channel, recent double tops, breakout entry. Running about 1%. SL at BE.
NZDCAD - Full 1 % loss. Good price action to break out, and entered at the LTF correction. Price made a push up before dropping down impulsively. Sometimes this will happen and I understand the R:R, so no emotion for me and move on even tho the trade is going toward the TP.
XLMUSD - First trade got tagged out for 0.5% profit. Entered the second trade as price completes that HTF continuation correction, and we see a confirmed breakout.
SUGAR - Still holding the trade, currently around 4% profit.
BTCUSD - Still holding the position, currently around 6% profit.
Any questions, comments or feedback feel free to let me know.
Very impressive to see you held BTCUSD through the big pullback. One question. What is your profit target for BTCUSD? If BTCUSD had pulled back deeper, your winning position would have been a loss. How do you manage it?
jojofang0901
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@traderlgy I would always move SL to BE or 1:1 profit once the trade has move toward the desire direction. So I won’t let a profit position gone to a loss, at most BE. What you can do if it fits your trading plan is to trailer your SL up as the price keep moving up to secure profit. But for me my plan to is hold for longer term on this so I am fine not moving up the SL. It’s alll about your plan and management :) thx
Nice review and thought process. 1 suggestion though. Could you pull up symbol and current timeframe backdrop during your review so it's easier to see what TF you are looking at?
Thanks.
jojofang0901
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@ojibala, Hello, you can see from top left of the screen will show the symbol/ticker and time frame as well :) thx
ojibala
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@jojofang0901, Sure. It just that they are very small on mobile and you speak fast :D Nevermind. Thanks for sharing.