Background:
- Trying out this trend following + momentum strategy
- To enter upon bullish reversal candle with both Stoch and RSI at 70 region
Entry:
- Buy stop @ 15pips above candle high @ 86.6
TP:
- Previous swing low @ 89 region
SL:
- Set at 20pips below the low of the reversal candle @ 85.4
Alert:
- Bull run has been for a while, will it extend or it will come down to retest some support? need to closely monitor this trade
- Trying out this trend following + momentum strategy
- To enter upon bullish reversal candle with both Stoch and RSI at 70 region
Entry:
- Buy stop @ 15pips above candle high @ 86.6
TP:
- Previous swing low @ 89 region
SL:
- Set at 20pips below the low of the reversal candle @ 85.4
Alert:
- Bull run has been for a while, will it extend or it will come down to retest some support? need to closely monitor this trade
Trade active:
Updates - 27 December 2016:
- Late update after my long year end holiday
- Price initially went up to my favor but turned down after testing 88.80 resistance.
- At this point of writing, price is testing the 20MA support and daily horizontal support @ 86.5 region
- Will hold on to this trade as prevailing trend is bullish and is testing the MA support.
- Lesson learned is that to set lower PT (most likely achievable point). In this case will the be the daily resistance @ 88.8 round number.
- Late update after my long year end holiday
- Price initially went up to my favor but turned down after testing 88.80 resistance.
- At this point of writing, price is testing the 20MA support and daily horizontal support @ 86.5 region
- Will hold on to this trade as prevailing trend is bullish and is testing the MA support.
- Lesson learned is that to set lower PT (most likely achievable point). In this case will the be the daily resistance @ 88.8 round number.
Trade active:
Updates - 29 December 2016:
- Price seems to be pressured by the bears
- Might keep on holding to this trade given my small trade size in this trade and minimal volatility in this holiday season.
- Hope for the best!
- Price seems to be pressured by the bears
- Might keep on holding to this trade given my small trade size in this trade and minimal volatility in this holiday season.
- Hope for the best!
Trade active:
Updates - 5 Jan 2017:
- Yesterday price closed fairly bullish approaching the resistance of previous top @ 88.5 region
- Hopefully by today my TP will be achieved
- Yesterday price closed fairly bullish approaching the resistance of previous top @ 88.5 region
- Hopefully by today my TP will be achieved
Trade active:
Updates - 6 Jan 2017:
- ZZzzzzz.... Bear is really pissing me off... lolsssss
- Yesterday session closed a bearish marobozu, engulfing previous 2 days bullish candle. And now price is testing the gap up done on 3 Jan 2017. Price action at this area will determine the progress of this set up
- Based on the fact that this bearish marobozu acting as a 2nd bearish signal (after the swing high on 20 December 2016), I have move my SL to entry to limit my risk
- However, I am not exiting this trade as the trend is still bullish...
- Hope for the best!
- ZZzzzzz.... Bear is really pissing me off... lolsssss
- Yesterday session closed a bearish marobozu, engulfing previous 2 days bullish candle. And now price is testing the gap up done on 3 Jan 2017. Price action at this area will determine the progress of this set up
- Based on the fact that this bearish marobozu acting as a 2nd bearish signal (after the swing high on 20 December 2016), I have move my SL to entry to limit my risk
- However, I am not exiting this trade as the trend is still bullish...
- Hope for the best!
Trade closed: target reached:
Updates - 11 Jan 2017:
- Oh nice..... Price was triggered my PT (88.5 - revised on 5 Jan 2017) and this trade has earned me a approximately 150 pips gain
- Thanks to my revised PT (from 89.0 to 88.5), I managed to pocketed the gain before the bear action .
- However, since the underlying trend is still bullish, price might retest the 20MA support again and goes up to try breakthrough the 89.0 resistance
- Nevertheless, I shall celebrate this gain :)
- Oh nice..... Price was triggered my PT (88.5 - revised on 5 Jan 2017) and this trade has earned me a approximately 150 pips gain
- Thanks to my revised PT (from 89.0 to 88.5), I managed to pocketed the gain before the bear action .
- However, since the underlying trend is still bullish, price might retest the 20MA support again and goes up to try breakthrough the 89.0 resistance
- Nevertheless, I shall celebrate this gain :)
- Holidays have broke me.... been slacking in my trade journal updates... OK!!! new year kickstart!!
- After the temporary bear momentum (bulls profit taking i believe), 2017 started with a bull blast!!! Price gap up and close reasonably bullish
- Given prior experience of missing the PT during the early dec bullish push, I have move the PT downwards to 88.5 from the initial target of 89.1