FX:EURNZD   Euro Fx/New Zealand Dollar
3429 51 82
For some of my trades i will be publishing a review, trying to re-asses what happened and what could be done better.
In this trade, as you can see the trade was generally a good one, despite the fact that i was stopped out at break-even.

Original Trade (https://www.tradingview.com/chart/EURNZD/d6dypMB9-J-Trade-1-Counter-Bias-Short/)

So two main Takeaways from this trade is:
1- First target should be (5-10 pips)above the support zone i highlighted in red.
Its a great practice to put you target level just above a support zone when you are short, and just below resistance when you are long. In this case, i ignored this rule and wanted to enforce a better risk reward. If i did put my target above the support zone it would be around 1.5705 and that could guaranteed first target of 145 pips profit.

2- A new short entry was confirmed by the four-hour pin bar (the candle that stopped me out), I should have re-entered shorting again... with a stop above this candle high and a target at 1.5700 are again.

Thank You
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Excellent clarification
There is no end of learning.... :-)
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Yes mate
Its not only about knowing this information, its about being able to apply it and stand against your own biases.
+4 Reply
ashif030 Technician
agree :-)
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sharadkumarp Technician
"stand against your own biases" really takes something, for me most of the times it seems that current analysis is better than previous one and I lost due to this
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Thanks for the review, it is helpful
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Technician TOP sharadkumarp
yw, i encourage everyone to read the reviews, cause i am not here to show my trade only, i am trying give information.
+6 Reply
I like this concept of publishing a trade review. Honest, detailed and insightful. Great stuff!
+4 Reply
Technician TOP JasperForex
Thanks mate :D
+2 Reply
Even if first target was missed, it was a great trade. Thanks for the insight..
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Thank you Technician for the post trade review. Appreciate for taking the time to do it.......there's always a good takeaway for someone who is new in FX.
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Review is always good. Keep it up.
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What you observed is correct... the 1st target should be kept 5 to 10 pips above the support level ( for sell) and also a suggestion is once 90% of the target reached the ST should be moved 5 to 10 Pips below (if its a sell) the break even so after all the hardwork we even make some points :)
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Thank you for the review i did take this on a demo and im still in the trade, in profit, but i don't actually trade this pair so i wouldnt have taken it live. I have followed you for quite a bit and like to check out your trade ideas which are usually great. thank you again..
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Did not incur Loss . It is Teaching us a Lot.Even if we incur Loss also, No Prob as there are 98 more. Even if 50% Trades are in Profit,we Can Double, triple our Money. We Have Confidence in you.
Thanks
Rao.
+2 Reply
review is useful ,great.
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Is it a good strategy to wait for a confirmation of the price below the neckline of this double top pattern?
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super, thanks
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Thank you Technician for sharing your ideas and knowledge
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Hi Technician. What do you think about using a soft stop loss that eventually get triggered at the end of the NY session? I guess that if the entry system offers an edge, maybe judging the trade at the end of the day should be favourable. Can you share your thoughts about soft sto loss? Why did you discard the idea in your system? Many Thanks
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Technician TOP RiccardoAnnoni
Its totally dependent on your trading strategy, for example, if you have a mental stop(soft stop) , sometimes price may overshoot and that work result in a risk larger then your predefined 2% risk limit for a trade. Otherwise, you can use a soft stop if you minimize your risk by reducing your position size to a level that even if price overshoots you will remain safe.
Not sure if that answered your question.
+1 Reply
RiccardoAnnoni Technician
yep that is clear to me. my reasoning is that if I enter the market then I should have some edge and this very edge means that the market is more likely to go my way rather than not, so running the risk to exceed 2% risk per one trade should be overweighted by those days where the daily close goes my way. Plus I am safe from stop gunners and I am not giving away any info about the price level where I will cut my loss.
I really like your work! Congratulations. R
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Technician TOP RiccardoAnnoni
Yep, but again you have to care of price overshoot. and your mental ability to close your order.
+1 Reply
I've done a similar trade entry at 1.5840, moved stop to break even + few pips, but my broker executed stop loss at 1.6059. 221.6 points more then my stop loss level.
These brokers that close activity at 21 GMT, in fact showed a big gap that does not occurred in tradingview chart based on fxcm data
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Oh ... this is too much to accept.
+1 Reply