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 (www.tradingview.com/...-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
Keep posted for more...
thefxchannel.com/
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 (www.tradingview.com/...-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
Keep posted for more...
thefxchannel.com/