The big lesson I had to learn on this trade was risk management. My mentor has drilled in my head the value of risk management, so I decided to set a stop loss for this particular trade.
You may ask where?
My answer to you would be: in profit...
In order to pull something like this off, you have to be a risk taker, because, when we entered this trade, we did not have a stop loss set. It was with the wind. , No it, was actually headed to the next zone, but I had to have wiggle room for it to break above the zone before making a pullback.
With this type of trade I had solid confluences to make the leap for myself, I am meerly sharing this with you because I set my first stop loss in profit in the month of April! HOORAY!
In conclusion I'd like to share today's entry from my trading journal:
NEWS: NO
DID I FOLLOW MY PLAN?
Yes! I followed my price action strategy.
WHAT DID I DO WELL?
1. Entered the market in the break of an counter-trend.
2. Traded the pair in the correct session.
3. Exercised good risk management, by setting a stop loss in profit.
WHAT CAN I DO BETTER?
1. Allow price to enter my zone before I exit a trade.
2.IF I SEE A MOVE IN THE NEWS, EXIT TRADE MANUALLY TO INCREASE REWARD RATIO
WHAT DID I LEARN?
1. Risk management will get exponentially easier over time..
2. How To Set SL in profit!
DID I PREPARE PROPERLY?
YES, I waited for my confirmation!
You may ask where?
My answer to you would be: in profit...
In order to pull something like this off, you have to be a risk taker, because, when we entered this trade, we did not have a stop loss set. It was with the wind. , No it, was actually headed to the next zone, but I had to have wiggle room for it to break above the zone before making a pullback.
With this type of trade I had solid confluences to make the leap for myself, I am meerly sharing this with you because I set my first stop loss in profit in the month of April! HOORAY!
In conclusion I'd like to share today's entry from my trading journal:
NEWS: NO
DID I FOLLOW MY PLAN?
Yes! I followed my price action strategy.
WHAT DID I DO WELL?
1. Entered the market in the break of an counter-trend.
2. Traded the pair in the correct session.
3. Exercised good risk management, by setting a stop loss in profit.
WHAT CAN I DO BETTER?
1. Allow price to enter my zone before I exit a trade.
2.IF I SEE A MOVE IN THE NEWS, EXIT TRADE MANUALLY TO INCREASE REWARD RATIO
WHAT DID I LEARN?
1. Risk management will get exponentially easier over time..
2. How To Set SL in profit!
DID I PREPARE PROPERLY?
YES, I waited for my confirmation!
