I've been having a great week so far (+149 pips, +2,22% equity; my second best week this year so far) and spotted this Cypher while doing my post-market analysis last evening.
Orders, stop and targets were placed (I used MT4), and I got filled shortly after and saw price reverse and go towards target.
But when I did my pre-market analysis this morning, I noticed price came 2,5 pips from my target and rolled over again. The "Problem" is that my plan only allows me to move stop to BE if price came 2 pips from target. So for 0,5 pips, I'm not allowed to move stop to BE and had to adjust target instead.
This is frustrating, but it is about being disciplined and strictly follow the trading plan. It took me dozens of hours of backtesting to define the rules how I'm going to trade Cyphers, not to throw all that by the window and break my rules for 0,5 pip !!!
I personally deal with the frustration with a good coffee and some swedish pastries. As for my trade, price has not violated X so pattern is still valid for those that missed it. Now let's wait and see.
Good luck in the markets today. Plan your trades, trade your plan !
Orders, stop and targets were placed (I used MT4), and I got filled shortly after and saw price reverse and go towards target.
But when I did my pre-market analysis this morning, I noticed price came 2,5 pips from my target and rolled over again. The "Problem" is that my plan only allows me to move stop to BE if price came 2 pips from target. So for 0,5 pips, I'm not allowed to move stop to BE and had to adjust target instead.
This is frustrating, but it is about being disciplined and strictly follow the trading plan. It took me dozens of hours of backtesting to define the rules how I'm going to trade Cyphers, not to throw all that by the window and break my rules for 0,5 pip !!!
I personally deal with the frustration with a good coffee and some swedish pastries. As for my trade, price has not violated X so pattern is still valid for those that missed it. Now let's wait and see.
Good luck in the markets today. Plan your trades, trade your plan !
Trade closed: target reached:
AND IT PAYS OFF !!
Target on USD news release +28 pips.
HAving no more opportunities on my radar for today, that closes my best trading week this year (more detail in my weekly review that will be published on my blog later on today or during the weekend)
Target on USD news release +28 pips.
HAving no more opportunities on my radar for today, that closes my best trading week this year (more detail in my weekly review that will be published on my blog later on today or during the weekend)