Technician
Short

(J) Trade 11: Trend following Short #Forex

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
4854 62 115
Update 3: Closed second half at 0.8420 as we are approaching weekend as Carney will talk on Sunday
Profit= $431+949.5= $1380.5
Balance= 29 211 + 1380.5 = $30 591.5

Update 2: First Target Hit, closed first half and Moved stop loss to break-even for the rest of the position.
Update: The Trade is Active

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Trade 11: Pending Short NZDCAD             @0.8550
S.L @ 0.8590
T1 0.8491
T2 0.8415

For $29,798.94 Balance, Position size = 1.8 lot

===========================================================================

Reasoning
  • Overall trend is down
  • Recently completed a bearish breakout below main support around 0.8600
  • Shooting star candle
  • Short term overbought signal on Stochastic

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Wish me luck and best of luck for everyone.

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Journey to 100 Trades: Rules and Guidelines #forex


My best regards
Technician
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I have been flicking through your trades and it seems you have been calling the right direction a lot of the time but you are missing out on entry by a few pips. Why not have multiple entries to average into a position in order to counter this? You have multiple exits after all.
I would split your entry into 2. The first has worse R:R due to worse location but its weighting could be a 1/3rd of your normal position size and it is simply there to act as a hedge in case you don't get done on your remaining balance. The second can be at the best possible R:R and you enter for 2/3rds which pulls your average up significantly.
You are slightly out of the money when you do enter on the second lot of your order but I think all of the profits from the first "hedge" order would outweigh that over time.
Reply
Great one. I got out at 0.8435. I see it did reach your target.
WELL DONE!
Reply
Nice call Technician with my thumb's up you get century..lol
Reply
thank you sir
Reply
Well done! If there is a definition for the perfect trade this one comes close!
Reply
Hi Technician,
I closed all my positions before market close with some nice profits.
I can only thank you for that.May you live a very long,healthy and happy life.You are the man!!!!!!
Reply
No need to thank me man, its just a trade you took your self :)
Reply
Technician TOP Technician
its only a trade, who knows, the coming trades could be losers.
+1 Reply
ValeriuV Technician
even so , the learning experience itself worth losing some tradings, who knows, without this lessons our losses may be even bigger
Reply
Yep, the whole experience is meant to be educational for everyone including my self. And its very early to judge its success or failure, time and more trades will tell .
+5 Reply
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