Technically Speaking
You can't see it on the chart but the 2 level has been a good level to sell against in the past.
I sold at 1.0170, stop at 1.0215. Initial target is 1.0000.
Here is my checklist I go through before taking a trade.
Is this trade worth taking?
* Where is the R/R right now? Is it obvious?
* Is the market trending or ranging in the time frame you are watching?
* Is price currently at a level that is obvious to all market participants? Remember, it is their orders that will push your trade to profit or loss. What are other traders seeing?
* What is the price action? Is it obvious?
* What would you regret more, passing on the trade and watching it go for 100's of pips without you, or losing a small % of your account?
In my experience, mistakes of omission are far more painful than mistakes of commission.
After thinking through these questions, is this a trade you would like execute?
You can't see it on the chart but the 2 level has been a good level to sell against in the past.
I sold at 1.0170, stop at 1.0215. Initial target is 1.0000.
Here is my checklist I go through before taking a trade.
Is this trade worth taking?
* Where is the R/R right now? Is it obvious?
* Is the market trending or ranging in the time frame you are watching?
* Is price currently at a level that is obvious to all market participants? Remember, it is their orders that will push your trade to profit or loss. What are other traders seeing?
* What is the price action? Is it obvious?
* What would you regret more, passing on the trade and watching it go for 100's of pips without you, or losing a small % of your account?
In my experience, mistakes of omission are far more painful than mistakes of commission.
After thinking through these questions, is this a trade you would like execute?
Trade closed manually:
I closed this trade on Friday for a gain of 60 pips.
I felt the risk was too great going into the Italian vote. I had a small loss in EUR/NZD so I felt if I covered the loss, the vote could push this trade from a win to a loss, so I took a small net gain on the week, which is fine.
finished the week with 2 trades, 1 win 1 loss for a net gain of 46 pips.
I felt the risk was too great going into the Italian vote. I had a small loss in EUR/NZD so I felt if I covered the loss, the vote could push this trade from a win to a loss, so I took a small net gain on the week, which is fine.
finished the week with 2 trades, 1 win 1 loss for a net gain of 46 pips.