First Trade Attempt With My Mark & Analysis
I first did a mark up with my support and resistance zones. Then I used the bollinger band and the supertrend indicators to find more confirmations.
My confirmations in this trade:
1. support and Resistance Mark up to see the zones
2. Then using Bollinger band I see that price has bounced and going up from the bottom band showing support & up direction.
3. Using the Supertrend I see that a few candles back there was an arrow given for an upward direction and price has not gone far up yet.
So my decision was to find entry to go up in long term buy.
My decision on entry was looking at the 5 min time frame I seen that it could have a price pull back to the middle bollinger band on the 5 minute time frame which was about 20 pips down from current price.
My decision on Take Profit was that on the H1 time frame price is coming from bottom bollinger band I will set a take profit for the middle band.
My decision for stop loss is I decided to risk 50 pips.
My confirmations in this trade:
1. support and Resistance Mark up to see the zones
2. Then using Bollinger band I see that price has bounced and going up from the bottom band showing support & up direction.
3. Using the Supertrend I see that a few candles back there was an arrow given for an upward direction and price has not gone far up yet.
So my decision was to find entry to go up in long term buy.
My decision on entry was looking at the 5 min time frame I seen that it could have a price pull back to the middle bollinger band on the 5 minute time frame which was about 20 pips down from current price.
My decision on Take Profit was that on the H1 time frame price is coming from bottom bollinger band I will set a take profit for the middle band.
My decision for stop loss is I decided to risk 50 pips.
Trade active:
Dang it! price came down and the ask price was 0.5 away from my entry. So it was HALF OF A PIP. away then it started to shoot up.. It went up about 70 pips up and came down a bit. I then changed my entry price to a limit buy of 108.45 so see if it come there and trigger. Then it came and triggered me So I am in the trade.. Not with the entry I wanted though but my total pip gain I am looking for will still be good hopefully.