XAGUSD Long - 29 November 2016

OANDA:XAGUSD   Silver / U.S. Dollar
44 0 5
- A morning star formed at the trend line support that previously hold for 3 times
- Also, a bullish divergence was formed after the swing low at the channel support
- Within the channel noted that:
1.) Each bear run is approx 220 pips to 250 pips
2.) Each bull run is approx 140 pips

- Long entered at market @ 16.69

- Set @ 17.66 which approximates 140pips from the bottom

- Set @ 16.3, with recent gap up as a safe cushion

- Yesterday unconvincing bullish close might be an issue for my long trade
Trade active: Updates - 30 November 2016:
- Yesterday session was quite hectic with price opened gap up, move down and came back up to close a dragonfly doji alike candle.
- Hopefully this could be a start of a bull run
- As of now, will hold on to this trade
Trade active: Updates - 1 December 2016:
- Once again, the price is having difficulty breaking up the 17.0 mark
- Since entry triggered, this trade has been in red. Currently holding on to a 20 cent deficit
- Since half way to my SL, might as well just hang on to it and let it plays out.
Trade closed: stop reached: Updates - 2 December 2016:
- Ouch, this is painful.... yesterday price action stopped me out by 1 pips and reverse back to the upside forming a long tailed doji at this support area.
- Probably i would reenter long but would now stay at the sideline to lick on my wound.... also to wait for another bullish signal...
- Key learning point from this trade:
1.) Relook at my SL placement
2.) Don't be influenced by RR ratio in SL placement as RRR is a tool to screen profitability of a trade and should come after identification of SL point.

It is going to be my 2nd month in journaling my trades.... time for a bi-monthly review of my past trades~~
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