This blog records my ongoing investment activities 'buying consistently in different companies regardless of market conditions at different times' and my index futures and forex trading activities
Wednesday, March 16, 2016
Breakeven: Short CADJPY
On 29/02/16 morning, I took a short trade on CADJPY after seeing a potential pin bar developing. I got in a good entry, at the lowest point of the pin bar. But if I see the chart now, I wouldnt want to short it. I would want to buy it. When I preparing to write this post. I started drawing the trend line and see that it has reversed its trend. In the daily chart overall its a down trend but the trend line shows that it has broken out of its trend line and has become a uptrend. Lucky this time it break even :) because I got a good entry and sitting on +100 pips before it suddenly reversed and breakeven :(
Next time I better draw my trend line before acting!
Trading Plan:
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle or 150 pips max (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)
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Jimmy,
ReplyDeleteNo profit stops to protect your profits?
Money management.