Friday, March 4, 2016
Failed: Long EURZAR
On Monday 29/02/16 morning, whats look like a bullish reversal on EURZAR turns out to be a big bear coming too fast and furious. It came down so fast and hit my stop loss within 1 day. Everything is ok for this pair, its on a up trend and got a bullish reversal but it could be at the end stage of its up trend as there's a lower high. This could be the thing why this trade didnt work out.
I spaced out my stop loss widely as I dont want to get stop out unnecessary but its a double edge sword. If it hits, the loss is huge. My biggest loss so far and I am licking my wounds -S$484.12 *ouch!*
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 (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)