Wednesday, March 9, 2016
Successful: Short EURJPY
On Tue 08/03/16 morning, I took a short trade on EURJPY after the confirmation of the 3 pin bar. It was a good trade but I think my entry can be improved. Waiting for the formation of the 3 pin bar was good but it took away most of my profit. I feel it wasnt a good entry as I missed out most of the move. The trade even went against me for a while before becoming profitable. I feel that this trade can develop better but I wasnt so comfortable about my entry so just took a small profit.
Then I read somewhere is that we can put our order at the high/low of the pin bar (centre candle) so that we can get a better entry. Less stressful and more profitable. Let's see how.
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)