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FX EURUSD
Live Trading
10 pips
$10 profit
1 contract
Position Type: Short
Enter: 1.4276
Exit: 1.4266
Notes:
This was a support break. I was expecting it to fall to 1.4250 where the next major support level was. I will try to understand why this did not happen later. Could be because of the volatility. Ironically I missed the bigger move on the other side of the this trade while formatting the attachments.
The reason it didn’t go to 1.4250 (my guess) is because buy programs kicked in because a pennant was forming and the volatility helped with the follow-through.
Other thoughts
Chart formations on a range chart are harder to see. When I looked at a 5 minute chart it was easy to see the pennant formation.
I did jump the gun on the trade. Should have waited for the bounce and the confimation bounce on the 89 SMA.
See chart for other notes.
I did find out today that if you have a strategy open on a chart you can not see the price markers.
Great posts. I look forward to continuing reading your journal. The intro was almost verbatim of my trading history.
A few months ago I discovered forex too. Time frames for trading are perfect for my daily/nightly schedules.
One question, what broker do you use for forex trading?
do you keep a separate forex account and stock account or combine the two?
Thanks Frosty! I use MB trading. Commisions are low, 1.20 or less round trip. The trade I did today was like .83 cents. Crazy, but I am not going to complain. The spread during high volume hours is 1 pip. I always get a good price.
Currently I am not trading stocks. Focusing on one thing to perfect my skill. Once I get things in order I am thinking about moving over to futures, specifically 6e, which tracks Euro. For learning purposes 6.25 a pip trading futures is a bit steep, especially when you are wrong, so I am sticking with forex for now.
Nice post and thanks for a well annotated chart. You posted a 5 min chart, but with such quick action perhaps it would be an idea to include a 1 min as well around the action.
Looking at the chart you posted I would say you may have been late - though i don't know what your trigger rules are.
It seems that selling whit the CCI breaking 100 would have added 13 more pips.
BTW in your first post you have the entry and exit prices both the sane at 76 so I'm guessing you meant the exit at 66? for 10 pips. (Is 10 pips not $100 vs $10? - I don't trade Forex).
Keep up the great posts and all the best of success to you!
I was using the 5 minute chart to illistrate the pennant. For trading I use 5 range chart. This consolidates the action and removes alot of false signals. See attached chart. I added notes on what I was looking at when I was trading. The 5 minute chart and the 5 range chart have many of the same confirmations but the 5 range chart shows the price action better.
The crossing of 100 and -100 generate more accurate trading signals and a stronger movement. When the price is between the 100's price action tends to be sideways.