Could have taken 3 trades again this morning but after yesterdays mental fragility I took the one that looked the best and the cheapest to enter….that was EURUSD and left it at that. Again, as this was a momentum trade on a major trend re-trace I am targeting just 1:1 here and I am expecting to be a bumpy ride (imagine hitting turbulence whilst on an aeroplane).
I bought at 07:58 at 1.2360, my Stop was at 1.2330 and my target 1.2390. I actually got out the trade at 1.2385 at 08:55. Pleased that I felt relaxed during the 2 retraces during the ride up, less pleased I took out before the price hit my target which it eventually did. The reason at the time I got out early was that during that 1hr the ema’s on the 1hr, 15m and 5m charts had all obviously moved and I was concerned about getting a stiff bounce of one of these – my target was now sitting right on one of these moving averages. So i took my profit a little short of target. The bounce did happen 2 mins later, but price regained it’s strength and actually moved up an extra 40 pips. Low probability that the price was going to move above the 1Hr 50ema, so I am pleased I am out. Maybe tomorrow I can take retrace further now the first obstacles are out-of-the-way. We’ll see, right now at the time of writing both EUR and GBP are being squashed by the moving averages and intraday trend lines…….expect some fireworks soon !
With my new Trade Rating Criteria this trade rated a 2/3 for the setup, a 2/3 for entry and a 2/3 for exit (Execution) and 3/5 for performance giving me a trade rating of 18 (Sum of execution x Performance) – 18 is my minimum acceptable trade rating.