EURSGD - Weekly pinbar at resistance
I had been watching the huge move upwards of this pair last week ready to catch the downwards move. I placed an order to sell at 50% of the weekly pinbar, but my order didn't get triggered and I missed the opportunity to get on board at a decent R/R.
Today, thanks to a nudge from TK, there's another opportunity to get on board at an attractive R/R. At the end of last week, price pulled back higher followed by a BEEB offering a new trade at 1:4 R/R.
Order placed at market with SL placed above the high of the BEEB. Target is at support level 1.4830, but if this is another impulse move, price could go even lower.
Today, thanks to a nudge from TK, there's another opportunity to get on board at an attractive R/R. At the end of last week, price pulled back higher followed by a BEEB offering a new trade at 1:4 R/R.
Order placed at market with SL placed above the high of the BEEB. Target is at support level 1.4830, but if this is another impulse move, price could go even lower.
Dagangan ditutup: hentian tercapai
Dagangan ditutup: hentian tercapai:
I noticed that price appeared to be respecting the Fib38% retrace level. I was surprised, but totally possible, so I adjusted my SL lower to protect against price going completely against me. This backfired, because my new SL level was exactly where price traced back to before heading lower again! Stopped out for less than 1/2%.
How could this trade have been improved?
- Perhaps not chase the trade in the beginning, (although it was a legitimate opportunity to enter at the original price, so I'm not overly concerned that I bent that particular rule).
- Set the proper full stop loss at the top of the signal, then this would not have been stopped out.
- Not moved the SL
- Taken profits (2R) when I thought the trade may have been going against me, I could always take another position if price moves back in my favour (as it has done).
Updated chart...
How could this trade have been improved?
- Perhaps not chase the trade in the beginning, (although it was a legitimate opportunity to enter at the original price, so I'm not overly concerned that I bent that particular rule).
- Set the proper full stop loss at the top of the signal, then this would not have been stopped out.
- Not moved the SL
- Taken profits (2R) when I thought the trade may have been going against me, I could always take another position if price moves back in my favour (as it has done).
Updated chart...
I've moved my SL to 1.5197 to reduce my risk.
There is EUR news today, which will hopefully get this pair moving again. If not, it might be time to take profits and look for better opportunities elsewhere or at least move SL to break even.