Hello all,
Here’s the most recent trade I’ve entered:
USD/CHF SHORT @ 1.2411
I entered this trade because:
EMA’s show “pip room” on both 4h and 8h charts for a short
8h stoch is down, 4 hr stoch down, 2 hr stoch down
RSI indicator on the 2hr chart hasn’t crossed its 50 EMA up.
This trade may be a tad late, mostly because of the stochs being so buried on the 4/2hr. It could reverse pretty quickly. I have my 50 pip stop in place just in case.
I plan on exiting this trade when one of the following happens:
1. 2hr stoch crosses up AND is supported by the RSI crossing its 50 EMA up.
2. ONLY as a backup plan I have a FIRM stoploss of 50 pips in place... no trailing stop at this point though I may choose to lock in pips if I’m profitable before a major news announcement.
If the trade is a win:
I will analyze specifically what went right and look for a similar setup.
If the trade is a loss:
I will analyze specifically what went wrong and take steps to address it before attempting another trade.
If the trade goes sideways:
I will stay in until one of my exit plans (preferably option 1) is triggered. All trades will be closed by the weekend and depending upon the expected news I may close before a news announcement (or at least lock in small profit if possible with moving the stop).
This trade occurred at: 2000 EST
OPEN POSISTIONS (Including above trades):
USD/CHF SHORT @ 1.2411
CLOSED POSISTIONS (for week of June 18)
*** NONE ***
(From left to right: 8HR, 4HR, 2HR, 1HR, 30M, 15M)
Here’s the most recent trade I’ve entered:
USD/CHF SHORT @ 1.2411
I entered this trade because:
EMA’s show “pip room” on both 4h and 8h charts for a short
8h stoch is down, 4 hr stoch down, 2 hr stoch down
RSI indicator on the 2hr chart hasn’t crossed its 50 EMA up.
This trade may be a tad late, mostly because of the stochs being so buried on the 4/2hr. It could reverse pretty quickly. I have my 50 pip stop in place just in case.
I plan on exiting this trade when one of the following happens:
1. 2hr stoch crosses up AND is supported by the RSI crossing its 50 EMA up.
2. ONLY as a backup plan I have a FIRM stoploss of 50 pips in place... no trailing stop at this point though I may choose to lock in pips if I’m profitable before a major news announcement.
If the trade is a win:
I will analyze specifically what went right and look for a similar setup.
If the trade is a loss:
I will analyze specifically what went wrong and take steps to address it before attempting another trade.
If the trade goes sideways:
I will stay in until one of my exit plans (preferably option 1) is triggered. All trades will be closed by the weekend and depending upon the expected news I may close before a news announcement (or at least lock in small profit if possible with moving the stop).
This trade occurred at: 2000 EST
OPEN POSISTIONS (Including above trades):
USD/CHF SHORT @ 1.2411
CLOSED POSISTIONS (for week of June 18)
*** NONE ***
(From left to right: 8HR, 4HR, 2HR, 1HR, 30M, 15M)