Ended up being a losing trade with stop loss hit for a 320 pip loss.
Price did get to above 179 and then reversed sharply. I'm sure people will be saying I should've locked in some pips but its a daily trade and I wouldn't change stop loss until the end of the daily bar.
However, took a 4 hour short from 175.00 & took profit at 174.15 for 85 pip gain.
The original method has worked very well today so far with 6 longs hitting target at 50 pips each and a short hit for 50 pips.
Now the daily range has exceeded 500 pips, targets have been increased to 100 pips per position.
Price did get to above 179 and then reversed sharply. I'm sure people will be saying I should've locked in some pips but its a daily trade and I wouldn't change stop loss until the end of the daily bar.
However, took a 4 hour short from 175.00 & took profit at 174.15 for 85 pip gain.
The original method has worked very well today so far with 6 longs hitting target at 50 pips each and a short hit for 50 pips.
Now the daily range has exceeded 500 pips, targets have been increased to 100 pips per position.
DislikedOK, so this morning my buy order was filled at 176.85, being a breakout of Friday's daily bar.
Initial stop loss is at 173.65 & target 184.43. This is the 6th trade taken so far on the 'trending' method.
Last week proved very profitable by combining the two methods and so far I'm encouraged by the results.
Let's see how this one pans out....
Kind Regards
SteveIgnored