My first trade in 6 weeks. It was a pretty choppy August, and I didn't see any set-ups that I liked. It now looks like the volatility is back, and I greatly appreciate this fact.
I saw the Daily BUOB on the GBPJPY, but the close was not at the top, so I believed I could get in the following day on a retrace.
I woke up at 4:45 AM and there was a nice retrace pin looking bar, right off the 1.55 level. The close was not as strong as I hoped, and I could see that price was fighting with the 1.55 level. So I was not comfortable taking this 4H trade.
I went down to the 5M chart to see if I could find a break to the long side off the 1.55 level. Price was just float around the 1.55 level until I noticed this break.
I got in at about 1.5510 (around the close of the bar with the arrow above it) and I set my TP at 1.5550, with a stop loss below the latest swing low at 1.5575.
I hit my TP within a few hours. I can now look back and see I should have taken some off the table, and let more run.
I learned a lot from this trade though, more than the few pennies I added to my account will show.
#1) I now believe I can trust in myself. I scaled down for the set-up I was looking for. The 5M set-up isn't perfect, but it was a feeling. Watching how price was moving, the higher lows, the push up, then push down less, push up even stronger, over and over.
#2) The major difference in the August price action/ranges, and what we have seen in the last 12 hours. I didn't trade in August, and I was almost getting an itchy trigger finger, but now I fully realize the power and importance of waiting.
I saw the Daily BUOB on the GBPJPY, but the close was not at the top, so I believed I could get in the following day on a retrace.
I woke up at 4:45 AM and there was a nice retrace pin looking bar, right off the 1.55 level. The close was not as strong as I hoped, and I could see that price was fighting with the 1.55 level. So I was not comfortable taking this 4H trade.
I went down to the 5M chart to see if I could find a break to the long side off the 1.55 level. Price was just float around the 1.55 level until I noticed this break.
I got in at about 1.5510 (around the close of the bar with the arrow above it) and I set my TP at 1.5550, with a stop loss below the latest swing low at 1.5575.
I hit my TP within a few hours. I can now look back and see I should have taken some off the table, and let more run.
I learned a lot from this trade though, more than the few pennies I added to my account will show.
#1) I now believe I can trust in myself. I scaled down for the set-up I was looking for. The 5M set-up isn't perfect, but it was a feeling. Watching how price was moving, the higher lows, the push up, then push down less, push up even stronger, over and over.
#2) The major difference in the August price action/ranges, and what we have seen in the last 12 hours. I didn't trade in August, and I was almost getting an itchy trigger finger, but now I fully realize the power and importance of waiting.