morning all, hope everyone had a nice weekend.
i've got some time so just though i'd post this trade if anyone wishes to discuss it.
i was looking to short usd/cad trading off Trend line resistance and inisially took a pin break looking for the retrace...i missed the pin break itself and took the short on a retrace to the same area (this was played with a smaller than avg lot size due to stop distance(above TL))
price then moved higher, i took another short @ TL res, this allowed for a small stop and larger lot size (also working from lower tf's for entry, pa div etc)
1st tp on the above was set close enough to put me in a "free trade position"
price then came back again to test TL res, i got in again on the fail (this was the best trade) because we had:
1) tried and tested TL res & 3 bar highs
2) very tight sl
3) room to get in tp1 and get to free trade prior to hitting rising tl support (on 15min chart)
4) oh and some good looking div (15min) stoch and rsi.
free trade status was reached quickly, stops were moved to profit and as it closed with loads of room to breath i left it for the weekend (i would have closed i it hadn't)
i closed all on a failure to break support (after the 30min pin) this morning.
oh there was also a rsi tl break but i used it as a confirmation rarther than an entry.
hope this is within the keeping of this thread....if it's not no worries i'll remove it. just though i'd show a little how i traded.
regards ic
i've got some time so just though i'd post this trade if anyone wishes to discuss it.
i was looking to short usd/cad trading off Trend line resistance and inisially took a pin break looking for the retrace...i missed the pin break itself and took the short on a retrace to the same area (this was played with a smaller than avg lot size due to stop distance(above TL))
price then moved higher, i took another short @ TL res, this allowed for a small stop and larger lot size (also working from lower tf's for entry, pa div etc)
1st tp on the above was set close enough to put me in a "free trade position"
price then came back again to test TL res, i got in again on the fail (this was the best trade) because we had:
1) tried and tested TL res & 3 bar highs
2) very tight sl
3) room to get in tp1 and get to free trade prior to hitting rising tl support (on 15min chart)
4) oh and some good looking div (15min) stoch and rsi.
free trade status was reached quickly, stops were moved to profit and as it closed with loads of room to breath i left it for the weekend (i would have closed i it hadn't)
i closed all on a failure to break support (after the 30min pin) this morning.
oh there was also a rsi tl break but i used it as a confirmation rarther than an entry.
hope this is within the keeping of this thread....if it's not no worries i'll remove it. just though i'd show a little how i traded.
regards ic