Trading Style: Discretionary
Disclaimer: I hope it goes without saying that I don't wish to anyone to trade what I trade just because that is what I am doing, because I am trading a demo account for a reason.
Decided to start a journal. I am currently trading with a practice account. I personally like to trade the 1H timeframe and trade one or two times a day depending on what the market does, but generally speaking I prefer to have my positions closed by the time I go to bed.
Made one entry on the EUR/USD today @ 1.5520 with a stop loss of 1.5514 (Risk 2%). Very tight stop loss but it had enough technicals backing it up. The one thing that I am really unsure about is exits. I can never tell where I want to exit. Optimally obviously I would like to have it move 1000 pips in my direction directly after I enter but thats never going to happen. Fore the first time today I've tried to analyse where price is likely to go and am sitting tight watching what eventuates.
How do you guys guage where you exit? Based on fibs and the equidistant channel the blue area is where I think price is heading where I would be happy to take my profits but theres obviously another area of resistance at 1.5568 that hasnt been broken for approximately two days now so hopefully it breaks.
Disclaimer: I hope it goes without saying that I don't wish to anyone to trade what I trade just because that is what I am doing, because I am trading a demo account for a reason.
Decided to start a journal. I am currently trading with a practice account. I personally like to trade the 1H timeframe and trade one or two times a day depending on what the market does, but generally speaking I prefer to have my positions closed by the time I go to bed.
Made one entry on the EUR/USD today @ 1.5520 with a stop loss of 1.5514 (Risk 2%). Very tight stop loss but it had enough technicals backing it up. The one thing that I am really unsure about is exits. I can never tell where I want to exit. Optimally obviously I would like to have it move 1000 pips in my direction directly after I enter but thats never going to happen. Fore the first time today I've tried to analyse where price is likely to go and am sitting tight watching what eventuates.
How do you guys guage where you exit? Based on fibs and the equidistant channel the blue area is where I think price is heading where I would be happy to take my profits but theres obviously another area of resistance at 1.5568 that hasnt been broken for approximately two days now so hopefully it breaks.