Hello
Not the best trading day but it's not all bad...
My 1st trade was on the GBP, I had a bounce with a little hammer, my profit target was 40 pips because I could see nothing in the way... after it was up 20 I moved the stop to B/E just to be safe... lucky because the after London open she tanked! I don't really use fibs but I found it interesting that this setup was a clean .50 bounce and price went to with in whisker of the 161.8 something for the fib lovers!
2nd trade was a EUR/JPY that set me up to fail! where I went wrong was that I set my stop entry only 1 pip above the bounce candle... Normally I use 2 pips, also the R1 level was only 20 pips above the entry price so more a trade of desperation and greed than anything else.
Not the best trading day but it's not all bad...
My 1st trade was on the GBP, I had a bounce with a little hammer, my profit target was 40 pips because I could see nothing in the way... after it was up 20 I moved the stop to B/E just to be safe... lucky because the after London open she tanked! I don't really use fibs but I found it interesting that this setup was a clean .50 bounce and price went to with in whisker of the 161.8 something for the fib lovers!
2nd trade was a EUR/JPY that set me up to fail! where I went wrong was that I set my stop entry only 1 pip above the bounce candle... Normally I use 2 pips, also the R1 level was only 20 pips above the entry price so more a trade of desperation and greed than anything else.