# A 13 candle price consolidation…a breakout of it should be violent…either way up or down…
# When the trade was executed …the daily bar was a IPB(IPBs normally got a small stop-loss)…on a retrace of a BEOB couple days before..(Other trade never executed because of the inflation news). An easy 1:1 or 1:2 RR trade…in this case it was 1:2.65(RR is on pips not on money).
# NZD had a bad inflation report…Just looking at EUR…it was hammered badly and managed to close below 1.43 nicely without a retracement which should shake traders confidence…to days price move proved it( my trade wasn’t executed…as I was expecting a slight retracement on this pair)
Should have…
# Should have anticipated the break-out earlier…and put another sell order at 0.7310 which could yield a 1:1(100 pips) easily …….
# Move to break-even and let the price move to 50% retracement of the last bull move… (An extra 50pips)(Reason not to do so …a PPZ at 38% retracement)
Shouldn’t have…
Shouldn’t have waited for any retracement…as it has done all the retracement in small time frames (eg. 1hr).
Note: A basket trade of EUR, GBP, AUD, NZD, CAD, CHF short against USD and JPY would have yield around 700 pips and 825 pips respectively with very small drawdown. (Reason-- why not usd/jpy? Moving up…don’t know …may be it is going to do the retracement tomorrow on all JPY crosses)
Done for the week... So far around 325 pips after swap cost from 2 trades 3rd 1 on break even…could have grab 80 pips before the fall…any way wasn’t in front of the computer…can not blame any one…thanks luckily stop-loss was on break even…!!! Mistakes of the week were not to take the USDCAD (200pips), EURUSD (250 pips) and GBPUSD (200 pips) each with 2% risk would have been 1:2 RR trades. Learning out come would be “watch out for them in future.” May scalp tomorrow... GBP-->> expecting UK retail sales going to come negative …thus trade plan would be first sale it and then buy it to cover shorts before the week-end… EUR-->> it formed a PB(not an impressive one but just of the 1.40 round number…so it is on watch list) plus EURGBP formed a 2day PB …thus trade plan would be to watch for a break-out of the PBs …for long trades or go long at 61% of the PBs and join a short covering rally before London close.(there may not be a short covering rally tomorrow….because of the 4hr BUOB around 1600GMT ) 15-25 pips 1-3 trades…risking 25 pips from those 325 pips of this week… A snap of the statement…
i was never good at TP...where should be the take profit...hmm..for 4hr/day TF trade and if the day finished as a BUOB then just below 1.42(1.4180)...lets see...
