Hi Folks,
First time poster in this thread (been using the dashboard for a month or so now) and still watching, learning and tweaking etc.
I'd like if you guys would critique this trade on demo I've just completed, and I'll tell you my though process as to why I entered.
EURJPY 5 min Chart.
1. Down swing on the 5 minute chart broke the Asian session low, then retraced.
2. Price was below the 60SMA on 5 + 15 minute charts.
3. Measured fib from top to bottom of swing + projected 127 + 134 levels.
4. Fib swing + Asian low were grouped tightly together, so I figured good resistance place to enter, with stop above 38.3% fib.
Risk Reward was roughly 1.5 ish maybe bit more.
Was this a good typical dashboard type trade ? would you have taken this, and more importantly why, is there anything else I should have been looking out for or maybe missed, and lastly was I lucky ? haha
I'm still not 100% sure with trend vs counter trend trades and i find it difficult to tell the difference sometimes, I'm guessing this was counter trend ?
Anyway's inputs appreciated, also Rob great piece of software! the manual is very professional produced, you've obviously had a lot of practice writing documentation, working in the IT game I also have to do it (and hate it!!!!).
Cheers.
First time poster in this thread (been using the dashboard for a month or so now) and still watching, learning and tweaking etc.
I'd like if you guys would critique this trade on demo I've just completed, and I'll tell you my though process as to why I entered.
EURJPY 5 min Chart.
1. Down swing on the 5 minute chart broke the Asian session low, then retraced.
2. Price was below the 60SMA on 5 + 15 minute charts.
3. Measured fib from top to bottom of swing + projected 127 + 134 levels.
4. Fib swing + Asian low were grouped tightly together, so I figured good resistance place to enter, with stop above 38.3% fib.
Risk Reward was roughly 1.5 ish maybe bit more.
Was this a good typical dashboard type trade ? would you have taken this, and more importantly why, is there anything else I should have been looking out for or maybe missed, and lastly was I lucky ? haha
I'm still not 100% sure with trend vs counter trend trades and i find it difficult to tell the difference sometimes, I'm guessing this was counter trend ?
Anyway's inputs appreciated, also Rob great piece of software! the manual is very professional produced, you've obviously had a lot of practice writing documentation, working in the IT game I also have to do it (and hate it!!!!).
Cheers.
Attached Image (click to enlarge)
