EURJPY
Hi
Only my second post and thought I'd share my 4th trade (EURJPY) on Phillip Airways with real money after weeks of going through the fab posts (from post 1!). I'm upto post 3,500 and of course keeping upto date with the recent posts here.
My rationale for getting in:
a) Downward trend (sub 89)
b) Signal candle broke downwards between 8 and 21 on the 4H. TC signal.
c) Just a few minutes before 10am (my candle close time GMT) MACD turned red. 1H MACD was also red.
d) No hurdles or barriers to the lower TL.
d) Take Profit was to the trendline, Stop Loss just above the signal candle.
e) I therefore set a trailing stop of 65 pips and a TP of 89 at a RR of 1.27.
I'm now out of the trade.
I've been struggling with timing my exits while trying not to give anything back to the market.
How it worked out:
- Went into profit pretty quick.
- Price hovered at about +10 pips for about 3 hours up until US open.
- Then price dropped to +31 pips profit. I decided, on a whim, to bank 50% at this point as MACD turned green and was weary of a LH. I moved my trailing stop +15pips.
- The price moved up and the TS kicked in for a close of +16 pips at the remaining 50%.
I'm of course very happy that it ended positive but my concern is that I was prepared to risk 65 pips and settled for an average +25.5.
It will take 1 loss to wipe out 3 successful trades.
So did I enter correctly? Did others take this trade?
Was the Signal bar too big to enter?
Is this how most people would've exited?
Perhaps I should've moved my SL to break even?
Really look forward to hearing for you.
Much thanks
Hi
Only my second post and thought I'd share my 4th trade (EURJPY) on Phillip Airways with real money after weeks of going through the fab posts (from post 1!). I'm upto post 3,500 and of course keeping upto date with the recent posts here.
My rationale for getting in:
a) Downward trend (sub 89)
b) Signal candle broke downwards between 8 and 21 on the 4H. TC signal.
c) Just a few minutes before 10am (my candle close time GMT) MACD turned red. 1H MACD was also red.
d) No hurdles or barriers to the lower TL.
d) Take Profit was to the trendline, Stop Loss just above the signal candle.
e) I therefore set a trailing stop of 65 pips and a TP of 89 at a RR of 1.27.
I'm now out of the trade.
I've been struggling with timing my exits while trying not to give anything back to the market.
How it worked out:
- Went into profit pretty quick.
- Price hovered at about +10 pips for about 3 hours up until US open.
- Then price dropped to +31 pips profit. I decided, on a whim, to bank 50% at this point as MACD turned green and was weary of a LH. I moved my trailing stop +15pips.
- The price moved up and the TS kicked in for a close of +16 pips at the remaining 50%.
I'm of course very happy that it ended positive but my concern is that I was prepared to risk 65 pips and settled for an average +25.5.
It will take 1 loss to wipe out 3 successful trades.
So did I enter correctly? Did others take this trade?
Was the Signal bar too big to enter?
Is this how most people would've exited?
Perhaps I should've moved my SL to break even?
Really look forward to hearing for you.
Much thanks