I have been eyeing this trade for quite some time. The trend is nice and stable. The retracement from the high indicates an entry opportunity. I drew the retracement channel and waiting for it to break out.
As price broke out of the channel, I waited for a complete candle to form above the PWP (following Modified PIPS Swing method) before entering the trade.
As it was bed time, I left my stop orders to execute my trading plan and went to sleep. The price came down dramatically and hit my stop loss. Apparently my stop loss acted like a floorboard as the price rebounded like a ball. No choice, this is trading and one has to accept the loss when the stop loss is hit.
Initially, I wanted to place stop loss on 14 Apr 10 low (which would not have triggered the stop loss) but that would be too much a loss to take. I must admit I was confident and looking at the profits to size my p[osition. I should size my loss instead and reduce my trade size so that I can afford a bigger stop loss for future trades. Another lesson learned.
Bought 5 mini contracts at 93.53 on 14 Apr 10.
Sold 5 mini contracts at 92.91 on 15 Apr 10.
Loss = -US$387.87 (-S$543)
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{ 4 comments… read them below or add one }
bro.. seemed like T3b forex method has not been pretty good to u ?
just an observation..
bro.. seemed like T3b forex method has not been pretty good to u ?
just an observation..
Haha. seems like it. But there are others who proved it worked for them.
I am still learning.
Haha. seems like it. But there are others who proved it worked for them.
I am still learning.