I’m a little late posting this up. This is my first demo trade entered on a 240-minute (four-hour) chart.
'Continue reading' for full chart result
I scoped a big double high low close (DHLC) on the NZDUSD, September 14.
The double highs, within a couple of pips of each other, were at a price that had met significant resistance back in early August.
Per the thumbnail on right, I placed a sell order (green line) some 10 pips below the low of the bearish candle and set a wide open stop (red line) some ten pips above the high.
The order was met.
I was planning to move the stop to break-even once price hit the 23.6 Fib level, but never got the chance!
As this was my first (demo) trade entered on a time-frame lower than daily, I kept looking at it throughout the day.
I noticed bullish price action on the hourly and 30-minute charts so I decided to bail.
I’m glad I did! Check out the H4 chart below. The original bearish bar is highlighted. Take a look at the reversal!
So I got out at break-even, which goes into the “win” column, but doesn’t budge my pip deficit!
Fortunately, I’ve just booked partial profit on an AUDCAD long trade, with a good portion of that still running. Will post it here when it’s fully resolved.
Also, check out that J16 thread I mentioned in my last post to find out what DHLC is!
Disclaimer: Nothing in this post or anywhere on this website should be construed as “advice” in any legal sense of the word. (I am not “qualified”!) You make your own decisions.
Bailed on a kiwi/dollar short trade. It's a good thing I did!
