intra-trade management « The Money Blog Post

Pleasing Execution, Result on AUDCAD Long Trade

Success!

'Continue reading' to see what happened

Entered long on AUDCAD on a retrace of the bullish outside bar/candle (BUOB) of Tuesday, September 14.

But I did not enter on Wednesday, rather I entered on Thursday after price action tested and rejected both the 0.96 “big round number” and the bullish trend line.

Snapped the thumbnail on right the next day (Friday).

Set stop loss originally ten pips below the BUOB. And moved it up as the trade progressed.

Set a modest first profit target for half my position based on a 61.8 Fibonacci enhancement level, which was taken out on Friday.

Let the rest of my position run. See the full graph below to see what happened!

Continue reading “Pleasing Execution, Result on AUDCAD Long Trade”

Breakeven is Beautiful for a Newbie Forex Trader

The USDCAD short trade I entered into on Friday the 13^th has resolved itself.

To see what happened, 'continue reading'

I referred to it in my last post (August 20). It’s the trade for which I moved the stop loss (red tag) from a point above the trend line (right thumbnail) to a touch below entry (6 pips to be precise; larger chart below).

More proactive intra-trade management would have resulted in a decent gain on this trade. There were opportunities on Monday, Tuesday, and Wednesday, when I checked progress, to set a trailing stop. This would have taken me out with a positive pip gain and restored some respectability to my scorecard (right column).

As it is, breakeven or better counts as a “win”.

Another thing for me to take note of when setting targets and managing open trades is Fibonacci, but I need to read up on it.

Continue reading “Breakeven is Beautiful for a Newbie Forex Trader”

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Pleasing Execution, Result on AUDCAD Long Trade

Breakeven is Beautiful for a Newbie Forex Trader

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