Acc Risk: 0.57%
Long: 0.9150
Stop: 0.9127 (23 pips)
Target: 0.9214 (64 pips, 4h50, 2.78x RR)
Mindset: Marginal set up around a moving average. Feeling positive following my recent winners.

Update

Stopped out – 6 Sep 17
Thoughts on stops

Spotted this set up in my morning scan, I quite liked the set up (although it is pretty marginal) but did have an hourly divergence too. The position size is reasonable too considering the small stop loss. I don’t tend to like these smaller stop levels because it usually precedes a decent spike against me (i.e. I’m in too early). I prefer more of a flush and recovery before getting in.

4H Chart

Marginal divergence, mid way between two major divergences, but looks ok. The blue lines are two possible upper trendlines from the weekly chart.

1H Chart

The divergence is there but the current move down looks a little concerning.

Daily Chart

Nothing of note really – maybe price chopping around the d20 line!?

Weekly Chart

Just noticed a weekly divergence short! Ops. Not great to go counter-trend on a higher timeframe.

Stopped out – same day

Just been stopped out – not surprised – thought it was marginal. The price nipped me out and is currently around the same level I entered at.

The divergence has been spoilt now and I guess I should wait for a 4h200 test now. However I noticed the positioning on Oanda is heavily short 76%. So I’d love another excuse to get long on this! Maybe I’ll take a long if the hourly sets up around the 4h200!?

It wouldn’t be very disciplined.

Thoughts on stops

Just reviewed the price action on this trade and noticed that the entry would’ve nipped me out twice had I have been going in again for another entry. Which I would’ve, had I been around to trade it. Price did run back up to my target too, which would’ve been really frustrating.

Not sure there’s much to be done about this, but I thought I should log it, in case I come back to it in the future.