Account Risk: 0.4%
Stop: 1.4478 (31 pips 🙂 )
Target: 1.4347, 4H 50MA (100 pips, RR 3.2x)
Mindset: Pleased with another tight entry and upping my Euro position
I’ve had a number of set ups forming on the Euro to get short, I missed adding to my EURUSD so I’m happy to be adding a small position on the EURCAD. Here’s the setup …
Set up – 4H Chart
The daily chart is a little worrying though – we’re very close to the 500. I don’t think I properly checked this when I placed the trade. Think I was too keen to get my position in at the level I was being offered.
Update – Stopped out – 30 min later!
Well I should’ve checked that daily chart – the MA got hit and I was taken out. Was feeling pleased with the entry and then the market went against me and gave me a thump in the balls.
Looking back at this trade, the bar I entered on spiked higher and closed down. I should’ve taken this is a signal to re-enter the market on the short side, but I got burnt and being at work I didn’t have time so wasn’t in a rush.How different the candlestick looks to when I entered. Looks like a different chart! Maybe that should be a lesson in not trading at lunchtime? It’s only one occurrence, so we’ll see.
On the positive side, you often get a few tests of a MA, so maybe I’ll get another chance, but for the time being I’m out of this market.