Trade of the day: EURUSD (LONG)

Today I have traded both morning and afternoon session with mostly positive results (3loosers/3winners = +51pips) so overall very good day. Morning session was pretty straight forward. Afternoon session was much more difficult starting with two loser’s in a row. I have started on time at 14:30 with a straight jump into a trade. It happened to be W trade with relatively normal structure (BAA).  After my entry the trade went up another 10pips and retraced,… then again tried to push back north but couldn’t create the new HIGH. So first we have new high, then retrace (1st warning for exit) then another push up which couldn’t surpass previous HIGH (2nd warning for exit) and then down again (immediately look for exit). Now it was only up to TICK chart to let me know 🙂 when is the best time to exit. I have exited very soon after with a -6pips loss and straight after that exit the trade went down the toilet (see first green circle in the screenshot).

Second trade was also a looser. This time it was bad entry and very weak structure (CCC) and the decision was made as a relatively good rate between risk and potential profit. It didn’t fill my expectations and soon was exited with -4pips. Soon after I exited the M formation formed and I went down south shorting the EURUSD. Clean cut – … finally! some move, +14pips. Good, so at that moment I was on -6 -4 +14 = +4pips for the afternoon session. For next 60minutes I was just staring at the charts trying to figure out what is the best entry for going LONG. At first I thought that big bull candle at 16:02 (GMT + 1) right after hourly close would be the one but I was too unsure and wanted to know more what is the move going to be. I needed more bulls to come and point to the right direction. After 48minutes of waiting the ONE hint I was waiting for came – observing the TICK chart there was a nice SPIKE UP which looked differently then any other previous move. I have calculated my risk: previous low as a stop vs potential of 30pips leg projection target as risk = LOW and went LONG. In a next minute… – BOOOM! With a little slowdown my +30pips target was hit in matter of 13minutes. Overall +34pips for the afternoon session is over my average session limit so I could call it a day – time to open a can of Coke :). 

And biggest reminder of the day? Even when two bad entries might upset you, you still need to remember that every bad trade might be another opportunity.