5 March Trade

Another day another dollar. Thats I would Always say. Today’s volatility and liquidity was good and manage to earn the remaining move of the EURUSD towards its nearest demand.

The planned trade was

Sell any rallies , Sell a small supply. Target 5 pip  each trade.

Goal for the day = total 10 pip

2 Trades

Most of the trade was a market order. No pending.  What did I do first ?

AS a routine, Looking into the weekly chart. The price has sinked below the Dynamic 20 SMA resistance. All I can say is that is a small chance of the price might move lower as the demand was spotted on the hourly chart at 1.3158.

Dollar index is also nearing a supply level. Whether this week will break it or not that is the thing I want to monitor of.

Hourly ALL star entry was an ideal setup BUT the price was creeping in or stair casing slowly towards the demand level. SO in this case, I doubt that is the case. I am willing to see that the price will break below 1.3100 today or this week.

 

Next I move into the smaller time frame for my trade entry. I narrow down to 1 min chart today just to make the day quick and easy. KNowingly the bigger picture where I am . Selling into any small supplies will be a good setup since the price has been ranging during the asian session.

First trade was a sell near a fresh resistance at 1.31827 and exit at 1.31777 for a 5 pip. It took less than 5 min and the trade closed for +5 pip.

2nd and 3rd trade was  a bit longer. THe price was hitting todays high range . THe 2nd trade sold as soon as the price hit the resistance higher than the 1st, and the 3rd at a supply level on the 1 min chart shaded maroon.

2nd Trade was the same size as the first, but the 3rd was smaller as to reduce the size of risk. THough the entry was at a low risk entry with high probability.

As soon as the price hit and tested the supply area for the 4th time, it dropped and drop untill it close both trade. I took the liberty putting the TP on the 3rd trade the same as the 2nd. SO I would say today over achieve the target and that is enough for the day trade.

Trade Review

What did I do best ?

Stick with my goal target and planned  the trade , execute them as per planned and finish my day as planned.

What should improved ?

Nothing but continue on the same routine with 1 hour backtest before trading.

What’s next ?

See the market tomorrow.!!

Below is the Live statement statement for today.

Advertisements
Tagged , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: