I was glancing my smartphone and PC every 4 hours and the price seems to stall pretty much until London and US open, starts to move. Made the analysis in the morning and plan it before sending my kids to school. The order got filled up during the evening almost midnight here at my home.
Trend over the short term changed overnight to BULL but overall Im still bearish on the daily chart.
The price drop from asian session towards the American session. So my demand came into view. I put a pending BUY limit since the odd enhancer scored a set and forget number which was more than 8.
Should I monitor the arrival, if possible yes. And I did and held the planned trade without cancelling even the move was not strong and not ideal arrival. The chances are I might got stopped out or not. SO I revert to my market depth tool to see and confirm if there is an imbalance occur during the arrival into my planned entry which was at 1.3060.
SO it did!
nearly a 2 : 1 ratio, 11.2 million vs 7.1 million. That’s a flip in selling into BUYING. And so the price went up but got stalled along the way since a build up of small supply was at 1.3075, 1.3077. I knew this by seeing it at the point and figure chart and tells me that I should close it and take what I only needed for the day, at least a 10 pip.
So I close the trade at 12.8 pip at 1.3072. The Long was consisting of 2.5 million position and got a nice profit out of it.
What did I learn ?
I waited patiently and followed the plan even there was an attempt to remove and cancel the trade because the arrival was pretty much not ideally strong.
What did I do best ?
I followed the PLAN
What should improve or change ?
May be just nothing, monitoring the arrival with the current market was a good decision after all.
What’s Next ?
SLEEP and see the doctor tomorrow and after that let’s just find another nice 10 pip.