Today’s trade again nothing less than the normal routine of demand supply analysis. As of last week Bull signal from the ECB, I think we are buyers for this month. AS I see the price were up during asian session telling me that asian banks did some buying orders during the morning. So I want to join in next time the price are back during the EUropean. IM sure the Asian banks are sending messages to their European counterparts to BUY as soon as they close their position and the price went falling back towards where the BUY order were initially ( DEMAND ).
Initially I made an order at 1.3373 BUT as I saw the approach was stalling, telling me the demand might get filled up and failed as there are slightly large sellers trying to filled up that price. SO I modified the order and PUT the BUY limit at 1.33605 instead with a SL at 1.3342 with a TP at 1.33845.
As soon as the price drops, it had a drawdown -10 pips from its entry but I was not too worried because the SL from the entry was 18 pip away. So another 8, I would have been lost. As soon as the price hit that 1.3350 price ( commonly for support price number ), big sovereign and European banks start long the EURO and help push it up.
The route up there was a least path of resistance as the supply level was quickly filled when it went down. SO no big deal.
IT hit the TP and it all end up 24 pip profit.
What did I do best ?
I adapt to changes and react upon it by changing the trade plan , execute the new plan and stick with it.
What should have change or improve ?
Nothing but stay with the routine and adapt to changes. ( which no robot can do!! )
What’s next ?
Have a nice day, and forget what happen. Focus tomorrow with something new !
Happy Trading everyone!!