It’s MOnday today and Just only took a 15 pip trade. THe trade present it self during the Asian session and got triggered during London Session. As per my daily Target 10 pip, the trade went well. We are trading in the Bull Trend, therefore looking for any Fresh Demand are my only mission. I want to be the Buyer.
Obviously Asian Central Bank or Institutional Traders most probably position themselves this morning to buy at 1.3307 hence Demand level was formed. THis level then becomes an unfilled order hence I might want to take a ride in it.
I planned the trade and Put a Pending BUY limit on the trade at 1.3307 on the Point and figure chart. Obviously the imbalance was strong to provide an almost vertical move in price action.
My SL was at 1.3292 with a TP at 1.3321. Its a 3 : 1 ratio but I always put my SL at an additional 10 pip below the bottom line to avoid whipsaw as it is common in the Spot market.
The trade went there Twice , the first attempt didn’t filled my order but the 2nd attempt did. That’s why the price went back down there in fact, to fill those Demand orders.
What did I do best ?
I stick to my plan and in fact when this trade was going, I was asleep for my afternoon nap. When I woke up I was profitable already.
What should improve or change ?
Nothing …. Nada… Continue the same routine …
What’s next ?
Waiting for this EURUSD to break above 1.34000!