Monday 15 pip

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.

Institutional buyers Buying large quantities at the spot FX EURUSD 5 min chart ( Day Trading Setup )

Institutional buyers Buying large quantities at the spot FX EURUSD 5 min chart ( Day Trading Setup )

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.

Trade Close + 15 pips $ 4568 profit

Trade Close + 15 pips $ 4568 profit

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!

 

Real Live Statement Ka Ching$$

Real Live Statement Ka Ching$$

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3 thoughts on “Monday 15 pip

  1. Sow says:

    Sorry I just NEED to ask these questions…
    1.) Why use point and figure chart over candlesticks?
    2.) I noticed that the price hit near your entry zone once before. Demand would have been consumed at this point which would make your entry not as “fresh” and made for a risker trade at the next demand level. True?
    3.) When you put your trade 10 pips below entry then that changes your risk to reward, what did it end up being?

  2. Haji says:

    1. Because Point and figure shows price without noise and also its true demand supply imbalance.
    2. Yes it did. Because we are in a BULL trend and ranging on the smaller Time frame, Even though the level was barely or even has been touched , but it bounce off sharply which means I can take the trade another chance. A sharp moves clearly means a strong imbalance and also the order was not filled completely hence it will drop back and even drop further inside to filled those orders.
    3. I don’t quite understand what u meant there , BUt I leave the trade on its own thing unless something bizzare or significant changes in terms of its arrival. The arrival here is strong and gives a least path of resistance.

  3. Sow says:

    Ok. Thanks Haji!

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