Hi all This is my first post here, since I used to be on the forum InformedTrades. I have posted the same content to another forum, but chose to try out this forum also and see if there's more debate going. As my first post I'd like to show my entire trades of thursday, which was my first day of trading forex in a while. I have been using tradingview software, since the charts from my broker dukascopy are disappointing in functions. I will give a quick comment of each trade, with entries marked black and numbered. Overall I was looking to fade some levels and consider price as range bound until a significant break of either the ~106.92 area or to the downside which was less clearly defined. 1) mostly based on momentum and break of the horizontal level. Close to labelling this as a mistake now, as I missed the then recent turn at same level an hour before. 2) + 3) a short at intraday high. When this went to the area of the next entry marking I wanted to take off half of the trade size. Couldn't find the option to do this with dukascopy so went long with a new trade sized half of the original. Ended up closing the new trade back at point 2. Decided to keep original trade size on instead of closing half of that - which would make equal the same return as had I closed half of the short position when I wanted to. 4) Entry based on support level being recently strong and sharply defined. Had some momentum, then stopped out. 5) On even shorter timeframe than 1M there were signs of a rising triangle, which could confirm reversal at a level already established. 6) This level was at this point very clearly defined, which made for a possibility in setting a tight stop loss. This enabled me to set up a trade with 1:10 Risk:Reward - which eventually went through. Definitely an exception to see something like this set up and go home. All in all 3 small losses. A short which turned into 2 separate trades, that both went through. Then eventually a homerun trade. Any feedback and questions welcome. I realize that since I posted it all in one image, you might need to go through your own charts of thursday to see enough information.
Your last short seems like it has a stop loss that's too tight. The market has noise and you may be stopped for 5 pips just to see your 50 pips target hit later on by the market
JefeTrader: Makes sense. Just improvised something quickly, maybe there's some built-in function to mark trades within the TradingView software. wintergasp: it's an interesting factor that I have been thinking about and evaluating over many many trades on especially the USDJPY. Looking back at this one trade I cant clearly decide whether this was the right way to plan the trade. What led me towards the extremely tight stop was the fact that the level var so clearly defined from the previous two price turns in the same area.