Market movement was slow at the start of the week due to the Good Friday long weekend. Trading volume dropped and price movement was slower. Thus, I only resumed trading on Wednesday. Made 4 trades. 3 were profitable, one broke even.
Disclaimer: This is purely for sharing purpose only, not a trading advice or instruction.
Disclaimer: This is purely for sharing purpose only, not a trading advice or instruction.
Trade: Sell on pull back after a large downward price movement. Spotted Doji and relatively big red bar and took short position. Market moved against trade to make a bigger pullback, but still below previous top. As long term (hourly) trend was still downward, position was held until next drop and took profit near previous low.
Review: There was a chance to take a quick profit about 10 bars later, at 1300hrs, after realizing market did not move as planned.
Trade 1
Trade: Slight downward trend. Short after pullback. Took a quick profit because daily trend was uptrend, risk of a upward spike any time.
Review: Could have waited till end of bar to take profit. Still a good trade.
Trade 2
Trade: Higher highs and higher lows shows trend reversal. Buy on uptrend pullback, and averaged down. Price went against trade. Held on due to long term uptrend and possible sideways short term trend. Took profit at first position break even point with profit on second position.
Review: End of pullback was not confirmed. Too hasty to take long position.
Trade: Short after downtrend pullback and downward turn on long red bar. Auto profit taken at 10 pips.
Review: Good and confident trade. Patient to wait till downward turn before taking position.
Summary
Market might move against you right after taking a position. That is mainly due to the momentum of the pullback being too strong. But as long as the major trend is in your favour, holding out for profit is possible.
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