EUR/USD. This short trade was done on a 15min chart with a downtrend. Position entered after downward reversal bars signal continuation of downward momentum. Took first profit of 6.4 pips within 2 mins.
Entered a second sell trade after temporary rebound, and averaged up 15min later to maximize profits. Set auto take profit at previous low, just in case it becomes a long consolidation phase. It did go down further eventually. Average profit of 3.6 pips.
15min chart of EUR/US, showing strong downtrend
Entered a second sell trade after temporary rebound, and averaged up 15min later to maximize profits. Set auto take profit at previous low, just in case it becomes a long consolidation phase. It did go down further eventually. Average profit of 3.6 pips.
15min chart of EUR/US, showing strong downtrend
Verdict
Good identification of trend. Trading with minimal risk as planned, taking profits quick.
Next few trades are on US SPX500 index, which can be very active close to NYSE opening hours.
First trade was too hasty on catching a spike after a long consolidation. After a week of downward momentum in the US market, this day is a gradual upward correction on the 5min chart. Seeing the upward continuation is not happening yet, stopped loss at next 3 bars.
2nd trade was at market opening after a first green bar exceeded previous high of 1896.9. Entered buy position at next bar's low. Held on to position even after subsequent red bar due to strong upward movement and breaking of previous high. Stop loss set at previous low of 1890.8. Took profit of 5.6 pips after 5 bars.
3rd trade took advantage of a strong downward correction as earlier investors are taking profits/cutting loss. Sold right after a strong downbar which came after 2 dojis, and out within 2 minutes.
Overall, it was a good trading day with enough volume to support the signals generated.
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