Background: - A morning star formed at the trend line support that previously hold for 3 times - Also, a bullish divergence was formed after the swing low at the channel support - Within the channel noted that: 1.) Each bear run is approx 220 pips to 250 pips 2.) Each bull run is approx 140 pips
Entry: - Long entered at market @ 16.69
TP: - Set @ 17.66 which approximates 140pips from the bottom
SL: - Set @ 16.3, with recent gap up as a safe cushion
Alert: - Yesterday unconvincing bullish close might be an issue for my long trade
Transaction en cours
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Updates - 30 November 2016: - Yesterday session was quite hectic with price opened gap up, move down and came back up to close a dragonfly doji alike candle. - Hopefully this could be a start of a bull run - As of now, will hold on to this trade
Transaction en cours
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Updates - 1 December 2016: - Once again, the price is having difficulty breaking up the 17.0 mark - Since entry triggered, this trade has been in red. Currently holding on to a 20 cent deficit - Since half way to my SL, might as well just hang on to it and let it plays out.
Trade fermée: ordre d’arrêt atteint
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Updates - 2 December 2016: - Ouch, this is painful.... yesterday price action stopped me out by 1 pips and reverse back to the upside forming a long tailed doji at this support area. - Probably i would reenter long but would now stay at the sideline to lick on my wound.... also to wait for another bullish signal... - Key learning point from this trade: 1.) Relook at my SL placement 2.) Don't be influenced by RR ratio in SL placement as RRR is a tool to screen profitability of a trade and should come after identification of SL point.
It is going to be my 2nd month in journaling my trades.... time for a bi-monthly review of my past trades~~