AUDCAD TRADE 17/08/2018

FX:AUDCAD   Australian Dollar/Canadian Dollar
I actually entered this trade on Sunday evening around 11PM. Why did I enter at this time?? I would have to say impatience!

I didn't think i would time to look at the trade on this Monday morning but look at me writing this analysis now haha.

OK. I see a fib activation with a tweezer bottom formation

Higher highs and higher lows are also being made and price has broken and retested the 0.98000 key level.

I'm expecting price to maybe stall for possibility the remainder of the week and play with the 0.9800 level and then move up.
Trade closed: stop reached: 7 pips over my stop.

I think its clear what went wrong on this trade.

Lesson learnt: put stops at least 20 - 30 below or above the prior high or low.

in this case I should have put my stop about 30 below the 78 level which would have mean that I would still be in this trade as I do still see the price rising.

On to the next.............................


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