EURUSD- 100 Dollar Challenge (Trade 4)
So with full transparency, I divulge that the last trade did not go very well. I traded it very recklessly with the hopes of price reversing back down (which it has started to do), but I unfortunately did not account for a margin call, which forced me to exit the trade prematurely. I ended up risking far too much (15%), and continued to extend my stop loss against the trade, which was a terrible decision. Moving forward, risk will be limited to 5% per stop loss, and I WILL NOT be budging on stop losses. With that in mind, the only thing I can do is move forward and recover my losses with a proper strategy. Onward!
I am anticipating a short term pullback to the bottom of the yellow structure before a drop occurs. Although my target is the bottom of the blue structure, I anticipate this trade will carry much further. If all goes to plan, I may be able to see upwards to 50-60% profit if this trade plays out my way. After the last trade, I will not make assumptions, but I feel a downtrend is imminent.
Symbol: EURUSD
Starting Balance: $100
Current Balance: $63.97
Position Size: 1607 units
Take Profit: 40 Pips ($6.43)
Percentage Profit: 10.05%
Stop Loss: 19.9 Pips ($3.20)
Percentage Loss: 5%
Entry Price: 1.12178
Take Profit Price: 1.11778
Stop Loss Price: 1.12377
Link to myfxbook: www.myfxbook.com/mem...ar-challenge/3453384
I have begun to take an interest in coaching people and giving private lessons on technicals for trading. I'm only doing this because I have confidence that I've developed strategies that make me a consistently profitable trader, and I'd love to teach anyone and everyone that feels that they are struggling. Please send me a private message if you are interested! I believe it's far more valuable that traders learn how to trade independently rather than depending on published Tradingview charts.
I am anticipating a short term pullback to the bottom of the yellow structure before a drop occurs. Although my target is the bottom of the blue structure, I anticipate this trade will carry much further. If all goes to plan, I may be able to see upwards to 50-60% profit if this trade plays out my way. After the last trade, I will not make assumptions, but I feel a downtrend is imminent.
Symbol: EURUSD
Starting Balance: $100
Current Balance: $63.97
Position Size: 1607 units
Take Profit: 40 Pips ($6.43)
Percentage Profit: 10.05%
Stop Loss: 19.9 Pips ($3.20)
Percentage Loss: 5%
Entry Price: 1.12178
Take Profit Price: 1.11778
Stop Loss Price: 1.12377
Link to myfxbook: www.myfxbook.com/mem...ar-challenge/3453384
I have begun to take an interest in coaching people and giving private lessons on technicals for trading. I'm only doing this because I have confidence that I've developed strategies that make me a consistently profitable trader, and I'd love to teach anyone and everyone that feels that they are struggling. Please send me a private message if you are interested! I believe it's far more valuable that traders learn how to trade independently rather than depending on published Tradingview charts.
Comment:
I've opened and closed two shorts in this zone so far. I will probably stop now and try to catch the lower entry (second short set up), as this triangle is getting squeezed a little too much for my tastes now.
Comment:
Price has broken below the symmetrical triangle, so I'm setting a limit at the bottom of the yellow structure just once more with the hopes that I can catch a nice entry if it decides to pull back. If not, I'll catch the secondary entry. I managed to secure a quick 8% profit out of this triangle in the meanwhile.
Comment:
Be mindful that the green arrow isn't drawn to scale.