Today I made 11 pips per lot. Apparently I did something wrong because pip surfer got 53. I am going to include my charts and his so you can see how we differed.
The trend remained down all day as you can see below.
Today's Trades:
1:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value.. This was a valid entry. The entry was at the close of the candle at 1.9711 with a stop at the most recent swing high at 1.9742 . Since I was 11 pips away from the nearest 50 or 00 level (1.9700), I decided to to set my target at that price.
Entry: Short at 1.9711
Stop: 1.9742
Initial Target: 1.9700
2:37am EST- My target was hit at this time and I. I should have waited to see if it made a clean break, but I was out and then it kept going down. Oh well. I'll take it.
Result: 1 trade....11 pips....3 lots....33 pips.
Here is the chart for my trade:
Now the first difference between our two trades is that he got in at 1.9708..so he would obviously go for the amount being risked which was 34 pips. The next difference is he waited for the clean break and was able to stay in the trade for an extra gain..
In my case, what I needed to do was one of two things: a) set my target for the amount of risk or b) waited for the clean break. That would have made me a great deal more pips. Oh well...here are the charts of how it could have looked.
Talk to you soon.
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