Trade #76 (M1 CHART - WIN)

FXSCOPE JOURNAL TRADE #76

Start Time: 2016-04-29 17:31 (GMT+1)

Currency pair: EUR-USD

L/S+P: Long @ 1.14397

Technical RFE: Positive RSI above the 50 M15-H4. Clear bullish trend. Pivot Point MA:s still pointing up after recent bullish crossover. The price is now above both the M15, H1 and the H4 Ichimoku clouds and the Chikou span signals bullishnes from the M15 all the way to the Daily time frame.

Risk in pips: n/a

Reward in pips: n/a

Risk/Reward: n/a

MM Risk: n/a

BE at: no BE

ITM: Ready to close in an instant. Closed after clear weakness and resistance.

COMMENTS: Risky trade with a way too high lot-size for the current account balance. Closed quickly. The price was also way to close to an important resistance area. Moreover, no Stop Loss from the start. This could potentially have ended up badly, again a good example of HOW NOT TO TRADE.
If you can, always use a protective Stop Loss right from the start. Anything could happen. Your computer may for example crash or your internet connection might go down. You are then left without any protection whatsoever.

Remember:

– Never use a lot size too high for your account balance. Calculate your Risk/Reward wisely.

– Always use a protective Stop Loss right from the start even though you plan to close the position manually.

– Do not open big Long positions right at or close to important areas of resistance (or big Short positions right before important areas of support).

SCORE IN PIPS:  +1.6