joffie
TFG Forum Junkie
I thought I would start to share some of my trades here, so newbies can hopefully learn with me and pro traders help me with any mistakes!
First trade I wanted to show today is the AUDUSD sell on a breakout trap I took this week, before taking the trade I considered these critical things-
Was price below the mean and respecting it as dyamic resistance ( Yes )
Was the mean angled down in a nice down trending situation ( Yes )
Was there a logical area of broken support to act as resistance ( Yes )
Did we have a price action signal to sell ( Yes )
Below are charts of my entry to tp levels and break even due to a large bullish reversal to protect my profits already made from using split money managment.
So once I had made my check list and saw price starting to stall at the Hot Spot on the chart, first with a indecision candle then a inside day all below the resistance and at the mean. I looked to sell the inside day but when I saw price during the asian session had spiked above the inside day I then looked to place a breakout trap entry instead.
First trade I wanted to show today is the AUDUSD sell on a breakout trap I took this week, before taking the trade I considered these critical things-
Was price below the mean and respecting it as dyamic resistance ( Yes )
Was the mean angled down in a nice down trending situation ( Yes )
Was there a logical area of broken support to act as resistance ( Yes )
Did we have a price action signal to sell ( Yes )
Below are charts of my entry to tp levels and break even due to a large bullish reversal to protect my profits already made from using split money managment.
So once I had made my check list and saw price starting to stall at the Hot Spot on the chart, first with a indecision candle then a inside day all below the resistance and at the mean. I looked to sell the inside day but when I saw price during the asian session had spiked above the inside day I then looked to place a breakout trap entry instead.