Did i lost confidence, or was i getting more picky on my trades?
But as i read through Conrad's forum, i gotten back momentum and trade my first trade ever since i am back!
All the longer time frame chart (4hr, 1hr) showed obvious uptrend.
I set 2 similiar orders in BUYSTOP at 1.3500, which is slightly above the previous high and set a stop lost at 1.3425 which is the nearest support line.
Risk = 75 pipsReward = ?
When the trade went my way, I exited the first position at 1.3526 for a 26 pip profit and adjust the stop to 1.3517 which is the low of the 30min candle.I am not sure if i shoud have exited the first position, since i was risking 75 pips and exited only with 26 pips.. seems to be a lousy risk to reward ratio.
I got stop out when it hit my (manual) trailing stop.Greeksman is right, i am laughing my way to the bank on this trade.
This is one of my best trades so far.
But the amount i win this time has got nothing to do with my skills, i just followed my rules and just ride the trend up.
Still felt that it was luck. Well, the trend seems to continue and who knows where it will head towards.
Pips Gained
From 1st Positon = 26 pips
From 2nd Position = 191 pips
But got to improve on my plan as suggested by Henry and Greeksman.
i Have yet to decide on a "timeframe" which i would trade.
I thought i just let it ride as far as possible (of course most trade dun turn out like this one).
And stop loss, i based it on technicals and reduce vol to fit 2% of my account. And was happy with my exit so far, but perhaps consider if i want to lossen my trailing stop so i can ride the trend further?
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