I took up a demo trade this morning on the EURUSD. But i'm not very happy though with how i entered, even though my trade was profitable.
trade plan:
I decided to leave an order to long EURUSD at 1.2895 as it's aligned with the 23.6 fibonacci level.
I left a stoploss order at 1.2810 which is near the 61.8 fibonacci level and is also a strong support.
I left a take profit order at 1.2950 which is yesterday daily high.
My order got triggered at 1.2895 and my take profit order got hit too. so theoretically i just made 55pips in profit.
I'm not happy with the trade because i feel i entered quite early. If i was to do this trade again, i would actually leave an entry order much lower at between the pivot point and the 38.2 fibonacci level. this would have been a less riskier and safer play i think.
Anyways, Tokyo is about to close now, and I usually stay out of Europe session on fridays.
So i shall be closing the orders for the cable and aussie trades.
Lets see what the market has for us next week, and i will be travelling for a week so i will be fairly quiet with my trade plays next week. But i will be back in action on the 26th of July for more forex trades
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