Browsing my usual currency pairs and there are slight bear for the dollar today. No news release tonight. Here are my trade datas for tonight.
Session: New York, London Crossover.
Duration: 1 hour, 30 mins. (2 positions)
Technical: Moving Average, Head & Shoulder, Fibonacci.
Strategy: Candle closes below 20 SMA, second shoulder formed confirming bearish signal, price was well resisted at 23.6% (entry) and supported at 50.0%, exited in between at 38.2% fibo.
I took a second position after two more 15M candlestick closes confirm the resistance at 23.6% (average win position). 20 sma line has been working well for me this week. Head & Shoulder, second shoulder formed and price made a spike down after i came out of the bathroom. I was quite confident of the trade tonight due to the signals given, if price still went against me, i do understand that i have tried my best. Chart above is the nice chart. Describing my noob mistake in the second screen shot below.
My first position closed neatly at 38.2% fibonacci take-profit, with second average-in position still charging towards the next level. Check out the double zeros line at 1.4100 above. My second position t-p was exactly 1.4100. Price neatly hit 1.4100 and made a rebound back to 23.6% fibo. But, my t-p didnt hit. why? 2-pips spread difference in the price was not taken in consideration. in another words, my short position was actually at 1.4102 - when the price was showing 1.4100. that was due to the 2-pips spread for Eur/Usd (FXDD fixed spread on the pair). it wasnt the first time it happen to me, Bottle had experience on this incident. i wrote it down now becuz i dont want it to happen again to me or to you, and buy / sell price mistake actually costs me 13 pips :( maybe none of you had come across this noob mistake but it is something i think i have to take seriously.
Overall, i'm satisfied with the trades this week. Weekly profit hit. I hope next week don't end like the last. Happy trading, and enjoy the weekend everybody! :)