I am going to start a trading journal also. It will keep me honest with myself and a good reference to analyze my trades. I am looking for 50 plus pip setups. Preferably a swing trade. I do not trade everyday and risk but .5-1% per trade. I am though looking at the market most days.
The reason for taking the trade was the gap open on Sunday of over 100 pips. It is a very inefficient move and continued to climb looking for Thursdays highs of the previous week. So, I set my order to take me into the market above those highs. With the though of the market sweeping the highs for a move down. Or a Turtle soup sell coined by ICT.With such a large inefficient move we can hope to see a good bounce down or setup for a continuation down.
Stop loss 20 pips
Target 129 pips
1/2 off at 80 pips
moved stop loss +50
went to sleep after
I am going to have to figure out how to post pictures
I placed this trade with the fundamentals of the Canadian dollar weakening. Having a pullback into the 70% retracement of the low on 7/31 to the high of 8/22-23. Risk is 1 % and will try to have a position trade with the idea of continued weakness of the CAD.
Tapped out as all know how USD has played out. Back to the drawing board.
Looks good, but since you're fighting the recent trend, keep that stop hard.
USDCAD might even punch a little higher than that if we get a clean change in trend. I'm not saying to change your trade at all, but have you ever though of taking the majority of a given trade off the table and hold onto a small bit to see how far she runs?
PS. one more post and you'll be able to post without moderation (5).