XM Forex Penguin
XM Forex Penguin

EUR/USD 15 Oct 2019

Home » Inside Bar Trading Journal » EUR/USD 15 Oct 2019

Basic Details Of The Setup

I spotted an inside bar on the 15th of October 2019.

Chart 1

EUR/USD is long term bearish. From the weekly chart, I can see that the direction of this pair is towards the south. Please refer to chart 2.

Chart 2

The detail of the mother candle:

High: 1.1063

Low: 1.1001

Range: 62 pips ( This is a good range for EUR/USD)

Because this pair is strongly bearish and formed in any nearest support or resistance level, I will set a sell stop order only.

The calculation:

Lot Size: $140/62 pips = 2.25 Lot

The order is the following:

Sell Stop 2.25 Lot @ 1.1001, Stop Loss: 1.1063, Take Profit: 1.0877

Progress Of The Orders

Chart 3

Day 1: 15th October 2019

The price went south to trigger the sell stop order. It did not continue its move downwards but there was a sudden move upward. The price closed around 1.1032. This order suffered 50% of the stop loss. Hopefully, it is only temporary.

Day 2: 16th October 2019

A loss. This is the fastest trade I have ever experienced from this experiment so far. If you look closely at the chart 3, you might ask why is it a loss because the price has not touched the stop loss level. It is because of the 3 pips spread. The asking price has reached our stop loss level. It is funny that after hitting my stop loss level, the price went back to 1.1036.  It is very unfortunate.

Overview Of The Setup

This is a better image of the trade. You can share it with your friends.

15 Oct 2019 EU Fullstory

Conclusion

I have lost 62 pips which is equivalent to 139.5 USD

15 Oct 2019 EU Result

I did not know what has happened to the EUR/USD which has caused it to have a sudden move against my direction. However, it is still within my expectations. In the forex, the worst thing can happen to us is to have a losing position. But if it is a calculated risk, it will not do a lot of harm to the account.

It does not matter how beautiful is the setup, there can be a lot of unpredictable incidents. I am enjoying doing this journal so far, I hope that you enjoy reading it as well.

Wishing you a good day ahead.

Best Regards

Engedi


Featured Brokers on Forex Penguin

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x