Anyway, I was looking at the markets around 11pm on November 10th, 2016, and going through my notes couldn't really find anything to trade on for any of the majors. I've been looking at NZDUSD, just to look at a different pair from the ones that I usually look at and try to learn it.
Here's what I'm seeing at 11:00PM or so:
The daily for NZD isn't giving me any bullish signs a lot, it looks bearish, like it has some to drop still.
At the same time, USDX looks bullish, like it wants to take out liquity above the high. I understand there are some interest rates differentials at play here, so it NZD might not always go in tandem with USDX, but I mean, the other half of that pair is USD, so at least it has to respect it somewhat.
On the 15M timeframe I noticed that there were some stops that might be turtled souped, so I placed a SELL LIMIT order at 0.7230, aiming for a 2R at 0.7175, with my stop at 0.7255 (25 pips), but thinking ultimately it might drop further to 0.7105 to take out equal lows at 0.7108, but having learned from yesterday, I figured I'd be very happy with a 4% return.
I did get the move up, but it only went to 0.7228, above the body of the candle, but not the wick so I didn't get my order filled. NZD ended up going to where I had projected.
I guess I'm a bit disappointed I didn't get it when I had called it but that is going to happen and need to continue learning. I'm liking this type of trade as I believe it forms frequently enough to do it every week and I don't have to be crazy glued to the screens. If I ever become a professional trader then I might try to do things differently but nonetheless I like this trade.
Maybe I should have considered setting the price lower at the candle's body but I have seen turtle soups take even the wicks so I am not sure on that one. I feel better about the stop loss on this trade.
More learning to come.
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