Today I loss 19 pips on the EURUSD as the market failed to hit my target of 1.4695 during the Asian session. To see how it all goes out, let us go through on the chart above beginning from the top chart, i.e. the 5-min chart.
Today I use 5-min chart as my trend identifier and 1-min chart as my entry, stop loss and exit. As you can see from the 5-min chart I plot a blue horizontal line to determine market break out. Once this level has been break I will wait for an entry opportunity and immediately switch to 1-min chart.
On the 1-min chart, I will just eyeball the peak and bottom level to draw a fibonacci line, and as per my trading rules only place entry at 38.2% level with stop loss at 61.8% level. As always the target must be of at least twice that of my risk.
So the market make a good move and well passed the 0% level but never make it to my target level, and it just a shy 2 pips away from my target. Another factor for this loss is, I am not monitoring the market as I was just too busy with multiple business meetings and different venues.
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