This is a 1 minute chart. I believe I was referring to the 5 minute when the trade was entered

Now that I made a post or two after a while, I’ll remind you that whatever trades I highlight are my own, and no system or approach is being promoted. Many trades on this page can be considered discretionary, and you’ll notice there isn’t only one template being used.

This trade looked different than it does below as it was made on a mobile device and the template had Bollinger bands and a couple of lines drawn.

 

I wanted to post it because there are a few interesting things ( to me) to note.

• this pair has a spread that is not very tight on this non commission account. Everything is relative though, it can really move, as we’ll see
• The trade received a half pip of positive slippage on the exit
• After the pullback, starting with the “morning star” type formation, the price had 12 consecutive green bars for a about 20 pips from entry.  I took about 3.

 

 

 

I don’t trade this pair often, but I do end up drawing on pairs I don’t trade frequently.

Even though this is not a great swing to draw a fib retracement on, I used the 61.8 level, along with an earlier level I gave some technical weight to as a potential buy limit area.

It turned out to be a gain, with a nice run afterwords that could have yielded additional profit.

 

note: the take profit of about 20 pips was pre-set. This is an hourly chart that wasn’t monitored during the trade

 

This ended up to be a gain of 10 pips. This quick analysis wasn’t conducted in an ideal setting (mobile phone etc.)

Notice after the strong gap up, the was a very bearish candle.

Sometimes we can anticipate a lower high, and the formation of a channel type formation.

The price did move higher and that meant I was in the red for about 40 pips. However, as it turned out, price did move about 40 pips lower. Not to say we will capture the entire move, of course. Price WAS approaching an area where it could potentially bounce higher.