Trading Style: Discretionary
Disclaimer: I trust it goes without saying that I do not wish to anyone to trade what I trade only because that is precisely what I am doing, because I'm trading a demo account for a motive.
Decided to start a journal. I am currently trading with a clinic account. I personally like to trade the 1H time and trade a couple of times per day depending on what the market does, however generally speaking I prefer to have my own rankings closed by the time I head to bed.
Made one entry on the EUR/USD now @ 1.5520 with a stop loss of 1.5514 (Risk 2 percent ). Really tight stop loss however, it had sufficient technicals backing this up. The something that I'm really unsure about is that exits. I will not tell where I want to exit. Optimally clearly I would like to have it transfer 1000 pips in my direction directly once I input but thats not going to take place. Fore the first-time now I've tried to reevaluate where price is very likely to go and am sitting tight seeing what eventuates.
How do you men guage where you exit? According to fibs and the equidistant station the blue area is where I think price is heading where I would be happy to take my profits but theres clearly another area of resistance at 1.5568 that hasnt been broken for approximately two days now so hopefully it breaks.