Practical Exercise, Dummy Trade

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  • June 16, 2015 at 10:02 am #1213
    Simon Dyde
    Participant

    Attached is a screenshot for EURUSD dummy trade today. Here is the battle plan I formulated for this trade.

    From the 60 mins chart price is above MOR and buyers have control. The nearest overhead resistance is + 110 pips. Fibo Ext highlight levels to watch + 85 pips.

    Three star Eco news (German Eco Sentiment) is forecast 1000 – Avoid!

    From 15 mins chart price is above DOR High.

    Intentions: look for buy entries once eco news is through.

    15 mins Gann Eights, 60 mins Fibo Ext and 60 mins resistance indicate a confluence of target levels + 75 to + 110 pips above. There is no untested resistance overhead from 15 mins chart.

    1000 Eco news is through.

    1100 Bull engulfer prints. Tight stop loss – 13 pips. reward/risk 5 worst case.

    Buy stop entry @ 1.13011, stop loss @ 1.12872.

    Stopped out on next candle. Minus 3 %.

    Price now below DOR Low and EURUSD not a candidate market.

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    June 16, 2015 at 10:05 am #1215
    Simon Dyde
    Participant

    Here’s how the trade ran down through my stop loss.

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    June 16, 2015 at 10:29 am #1219
    Rich FittonRich Fitton
    Keymaster

    Hi Simon,

    Great analysis again. It was a good looking opportunity and you stuck to your plan, it was just one of those that didn’t run in your favour in the end.

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