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    RSL (Resolution) - BUY *Trade Closed -0.3 R:R*

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    fxtrades

    Posts : 119
    Join date : 2010-05-18

    RSL (Resolution) - BUY *Trade Closed -0.3 R:R*

    Post  fxtrades on Thu Feb 24, 2011 8:50 pm

    Reason for trade: Retrace back to strong looking S/R level, daily pin back to resistance. Following the breakout from the ascending triangle and now a pull back, this looks ripe for a trend continuation, I hope...

    Entry: 285

    Stop: 271

    1st Target: 298

    Will see how this goes...

    Can't seem to upload the chart at the moment, will post later.


    Last edited by fxtrades on Sun Mar 20, 2011 6:08 pm; edited 2 times in total

    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: RSL (Resolution) - BUY *Trade Closed -0.3 R:R*

    Post  fxtrades on Tue Mar 01, 2011 5:17 am

    Trade now open for a couple of days. Price moving in the right direction, although by no means a certainty yet. Stop remains at original level.

    Need to look at entry criteria further as I entered on break of pin which is +3 points at present, however taking a more aggressive entry nearer the SR level would have already yielded +10 points.


    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: RSL (Resolution) - BUY *Trade Closed -0.3 R:R*

    Post  fxtrades on Fri Mar 04, 2011 9:09 pm

    RSL was pretty static for a few days, but a great 3%+ rise today made for a good finish to the week. Still 100% of the position open on this and stop still at 271.


    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: RSL (Resolution) - BUY *Trade Closed -0.3 R:R*

    Post  fxtrades on Tue Mar 08, 2011 12:27 pm

    Following a doji candle yesterday and adhering to not letting a winning trade turn to a losing trade I've decided to close 50% of the trade at 0.3 R:R and move the stop to previous daily low at 275.4.


    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: RSL (Resolution) - BUY *Trade Closed -0.3 R:R*

    Post  fxtrades on Thu Mar 10, 2011 12:09 pm

    As I'm shooting for a top, all being well I'll trail this on the daily pivot lows and move stop to 282.8 after today's session giving my a just over break even position.

    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: RSL (Resolution) - BUY *Trade Closed -0.3 R:R*

    Post  fxtrades on Sun Mar 20, 2011 6:06 pm

    Ok, about time I put this one to bed...

    Chart below.

    As I'm shooting for a top, all being well I'll trail this on the daily pivot lows and move stop to 282.8 after today's session giving my a just over break even position.

    I wasn't able to manage my trade for a day or so and missed the chance to do this and it cost me. Not a massive loser but a loser none the less.

    Trade stopped out for -0.3 R:R



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    Wig

    Posts : 616
    Join date : 2009-10-02

    Re: RSL (Resolution) - BUY *Trade Closed -0.3 R:R*

    Post  Wig on Sun Mar 20, 2011 6:38 pm

    considering this didn't really move much, I'd say its a big result to get out at -0.3 instead of -1.0

    definite positives to take from your trade management I'd say, this is an important tool in the arsenal I believe, knowing when to cut/reduce your losses, as important as if not more than letting the winners run as they say!

    nice one
    Wig

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