It's a lovely Tuesday and here we are to analyze the trade we took on Monday 13th April and as well is a way of journaling.
During the market upon by 21:00 UTC on Sunday night, we saw a huge gap that cut across all the USD pairs. On the Eur-Usd pair, price closed around 1.17223 with a wick at 1.17207. Upon the open on Sunday night, price Open at 1.16696.
It was a huge gap in the market, but we waited till 11:20 UTC to enter a position in the market.
- Entry on eur-Usd:
After price broke the previous high that was form at 1.16951 by 06:10 UTC (trading view time), after the high was formed, you can see from the screenshot that price went lower before breaking the previous high and that break happened around 07:25 UTC which lead to a high that was created around 1.17003 before a pullback now occured.
- Reason for entry:
During the pullback, we decided to highlight our potential supply zone around 1.16970 to 1.17003 and waited for price to come back there.
At 11:30 UTC, we saw a candle stick formation that indicates selling pressure which lead to a market execution at 1.16950, stop loss (sl) at 1.17018 and our initial take profits (tp) was at 1.16802 were we highlighted as a demand zone.
As the bearish candle keep on forming, we decided to extend our tp down to the next key level around 1.16719. lol
The market did respected our for demand zone and started its bullish move which we thought it was just a pullback before continuing bearing for a while.
But as the market may have it, knowing fully well that the is a huge gap that the market is going to fill up, before we knew it that market has taken us out.. lol š
Thanks for the proper risk management we applied, so it took us out with 10box.
At this point, it was done on us that the market is ready to push higher.
All we gat to do was to wait for a perfect setup/confirmation before we can enter for a long.
- Second entry for the day and reason for entry:
After few hours, we spotted a demand zone around 1.17045 - 1.17006 which was formed after the breakout from of the previous zone, so we waited for price to make a retracement and upon the rejection that for at 1.17077 around 15:10 UTC we entered on a market execution with our stop-loss at 1.17008 and we targeted the next resistance level.
As time goes on, we saw the Market pushing higher and we decided to increase our tp.
As you can see on the video, price decided to play with our emotions but low and behold it was a flag pattern which formed for about 1h before price break higher and our second entry tp was hit because we entered two positions.
If you watch the video to the end, you will see how the market played in real time
Summary:
On our first trade, we loss 10-box and upon our second entry, we got about 56-box
- Total profit for the day: 46 box
On our demo account š.
- All screenshots are from our trading view PC.
- The thumbnail was auto generated using the 3speak.tv web
- You can click on our live trading view chart
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