System:
This trade is based on the squeeze play setup on a 4 hour chart.
Reason:
The squeeze indicator gave a signal that the pair was breaking out of the squeeze range. The histogram showed a blue bar, and hence I went long on this pair. The trade was entered at 6:51am at 94.93. The stop loss was 50 pips away at 94.43 and the target point at 95.53 which was 60 pips away.
Lots: 5
Entry (Long): 94.93
Stop Loss: 94.43
TP: 95.53
Soon after I entered this trade, the price moved in my favor, and I was soon up almost 35 pips. Since then the price action slowly started weakening. And finally at 12:30am on the 8th, it hit my stop loss.
Total Pips: -250
Total Profit: $245.04
Rating:
I will rate this trade a 4 star. The entry was very close to the start of the candle. I had initially set the TP at 5- pips. But when the price started moving in my direction quickly, I got greedy and moved the TP to +60 pips. It would still have not hit my original TP, but it just shows my greed in modifying the TP.
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