As planned, spent a few hours on trading today (in the morning), whilst spending the afternoon working on another project, and finally getting some decent exercise done in the sunny outdoors for the evening.
Following my exercise and good pasta dish for dinner, I had another look over the two trades I took today. Sharing my bit of insight.
Incidentally, both trades were 100% in line with the strength/weakness assessment from yesterday – one being long CADCHF, the other being short NZDJPY – both utilised setups on the 4-hour chart. The first was a full stop out, and the second hit a tightened stop after going 30 pips into profit.
Below is a chart of the price behavior using the 15M timeframe (remember there are 16 15M-candles inside each 4-hour bar!). I share these charts here because i thought it was interesting that both trades were exited on price extremes – so either I put the stops in bad places or I was just very unlucky (twice); secondly, on the 15M timeframe, both instruments showed clear reversal patterns after two relatively sharp and fast price moves.
And here’s NZDJPY
I did think it was rather interesting to see how a 4-hour setup played out on a lower timeframe.
More trading work on tomorrow’s agenda.