EURNZD Daily Buy 15 March 2018

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    Welcome to the inside of my trading brain. I built this forum so that I could jot down my thoughts as I take trades, as well as being able to add follow-ups for further analysis.

    Feel free to post your own thoughts or comments, I just ask that you keep it real and friendly at all times, cheers!

pdr

Still have my trading 'L' Plates
Staff member
#1


Today marks the start of displaying TradingView Charts as opposed to MetaTrader4 Charts. Because the greater majority of my trading is done exclusively on Daily Charts by definition this makes me a Swing Trader (someone that takes trades and holds them for a day to a few days. When I grow up I hope to be a Position Trader (holding trades from a week to a few weeks!).

And in order to update you lovely folks more often in a more consistent manner, it is essential that I use something that you can all refer to yourselves, so enter TradingView. On with the trade...

This was a very simple trade, based off of a 'W' Formation in the RSI. Using a standard Risk:Reward ratio of 1:2, I hope to double the amount I am risking on this trade.

You will also notice an 'observational take profit (TP)' in the chart above, more on this later.
 

pdr

Still have my trading 'L' Plates
Staff member
#3
Trade Update: and a little bit later in the evening the TP got hit, almost to the pip exactly. Looking at the TradingView chart below, it appears TP was not hit, but the next image shows my broker chart with the TP hit.



Broker chart with TP hit (below)

EURNZD_D_BUY_FORUM1_2018-03-21_07-53-11.png

I will still hold my observational TP at 1.74483 and report back later.