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Wednesday, 17 May 2017

USD/CAD - Shorted again

Just a few hours back, I told myself to stay off the computer and not to hit any buy/sell entry. I am hardly successful in trading the US session.  It's high volatility is something my emotion cannot handle.

Did a Fibo ratio at 4Hr chart in FXDD and quickly hit two 10K$ entry with CityIndex.
First SL at 161% Fibo @ $1.3522.
I will drag the 2nd SL to the horizontal white line, if possible. This line shows previous weeks'opening/closing price level.

I just have to stop staring at the screen, and let price move to that level in its own time.
.....................................................................................................................................
May 19, 2017. 5:01pm



 Decided to close this at the first sight of profit today. It was negative throughout the time my order was in. Since CAD call and put turned from more Call to 1, which is balance between call and put ratio, I decided it's game over for USDCAD for now. No more trade on this pair till I observe further. Afterall, today's Friday. If I can, I should exit all position. 
Very small profit S$9.17.



Circled was the point of entry. Comparing it with the earlier graph, price was a long red bar. Obviously the bar wasn't closed when I hit an entry for 20K lots. It is on hindsight, an impulsive entry. I was afraid of losing out when the long red bar appears.  The price went back up as shown above, and it went all the way up to hit the month's open. (month;s open as shown in dotted green line). Thankfully it did not close above that level, for if it did, the trend might probably be upside reversal. It fell and my losses turned into small profit. I exited cos it's Friday and also the current level seems to be a support zone. I do not want to stay around for prices to snap back up. Save my bullets for another day.

Lesson learnt:
Wait for entry bar to close before action. Do not act on impulse.
Respect all Support and Resistance level. Do not assume that it will be broken.



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