Trade 26 – AUD/SGD

Entry

aaaa.pngAUDSGD.pngReference and Entry on Daily Long term trend has shifted. Price currently at an area of value for the bulls within the 30 and 150 SMA.

Triggered by break of corrective wave line with a stop buy order confirmation and supported by the bullish engulfing.

1% capital risked for potentially 8.6R.

Entry: 1.0736 | Stop loss: 1.059 | Target Profit: 1.2

[1] Trade Plan: After next swing low established, shift SL to break even. After break even, do not look to exit the trade quickly. If price retraces, add on to the position.

[2] Trade Plan: After next swing low established, shift SL to break even. Continue to trail stops accordingly based on market structure of 4H. Aim to exit at swing high. Reopen new long positions after pullback.

Psychology and emotions – Could possibly be a long term trade. Unsure how to manage this trade though. Should I go for multiple swing approach or a long term all out trend following approach? No feelings or thoughts about this.

Exit

download (1).pngdownload.pngStopped out. Perhaps a premature one. Might enter again based on the strategy of “HTF Swing” as Daily is still in an uptrend and at an area of value.

1% capital loss.

 

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