I entered this at the 2nd highs rejection, below the black candle and while CCI 50 was crossing back 100 line. Stop was just above the high. Very fast close, on the slightest sign of double bottoming at 160.18. High probability trade (for me at least). This particular retracement had much more pips, but I am happy with 3-6 pips on contra-trades. Never try to squeeze a contra.
Tuesday, January 8, 2008
Temporal trend exhaustion
I entered this at the 2nd highs rejection, below the black candle and while CCI 50 was crossing back 100 line. Stop was just above the high. Very fast close, on the slightest sign of double bottoming at 160.18. High probability trade (for me at least). This particular retracement had much more pips, but I am happy with 3-6 pips on contra-trades. Never try to squeeze a contra.
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It’s a good point for new comers to be satisfied with the safe score they get, it is often just the extra stuff that we destroy our chances, so if we are to become successful then we must learn to be good at stopping. I always prefer to target 5-10 pips and it’s easily achievable thanks to OctaFX broker and their small spread of 0.2 pips, it’s even lower at times, so that makes it all too simple for me to make profits above the spread.
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