#021 DCA AUDCHF BUY LIMIT INITIAL ENTRY

Accidentally chanced upon AUDCHF trade.

I think I should give more attention to the entry time frame as well when scanning for setups.

Currently price is in a range since 26th November 2024, and I am betting on the support level holding.

I have included a link below showing my exact entry for the initial position.

https://www.tradingview.com/x/9VdptZR4/

Things might change as time goes by so we shall see.

Currently have SGDJPY Short and AUDCHF positions opened.

0954SGT 04122024

Note

2nd Buy Limit order triggered.

Entered at 0.57164 and TP at 0.57456.

2nd TP is at the same TP as the 1st position.

1018SGT 04122024

Note

2nd Buy Limit order triggered.

Entered at 0.57164 and TP at 0.57456.

2nd TP is at the same TP as the 1st position.

1018SGT 04122024

Note

Added 3rd Buy Limit for just in case that price goes down even lower.

Entry : 0.570149
TP ; 0.57456**

**Same level as the 1st position entry level.

1025SGT 04122024

1H Time Frame for clearer picture.

Note

Entered on my 4th position via market buy at the next support level.

AUD collapsed. No idea why. If I took AUDJPY as I first saw it, I would have closed out all my positions for a neat profit.

But life is as such. And such is as life. - Kah Peng (My conscription mate)

As long as I am trading, I don't think I will ever have an easy time that lasts. And I have to accept that and work on self management instead of worrying about the drawdown and many positions I will have to open to recover from the open drawdown.

1154SGT 04122024

Note

Entered 5th Buy market position at 0.56905.

All TP shifted to around 0.57103.

1815SGT 04122024

Trade closed manually

I decided to materialise all the losses.

I think there's some things I could take away from this significant loss of 4$ or 2% of my entire 200$ account while risking 0.01cent per pip.

1 - Keep to the 100 units. Multipliers are awesome but when things go wrong, you are going to get badly injured. Try to minimise your losses so that you could exit for a extremely small loss even when you have multiple positions stacked up.

2 - Space out your DCA.

3 - If price goes against you and hit your 1st Limit order, just see where you could exit asap for a small profit or a slight loss.

4 - Consider hedging your losses on another currency pair that has the strong currency in it.

I decided to hedge. and I went bigger than all my other positions which is about 600 units x2. But I decided to close all of them out instead cos I am tired.

If I kept my losses small, I might have been able to hold on and wait for price to bounce at the next Major support on the Daily.

Actually the losses isn't very big. it's just 2% but it is huge to me because I racked up the losses with 0.01cent per pip.

Shall see.

1229SGT 06122024

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I think I could have exited at some levels for a small profit or small loss but I didn't. But its complex. It's not always going to work the way I think it would. Plus the mind and capital issues will play a part in skewing my decisions.

If this money is insignificant, I would just hold it to the end of the earth but I couldn't and I am tired of holding so there's that.

1233SGT 06122024

ProfessionalDuckHunter

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ProfessionalDuckHunter