#011 DCA CADCHF Buy

I looked at the Daily Time Frame and it was a mess!

However, when I zoomed down to the 4H, then 1H and 15Minutes, I saw that even though there were gap, price is generally still trending. Especially when I plotted the 60SMA, and on some charts, the 1020EMA.

I bought the CADCHF because price retraced back to the 60SMA on the 15 Minutes Time Frame.

I placed two orders. The first is the market buy, and second, a limit buy order for if price collapses lower, I could do a recovery and still cop a profit when the first position goes back to breakeven.

If price goes beyond the 2nd order, I will have to look into how I could recover from the drawdown.

That's all for now and that's all for CADCHF. I'll be posting on the GBPUSD trade in the next entry.

1130SGT 25112024

Add : I am buying into the oversold as seen on the stochastic 20,1,1.

Note

The CADCHF's drawdown feels abit like last week's USDCHF drawdown. What I did differently though, is to space out the limit orders, instead of putting myself into more drawdown than neccessary. The USDCHF drawdown recouped without me. And that's ok. At least I came out in the green last week overall and learned this lesson for cheap.

1922SGT 25112024

Note

1st Buy Limit triggered. Will be shifting 1st position TP to Breakeven, and 2nd position TP to 1st position's BE.

2221SGT 25112024

Note

An update.

I currently have 4 positions as I bought into the open drawdown. I didn't expect CADCHF to dip so far, but as I could see on other pairs such as XAUUSD and other CAD pairs, prices are doing similar things. So, I think someone or something is moving the market in tandem.

I believe that price would rebound somewhere. In the past two days, price were dropping strongly with very small pullbacks, but today (Asian Session), after the insane dump, price consolidated wider than the previous pullbacks which I took as a sign that price is going to reverse soon, as well as the insane dump being a sign of late comers trying to get a piece of the market (that's the simplified explanation, because I wouldn't know exactly why the market is dumping.

Anyway, price is currently at the 3rd position's breakeven.

The 4th position is currently in profit, and 1st and 2nd position is still in drawdown and will be in drawdown forever because I am exiting for a loss for 1st and 2nd position.

So, here's the expected profit and loss for all 4 positions.

1st : -0.55cents
2nd : 0.00cents
3rd : +0.55cents
4th : 1.11$

All in SGD.

Fingers crossed.

I could set all the TP to 1st position's breakeven price, but I think that is being too greedy. I might even be exiting for less than expected if price does some funny shet.

Protecting capital and made but opened profits.

0000SGT 27112024

Note

Add : The 3rd to 5th positions couldn't be viewed on this Idea's chart, however, if need be, just imagine that all of the positions are equally spaced out. from the 1st to the 5th.

0001SGT 27112024

Note

Add : A note I typed yesterday morning but I typed it in the wrong entry. I typed it in GBPUSD #013 instead of this CADCHF #011 entry.

Here goes :

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ProfessionalDuckHunter
16 hours ago
Set all 3 TP to 0.63485. 4th buy limit almost triggered but not, yet. currently price is pushing upwards from almost hitting my 4th buy limit. I have set an alert so we shall see.

if 4th buy limit triggered then we will shift TP again.

0823SGT 26112024

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0032SGT 27112024

Note

CADCHF still playing out but currently it is ranging. It's painful holding and seeing price go up and down and going nowhere but imma let it play out. Would 2x the 5th positions buy limit and pull the overall TP lower if it gets to that point so I could exit asap.

1327SGT 28112024

Note

There's CAD news later and I hope it would move the price. I am done, holding onto this rollercoaster piece of shet.

1222SGT 29112024

Note

Entered another market buy at 0.62760 with a multiplier of 2x. Meaning, instead of risking 100 units, I am risking 200 units. I am taking profit at 0.63111. I think if price goes in my favour, which I think would be very highly likely, since price is in a range where stochastic shows it is ranging, I might be exiting all my positions at around 0.63111 also.

Reason being,

1st pos = -2R
2nd pos = -1R
3rd pos = Breakeven
4th pos = +1R
5th pos = +2R (2x multiplier)

So, 3R profit minus 3R loss plus breakeven = Overall breakeven excluding commissional losses worth 5 positions = 1cent per position totalling 5cents for five positions.

2154SGT 29112024

If price goes against us more, I am not sure manz.

Note

Added a total of 400 units because no idea why they floating PNL for the previous buy limit and the current market buy order is the same PNL. So, I doubled the 200 units to 400 units, but I entered on slightly higher price.

Shall see what happens. Currently in a open loss of 3$ or so for -1.5R with a account size of slightly above 200$ SGD.

2203SGT 29112024

Will wake up to check the position later before the market closes for the week.

Trade closed manually

Manually closed CADCHF in the morning (now is 5:43pm SGT) when price was at the minor resistance level within the bigger minor range.

Previously, I was targeting to TP at the bigger minor range's Resistance level. However, when I woke up in the morning just now, I saw that price is tanking and there's no telling if price would go in my favour or not so I decided to exit. I am not sure if I have exited for a profit or not but I saw that my capital has grown from last monday's 213.5$ SGD to the now, 214.48$ SGD, so I just exited to prevent the position from reversing back into bigger losses again.

Now price has reached the bigger minor range's Resistance level. Too bad, I didn't manage to cash in for more, but its ok because, "Capital protection over profit generation. - Etienne (Desire To Trade Youtube Channel)

Another saying is from Kei The Japanese Forex Trader, "At least I don't lose."

1748SGT 02122024

ProfessionalDuckHunter

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ProfessionalDuckHunter