Short

Trading Journey- Trade #1: Short EURGBP #forex

Updated

Hello mates,
I am starting to document my next 100 trades. Hopefully, It would be helpful for others.

I have shorted the EURGBP this morning.

The price has broken out of the main sideways range by breaking 0.8620 support.
The broken support turned to resistance as the price formed two consecutive rejection candles( shooting stars) suggesting supply is dominant at that level.

Shorted two orders @ 0.8620
TP- For 1st order : 0.8477
TP- For 2nd order : 0.8315
SL: 0.8708
Average Risk/Reward: 2.52
Risk of capital for trade: 1.5%

Trade active

Note

I have to remind all that this is my journal not a recommendation for anyone. Wish all of you the best.

Note

First TP Hit. First order closed. Stop loss moved to entry for 2nd order.

Trade closed: target reached

2nd order stopped out at breakeven. Gets me out of the market ahead of the vote today.

Trade Summary:
1st half= +143 pips
2nd half= 0 pips
Total profit in pips = +143 pips

Note

For my trade, I stated that I am risking 1.5% of my capital on this trade so accordingly, the trade return as follows:

Profit in percent = RR X Percentage of risk / 2(Because only one order hit its TP)
= (1.62x 1.5)/2= 1.21%

Trade profit depends on your choice of position size according to your risk per trade. The bigger the risk, the bigger the position size, hence the bigger the reward.

Technician

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