GBPNZD Short - 23 Feb 2017
Updated
Background:
- Bearish engulfing reversal candle after testing 50MA resistance below horizontal resistance @ 1.748
Entry:
- Sell stop 20 pips below the signal candle
(Set up triggered on 23 Feb 2017 and stopped out on 24 Feb 2017)
SL:
- 23.6% fib level of the signal candle @ 1.7428
PT:
- Set near the horizontal support @ 1.697
- Bearish engulfing reversal candle after testing 50MA resistance below horizontal resistance @ 1.748
Entry:
- Sell stop 20 pips below the signal candle
(Set up triggered on 23 Feb 2017 and stopped out on 24 Feb 2017)
SL:
- 23.6% fib level of the signal candle @ 1.7428
PT:
- Set near the horizontal support @ 1.697
Trade closed: stop reached
Updates - 25 Feb 2017:- Trade was stopped out by the pullback of the bearish shooting star
- I do believe bear is still in play and i will look for short again.
Lesson learned:
- My inappropriate SL still trouble me.... would be still in the trade with good potential bearish gain if i have placed SL above the signal candle high.
- Was reluctant to do that, instead i have placed SL within the signal candle (23.6% fib level) because of wanting to have a good R:R.
- I now do realize that i should not try to trade to have a good R:R on the expense of my Win:loss ratio....
- Trying to have a good R:R by lowering my win probability is foolish as R:R wont be meaningful if i m always losing....
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