Entry Sell: 83.849
T/Profit: N/A
Stop Loss: 83.879
Trailing Stop: 35 Pips
Potential Loss: 30 Pips
Potential Profit: N/A
Result:
Stopped at: 83.757
Profit: 9 Pips
Thoughts - This is an unrefined trade I made.
What reasons I placed on this setup? The only reason I saw was the overall trend was downwards. It has been ongoing for a few months. And thus I made the sell trade. However, I knew this was a gamble and so I put a stop loss of 30 pips. I do realise that the entry trade was very bad - this is because when the market is trending downwards for a long time (months). I am unable to predict the best entry point - this is my current weakness. I am happy with the decision I made on the 30 pips stop loss because it helps to minimise my loss of bet (if there is any). I do realise though, that by not giving a larger space for the price to move, I would not gain the advantange of the downtrend. I believe that I was lucky to manage to gain a profit of 9 pips.
Nevertheless, the idea of the trade is there - shorting it. I will be changing my strategy for this currency pair, since I have read news about rumour saying the trend will reverse. I will observe it for a while longer.
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