Buying HK33HKD Oanda On An Up Trend
Updated
Rising demand for HK33HKD over several days on the Daily Time Frame based on the 6EMA.
I bought HK33HKD on both my FTMO 10K Challenge Phase One and on my Oanda Main Account.
Discount offered by seller at 6EMA on 4H Time Frame.
Initial SL set is wide, because I want to give myself more time if I am losing, to decide if I want to exit for a small loss or win instead of having it as a full blown 1R loss.
By setting my SL wide initially, my risk per pip becomes significantly smaller.
Besides, I am risking about 10% per trade(based on my previous account size).
If all is well, I will start trading 50$ SGD per trade next month.
All is well = My account size reach 1k SGD(currently sitting on 906$ SGD) and that it is a new month.
0950SGT
20052024
Feeling groggy.
Add : Now, instead of analysing the Daily Time Frame, first. I analysis the entry time frame first. Why? Because over the years I realised that i missed out on alot of opportunities that are better than the ones I am waiting for, because I analyse my watch list selections on the Daily Time Frame first.
By doing a top down analysis, I miss out on strong trends that are not visible on the Daily Time Frame, because price could be in a range on the Daily, but it has yet to reach the Daily's Major S&R levels. And so, the trend on the entry time frame is tradable, but I missed it because I have already eliminated it during my selection phase.
TLDR So, I am doing a bottoms up analysis from now on because I am missing out on trending opportunities on the lower time frame that is not visible on the higher time frame.
0954SGT
20052024
I bought HK33HKD on both my FTMO 10K Challenge Phase One and on my Oanda Main Account.
Discount offered by seller at 6EMA on 4H Time Frame.
Initial SL set is wide, because I want to give myself more time if I am losing, to decide if I want to exit for a small loss or win instead of having it as a full blown 1R loss.
By setting my SL wide initially, my risk per pip becomes significantly smaller.
Besides, I am risking about 10% per trade(based on my previous account size).
If all is well, I will start trading 50$ SGD per trade next month.
All is well = My account size reach 1k SGD(currently sitting on 906$ SGD) and that it is a new month.
0950SGT
20052024
Feeling groggy.
Add : Now, instead of analysing the Daily Time Frame, first. I analysis the entry time frame first. Why? Because over the years I realised that i missed out on alot of opportunities that are better than the ones I am waiting for, because I analyse my watch list selections on the Daily Time Frame first.
By doing a top down analysis, I miss out on strong trends that are not visible on the Daily Time Frame, because price could be in a range on the Daily, but it has yet to reach the Daily's Major S&R levels. And so, the trend on the entry time frame is tradable, but I missed it because I have already eliminated it during my selection phase.
TLDR So, I am doing a bottoms up analysis from now on because I am missing out on trending opportunities on the lower time frame that is not visible on the higher time frame.
0954SGT
20052024
Trade closed manually
Manually exited HK33HKD for 0.33R x2 loss.
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