Ok Every one I just made my first trade for my trading journal. I waited for the proper entry signal and I feel like I have a chance to catch a bounce here. I opened on a 1 hr candle close off of a downward move on the Eur/Usd. If you are interested in how this trading journal works read post one and post two to get an idea for how we are managing these trades and what we are trying to accomplish.
Here is the trade as follows.
Stop loss: 1.2147
Take Profit 1.2250
Here is the chart I am basing the trade on:
My Risk is a total of 1% of the account and if this trade stops out I will look at a possible re-entry.
I will move the stop loss to break even around a 50 pip increase.
I feel like this could be a good trade based on the possibility of a bounce off of the support area. I will be watching closely.
Please give any feedback you may have about this trade. Thanks Casey
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