Day one of this adventure and we had a potential setup on the 1200 (midday) bar, the 11am range 15850 - 16049, 12 range 15945 - 16045.
As the open at 6am was 15854 and price was above this we were looking for longs so i placed my buy stop at 16049. 4 pips above the IB high with an "if done" stop at 15941. 4 pips below.
IThe size was $2.75 this was calculated by dividing my risk capital (3% of $10000 = $300) by the number of pips risked 108
so 300 / 108 = 2.777777777 so rounded to 2.75
On this note i'm not sure if IGmarkets accept odd shapes but we will see......
In the next hour the price fell below our stop and never rallied up to our target price so i cancelled the order.
Inevitably in the following hour the price rocketed through our level and onto the high 161's but such is life. We are looking for low risk entries so would ideally like the price to break above our IB in the first hour without going anywhere near our stop.
Still there will be other days and i'm sure the market will reward our patience.
Posts
No comments:
Post a Comment