Ngl, I wish I would have held longer.
.05 lot size, about 70 pips. That was around $20 or so.
Pair Nzd/Jpy
Challenging myself to grow a $15 account. Sitting at about $36 now. I have 2 other bigger accounts and took the same trade. Looking at growing it to about $80 by the end of the week. I’m in between a day and swing trader.
Sam said:
I’m trying to learn how to trade. If you wouldn’t mind, I’d love to know how you saw this.
Yep yep. I’ll put it in steps to make it easier.
2 indicators: 50 EMA + MACD
MACD helps me see divergence to determine the trend.
I only look for the trend on 2 time frames: 1H, 4H. The 50 EMA also helps me determine the trend and is used as confluence.
Step 1:
Look for a visible trend on the 4H. If it is not visible on the 4H, go to the 1H. If it is not visible there as well, don’t trade. If the trend is visible based on the 1H, wait for price to break that trendline.
Step 2:
If price breaks that trend line, wait for price to close below the 50 EMA, retrace above the EMA, then close below the EMA again. Depending on the direction of the trend that is.
Step 3:
Once it closes, get in for a trade. I usually have a 20 pip SL just to leave room for price to do its thing. TP should be the previous high or low, (depending on the direction of the trend).
If you need a visual, let me know. But based on the pic you should be able to see what I am talking about. Let me know. Btw engulfing makes the trade more high probability.