Well I timed tha exit wrong - price moved up in Asia to around 1.4130 (the upward daily trendline that it broke yesterday is now acting as resistance) - kicking myself for not leting my trades play out! Oh well...moving on...
The price is definitely in a downward channel on the 3 hour chart, thus the A+ trade is to wait until it retraces back above 1.4200 then sell from this level (presuming it can break back above the daly resistance channel line that it broke to the downside yesterday). A more aventurous trade is buy it on it's way back up - which is what I was trying to do yesterday but the price action was choppy and it was 50:50 whether it would go up or down during the Asian markets.
Therefore, I am looking for a confirmation of a break above the daily support turned resistance line (yellow line) to enter an adventurous trade long.
Economic news to note today is German ZEW economic sentimen, new bulding permits and PPI in US.
I have closed my account that I had been running from 01May and set up a new account with £5k to trade with. The original account was closed at £11,346 which represents an increase in capital of 126.9%. I made 62 trades in this time with a win % of 69.3 and total net pips gained was 1,160.
