Sunday, December 18, 2011
12/12/11 2114 (GMT + 8).
Initial observation of trending. Fib’s at 61.8 level. 23 MA, 15 MA, 8 MA & 5 MA are placed for trend observation. Stop loss at 65 pips with a trailing stop of 25 pips..
Exit @ 14/12/2011
Trade closed at 65 SL... :(. Then after that candle rise again. Missed it!
Lesson learned: When trend is detected place your entry VERY CAREFULLY. Timing is everything. Don’t quickly put it when there is trend on the daily chart. Have to consider trend in the hourly chart afterwards. Have to consider and observe movement in the hourly chart first. SL is also important as it determines how long you would like to have your trades open.