I usually won’t trade when the forex market conditions seem to be “in a bad mood” or “acting erratically”. That’s what was going on here. But, there were some things that I’d been watching a few minutes before that told me this was a “semi-high probabilty trade” (not may favorite), but when I saw several Logical Forex Indicators give a decent signal (given the other things I saw), I took the trade.
The setup and entry…
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The exit…a bumpy ride. Silly me. (Take the High Probability Trades Only!)
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There were several exit points that, for a person just starting out, would have been better and far less stressful. Actually, it might be best if a beginning Logical Forex trader skipped this trade entirely. But, if YOU see the logic behind the trade, you DEFINITELY need to be trading with the Logical Forex Trading System and Logical Forex Indicators!
I would have expected you to exit @ 1.3560, the first time price reversed against you after a honest 5 pip gain. Also the WatchDog and the Phase were showing bad signals shortly after that point.
Paolo,
You are absolutely correct! That IS the best exit point.
I really don’t recall what was going on with the broker quote panel at that time, but I suspect I saw something that gave me a good idea I could stay in. If you’ll look at some of those recent videos, you may notice a few things that I can see in my Currenex platform that give me “extra clues”.
I had a Workshop with a trader yesterday who is VERY comfortable trading the way you see in this image…holding on through “bigger jumps” in price than I normally will do.
You’ll notice that there are a variety of trade examples show in the “early days” of this blog. I will be showing more details on these types of trades as we all move along together.
Focus on the more recent trade examples posted on the blog…and we’ll re-visit these types of trades in the future.
-Greg