$100k Challenge - CADCHF Long - E18 T1 - Trade Update
Hey all!
Finally, we have some positive updates to the challenge journey!
I decided to do a slight modification to the CADCHF trade, as always, find the journal notes below!
In today's trading session, I noticed the market started to struggle to maintain bullish progress on the H4 chart around the TP1 area. Because of this, I modified the management strategy for this trade a bit. Upon reviewing the H1 chart for microstructure, I noticed an ascending channel. With this formation in mind, I decided to update the stop loss of the first half of the trade to be just below the ascending channel, so in case we have a bearish break of structure before hitting the first profit target, we are still out for a good movement in our favor.
This effectively guarantees the first profitable trade of the challenge, therefore, I also made the decision to move the SL of the second half of the trade to break even, locking in a positive result for this trade idea.
Finally, we have some positive updates to the challenge journey!
I decided to do a slight modification to the CADCHF trade, as always, find the journal notes below!
In today's trading session, I noticed the market started to struggle to maintain bullish progress on the H4 chart around the TP1 area. Because of this, I modified the management strategy for this trade a bit. Upon reviewing the H1 chart for microstructure, I noticed an ascending channel. With this formation in mind, I decided to update the stop loss of the first half of the trade to be just below the ascending channel, so in case we have a bearish break of structure before hitting the first profit target, we are still out for a good movement in our favor.
This effectively guarantees the first profitable trade of the challenge, therefore, I also made the decision to move the SL of the second half of the trade to break even, locking in a positive result for this trade idea.
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