We took a long position on this pair, intended for a short term ride up towards the 200EMA with a Take Profit level of 1.5500. Taken on the 4hr chart this provided us with the required 2:1 Reward:Risk set out by our Strategy.
Our minimum confluence factors are 3. On this trade these were:
Unfortunately the spread difference from our broker platform triggered us in early. Due to the account being new we had not anticipated that we would need to reconfigure our settings to match our previous account. This was human error. Had it been accounted for we would not have been entered.
Coupled with weaker than expected GBP Manufacturing PMI data, this position was subsequently stopped out for a 0.75% loss.
Lessons -
We have now reconfigured the charting to account for the spread difference. This will enable us place our Entry Orders and Stop Losses based on ask price, whilst determining market direction based on actual market price.
Our minimum confluence factors are 3. On this trade these were:
- 0.764 Fibonacci Retracement
- 50/60EMA Bounce
- Deceleration and a Doji Bottom
Unfortunately the spread difference from our broker platform triggered us in early. Due to the account being new we had not anticipated that we would need to reconfigure our settings to match our previous account. This was human error. Had it been accounted for we would not have been entered.
Coupled with weaker than expected GBP Manufacturing PMI data, this position was subsequently stopped out for a 0.75% loss.
Lessons -
We have now reconfigured the charting to account for the spread difference. This will enable us place our Entry Orders and Stop Losses based on ask price, whilst determining market direction based on actual market price.