Trades looking good for now

On Monday, I checked the charts and I found out that Fiber's low on Friday was 1.3620, 20 pips away from my target of 1.3600. So I decided to jump in.

Cable hit a support level at 2.02. I entered a long position there as well.

I have a bit of problem. I really wanted to pyramid because this is the best time to pyramid, but I'm out of margin. This is what I hate about Oanda. 1:50 leverage is too damn low. The ideal leverage for me is 1:100.

Let's see how the trades turn out today.

Ahah, I screwed up

I was supposed to enter a buy limit order at 1.3790 .. not 1.3770 ... Fiber just touched 1.3770 yesterday and moved down hitting my stop loss at 1.3720 today during European open. Boo hoo!

Woot Fiber is under correction.

I lost some money there. Stop loss was hit at 1.3790. The Fiber suddenly crashed 100 pips, down to 1.3700 yesterday.
I was bullish at that time and thanks to risk management, it doesn't hurt much. Whatever you do in this business, make sure you never break your risk management rules. My guts is telling me the market will go down further to 3600 perhaps.

The next plan is to buy at 1.3770 or 1.3600.

Why not short ? I rarely short a bull market. I lose money each time I do that. LOL. Just sticking to what works for me.

Not much action on Monday.

There isn't much to talk about Fiber. The price retraced a little bit before it hit the support level at 1.3790 for the third time. I choose to do nothing for now.

To quote Jesse Livermore :-

"It is never your thinking that makes big money, it's the sitting."

Fiber is looking good

Fiber penetrated the resistance at 1.3830, moved down a little bit to hit a support at 1.3810 before finishing at 1.3822. Fiber is looking good with support levels that keep increasing and a broken resistance. 1.4000 is pretty much in sight.

Let's hope for another bull-run next week.