I have closed the earlier trade and opened a "long" position on AUD/USD.. This is on speculation that it will be going in range but since this might be a counter trend trade in nature, i have minimize the risk as follow :
Pin Bar reversal (0.3 weightage 1.5%)
Stop less than 35 (-0.1 weightage -0.5%)
Trading on pivot point ( 0.2 weightage 1%)
MArket order (-0.05 weightage -0.25%)Risk : 1.75%
I have set my exit at the other pivot point which is the resistance as shown above. The R:R is about 5 and my stop is 34 pips below the support.!
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My trade was stopped out.. I am very tempted to open another random poistion, with hope that I can recoup but I have constantly myself to follow the plan and stay calm... I reminded myself not just to think of the "money" but rather, I should focus on the amount i will lose (Risk) and the process.
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