Completed another trade, on Cable this time round, probarbly the greatest influence on my trading is good old fashioned support and resistance, arguably subjective but an essential factor which I base my trades around. 4 hr major sr zones in blue and red (the red level I was expecting to hold as support) orange on the 15 minute minor SR which I waited for price to clear and hold before entering long.
1.6300 has been a very much a used and abused whole number in recent weeks and days, fading whole numbers is viable but how often have they been hit and have they been respected..Other levels were far more likely to offer resistance. I exited on a quickly developing pin through another zone.
Slightly higher risk on this trade as was in at 2 pounds a point, 58 points profit. To keep things even Ive donated 34 straight away to take the ammount donated so far to a 100, and will keep the remainder in the account to help us on the way to BARX.
Speaking of brokers I've opened a seperate account with Oanda for the charity account, the dirt cheap spreads opens up more pairs for the scalp trades and the any unit lot size will aid in compounding quickly no end.
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