How To Trade - Example Trade blow by blow, A new day 2nd trade

At around 12.10pm I entered my next trade which was a set and forget trade.

Which means I placed a contingency order either side of the trade eg a profit target and a stop loss. I had to go out to meet someone for coffee and happy for the trade to unfold without me. Upon my return the trade unfolded perfectly.

The Entry (shown as the down green bar) was too early. Where as point 3 would be a much better setup however I was impatient with the market and had to get ready to leave. I gave the trade room to move against me as I got stopped out prior to this trade by .5.

The trade was made on a 5min chart with Stop loss shown with 7points of risk. My profit target was projected on the 2min chart as the market is in a range bound pattern. Profit target = 17 points thus a good position size eg win greater than loss.

You  can see on the 5min chart how the price action flakes or faints when it hits the 50MA (thick black line)
These points are numbered and it took 4 rejections before it let loose to the profit target. 

Its very cool when I find the right time frame to trade that the market is in rhythm with, as shown on the 2min chart. If I had watch the trade I would have had the emotions as shown.

From this one needs to look for the greater time frame for setups eg 5min and then trade the lower time frame for precision.

Enjoy :>