It felt like déjà vu. Like what happened last week, the EMAs crossed over but the succeeding candle didn’t go 30 pips below the low of the crossover candle and Stochastic was already flirting with the oversold boundary.
If my filters were met, a short order at 1.4386 would’ve gotten triggered and the first profit target would’ve been hit at 1.4236. Oh well…
In any case, this week was a good one, as it felt that ALMOST everything went right. I analyzed both fundamentals and technicals properly, saw the sell opportunity on EUR/USD, and took it without hesitation.
This “add to a winning position” strategy, which I learned from the Scaling In lesson in the School of Pipsology (I highly recommend this lesson, it is very good!) and other bloggers like Pipcrawler, Cyclopip, and Happy Pip, is something that I must continue to do in my trades to get the big bucks.
Basically, what I do is add to my position on pre-determined points in the event that the trade goes my way. In my EUR/USD trade, the idea was to add every time price goes 70 pips (similar to my stop) my way.