Open trading account 
A bullish trade was made on the NZD CAD after it started breaking out from the large Daily Consolidation setup. The Breakout started on March 7 as the bullish candle formed above the 0,9211 Resistance to move north by 200 pips.
DAILY CHART - NZD CAD
The entry took place using the 4H Chart when a breakout took place from a pennant. Entry took place at the close of the candle with stop loss just below support and the limit set for 120 pips- the area at which the breakout was expected to end given the size of the Daily Pennant-(the distance of the breakout is usually equal to the width of the Pennant).
4H CHART
After the initial breakout signal, the market pulled back to test the Resistance before U-turning to rally to the target. Stop was protected at the Support to keep the trade in until the limit was hit. Overall time to target was about 3 days, but if entry was at the initial bullish daily candle, total time would have taken 7 days.
GBP CHF had a similar, but bearish breakout over the same time horizon as the NZD CAD. Breakout took place below the Support of the Daily Pennant to break short by 200 pips as well (maybe something about Daily Charts and 200 Pips?).
DAILY CHART
Again, entry could have taken place on the 4H Chart when a bearish Candlestick Formation signal appeared after that Daily Signal. Entry could have been at 1,4637, Stop at 1,4692 and exited at the closing price today of 1,4487 for a 150 pip-gain- 7 days after the breakout started- the normal period for breakouts on the Daily Charts if direction chosen correctly.
4H CHART
This Bearish follow-up signal on the 4H Chart sometimes acts as a type of confirmation of the direction of the pair, telling us the breakout signal on the Daily isnt going to become a false breakout.
Elements of difficulty/uncertainty lie in holding on to the trade for several days before exiting without checking on the trade. Once a signal is given, it is often better to avoid micro-management of the trade since pullbacks can bring uncertainty into your decision making. Losses from bad trades can be minimized if you chose to exit before the stop is hit, but winning trades can be prematurely exited as well. With the temptation to get as many trades in as short a time as possible, staying patient in trading is the hardest thing to do, but often the most rewarding.
(On a minor note, added details of the trade couldnt be shown because of difficulties with the charting interface. Lines, text placed are mysteriously erased when saved to the document.)
DAILY CHART - NZD CAD
The entry took place using the 4H Chart when a breakout took place from a pennant. Entry took place at the close of the candle with stop loss just below support and the limit set for 120 pips- the area at which the breakout was expected to end given the size of the Daily Pennant-(the distance of the breakout is usually equal to the width of the Pennant).
4H CHART
After the initial breakout signal, the market pulled back to test the Resistance before U-turning to rally to the target. Stop was protected at the Support to keep the trade in until the limit was hit. Overall time to target was about 3 days, but if entry was at the initial bullish daily candle, total time would have taken 7 days.
GBP CHF had a similar, but bearish breakout over the same time horizon as the NZD CAD. Breakout took place below the Support of the Daily Pennant to break short by 200 pips as well (maybe something about Daily Charts and 200 Pips?).
DAILY CHART
Again, entry could have taken place on the 4H Chart when a bearish Candlestick Formation signal appeared after that Daily Signal. Entry could have been at 1,4637, Stop at 1,4692 and exited at the closing price today of 1,4487 for a 150 pip-gain- 7 days after the breakout started- the normal period for breakouts on the Daily Charts if direction chosen correctly.
4H CHART
This Bearish follow-up signal on the 4H Chart sometimes acts as a type of confirmation of the direction of the pair, telling us the breakout signal on the Daily isnt going to become a false breakout.
Elements of difficulty/uncertainty lie in holding on to the trade for several days before exiting without checking on the trade. Once a signal is given, it is often better to avoid micro-management of the trade since pullbacks can bring uncertainty into your decision making. Losses from bad trades can be minimized if you chose to exit before the stop is hit, but winning trades can be prematurely exited as well. With the temptation to get as many trades in as short a time as possible, staying patient in trading is the hardest thing to do, but often the most rewarding.
(On a minor note, added details of the trade couldnt be shown because of difficulties with the charting interface. Lines, text placed are mysteriously erased when saved to the document.)
