No shame in discarding a “tested” level

Leave a Comment / Market Analysis / By Trader Dale

USD/JPY 112.93 LONG

This one got hit in the asian session so I took it with a limit order. Nice and easy +10 pip profit.

USD/JPY 113.26 LONG

Unfortunately this level got missed by 0.6 pip and then made 9.3 pip reaction. I consider such a level “TESTED” and for this reason I discarded it and didn’t trade it anymore.

EUR/USD 1.1338 SHORT

This one got also “TESTED” 1 pip sooner and the market made a considerable reaction to it . I discarded this level and didn’t trade it anymore.

Today 2 trades got tested sooner and I only had 1 winning trade – so it is +10 pips profit today.

It may not seem like a good result to have only +10 pips profit for a day but if there was only 10 pips profit every day, that makes around +200 pips/month which I consider a really nice score! If you trade for example with 2 lot positions, that would be roughly $4000 profit/month!

Happy trading guys!

-Dale

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