Last week was very interesting but I tried to avoid most of the currency pairs because the charts looked like a complete chaos to me. And that was a good decision, because only one of the trades looked like a good setup.
The currency pair was in a very strong downtrend on Daily timeframe which was also confirmed by MACD and ADX:
There was a big bearish candle on H4 time frame, which confirmed the continuation of the downtrend. The only thing that didn’t look OK to me was the MACD sloping up.
After I opened the trade, I realized that the potential loss on the trade was bigger that 2% of my account so I’ve decided to close part of the position for a small loss of 9,40HRK:
In the future I will give more weight to MACD indicator and enter the trade when I see a MACD “hook” in direction of my trade:
At some point, I moved my stop loss to breakeven.
At the end, the remaining position made a net profit of 75,55HRK.
Total profit for this trade was 66,15HRK.
I will try to avoid trading during this week until the market becomes more stable.