First Trade of February

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Took me long enough, but this trade popped up on my screen.

5:03 ET – L(5) USD/CAD @ 9926, Stop @ 9908, Target 4 @ 9959, TS 1 @ 30 pips
The market was trading in a tight range and I was looking for a bounce off a four hour support level.

5:34 ET – Target hit on 4 @ 9959

8:19 ET – Trailing Stop hit @ 9968

Trade Totals: +33 pips X 4 = +132 pips
+42 pips X 1 = +42 pips
Grand Total: +172 pips = +$17.46 (+$1,746 in a full account)

4 hr chart showing bounce level

15 min chart showing entry and exit levels

Trade Review: I missed about a 140 pip move, how could I have at least had a chance to get half of that move? I think one possible solution would be not to trail the stop on the last lot. Maybe just move it up to breakeven once the trade is profitable, then check it in the morning. In this case, I could have almost doubled the amount of money I mad on the trade by doing this.

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