Friday 10th June

by Liam 12:57 0 comments

As usual, my Friday update is a bit slow.

Had another losing trade to round off a poor enough week. Once again I didn't stick to my trading plan religiously and it came back to bite me. My own doing so can't really complain!

On further reviewing I can see what went wrong so it's good to be able to spot that rather than being left wondering why.

Finished the week -3.6% on the account.


Trade 52 - GBP/USD - Buy @ 1.6297  Closed @ 1.62589 = -38.1

Cable 5min / 1hr

Looking at the 5min chart in the left. The test i've highlighted was a perfect entry. If I hadn't hesitated and entered on the high of this bar, my usual 1:1 target would have been hit. I hesitated as the volume wasn't less than the previous two bars. Looking at it now, it still had considerably less volume than the trigger bar and was therefore a valid test.

After missing this entry I noticed an hourly test bar and entered on the high of this instead. About 15pips later than the 5min test. I was up about 20pips at best before it reversed and I closed out myself.

Looking at the 5min chart again I want to talk about the "note" area. There's a small double top here. It made two attempts to break this area with the second attempt being rejected immediately. This rejection and the following no demand should have been screaming at me to get out but I ignored it.

More lessons learned here!

Cheers,

Liam