Trade 56 - EUR/USD - Sell @ 1.4380 Closed @ 1.4394 = -14
Trade 57 - EUR/USD - Sell @ 1.4374 Closed @ 1.4395 = -21
EUR/USD 15min
Whilst writing this blog entry I was discussing my earlier trades with a couple of other VSA traders i'm in touch with. They reckon the first entry was a classic case of resistance turned support which is why the ND failed at this point. Turns out one of them even took the same second trade that I did.
EUR/USD Resistance turned Support
Put it this way, we're never going to be right every time in this game. Such is the joys of trading the market.
Cheers,
Liam
Hi Liam,
ReplyDeleteI have got burned exactly in the same place as you on trade number 1. My conclusions after were simple- do not trade against the trend on higher TF. Even on 5 minute when you will draw trendline you will see that the place where we took our traades were right before trendline. PLUS there was support you have written about already. When I look at this one know, I think to myself :"jeez, how could I take it?" but everybody is smart afterwards.
When it comes to trade number 2, that one was really tricky. The candle on which you took your trades was the almost the last one before charts showed a lot of strenght. I mean half an hour later H1 candle closed and showed that eddie will rise. We had climatic down bar and the next candle is up covering most of the climatic bar body (see h1). Again higher TF showed the way, unlucky for you because it happend after you made your decision. I have managed to take long cable in the same place, charts were showing there almost the same pattern.
As you wrote, it is impossible to be 100% right in this game but it is vital to draw conclusions from your trades.
Cheers,
Chris
Hey Chris,
ReplyDeleteThanks for taking the time to reply in such detail, more of that around here would be great!
That's the thing, hindsight is perfect, but it's good to be able to look back and see what went wrong and hopefully learn from that mistake.
Cheers,
Liam