Monday 23rd January

by 16:50 0 comments
Last week in the comments on one of my entries I spoke of flicking a switch to "impartial". It turns out I didn't do that. I annotated the below chart this morning and sent it to a friend as an example of what I (thought I) was seeing. I thought the bar with the high volume showed weakness with the subsequent upthrusts rejecting the upper fib on the chart.

EUR/USD 5min(i)

We all know that it didn't go down, this chart (not annotated by me) was then offered to explain their view of the chart;

EUR/USD 5min(ii)

A couple of people I know then entered on the following test, highlighted on the below chart. The test was into the high of the 15min highest volume from Friday and provided a perfect entry.

EUR/USD 5min(iii)

Once I had missed that move that was pretty much it for the day. Really need to concentrate a bit more. Identifying that high volume bar from the first chart as weakness was a bit of a rookie mistake. Well, there was some temporary weakness within that bar but I didn't let myself stay open to trades in the other direction.

Hopefully a lesson learnt.





28. Forex. Trading. Music. Beer. Food. Travel.


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