Friday 16th March

by Liam 23:59 0 comments

Missed (and by missed i mean, really missed) an absolute beaut of an entry today. One thing and one thing only kept me out of the trade, confidence. I just didn't trust it, I let gut feeling get in the way of analysis. Staring me in the face, plain as day was a fantastic set up. We can even ignore the VSA side of things now, this was a classic case of "resistance turned support".

The fib and area in question is the same one I spoke about yesterday, 3069; the low of the FOMC announcement bar from Tuesday.

EUR/USD 5min

We had several attempts to break through this area yesterday, once we did, we had a couple of bounces during Asia and then into early London session. We pushed down for the start of the day, bouncing from another good area - the high of the highest volume 1hr bar this week. Once we came back above the FOMC low at 3069 we have three different test/NS type bars. (Green circles) Any of these would have been suitable for an entry. I had all the info typed in at one stage and just had to press the button, but I didn't take the trade. 

Entry was roughly 1.3077, even with a generous stop of 30 pips and sticking to the strategy there was at least 6% to be added to my account! But, this is all hypothetical of course. It's yet another example that has proved itself. The strategy and ideas i'm using to trade are constantly proving themselves. I have to get on top of trading them.

Despite today's failings, there was a moral victory this week, or yesterday at least. Never before have I had a loss at the start of the day to gain it back by day's end. I'm pleased with the presence of mind and ability to stick to what I was doing.

Tiny profit for the week; +0.04%

Happy weekend all!

Liam